EarnUp financial wellness platform reaches new milestone in Q1

Financial wellness technology company EarnUp reached a new milestone last quarter, helping millions of Americans schedule mortgage, auto, and student loan payments through its Payday to Payday program and technology. The company says it processed more than 50 million payment transactions worth $43 billion in total as of Q1 2023.

The growth of EarnUp follows a surge in interest from companies seeking smart programs designed to help employees achieve a more well-rounded financial picture.

“We’re seeing an interesting trend gaining momentum among companies, who are now placing an emphasis on helping employees achieve a holistic sense of wellness: physical, mental, and now financial,” said Nadim Homsany, co-founder and CEO of EarnUp. “By offering tools that help employees achieve greater financial well-being, businesses are enhancing employee satisfaction and supporting their employee recruitment, DEI, and retention efforts.”

EarnUp powers financial wellness programs for employers, financial institutions, municipalities, and nonprofits. Lending and servicing organizations turn to EarnUp to reduce risk and streamline operations.

EarnUp’s suite of products include a smart financial wellness program with a digital user experience that enables borrowers to schedule loan payments to sync with their payday and accelerate payments to principal. This eliminates monthly payment shock and helps borrowers meet the obligations of their loans with less of a struggle.

Using EarnUp’s systems, the company says borrowers can reduce the likelihood of defaulting on a loan and paying late fees, according to the company, and can potentially pay off their mortgage and other loans years faster.

“EarnUp proves that in today’s challenging economy, people are interested in cutting-edge tech solutions that offer flexible payment strategies to eliminate undue stress and make budgeting easy,” said Homsany. “We now have had more than three million borrowers use the EarnUp platform and have seen borrowers reach out directly to sign up with us when their lender or servicer does not offer our services. In fact, more than a quarter of these direct requests are from customers returning to EarnUp following a refinance or purchase of a new home.”

EarnUp was recently recognized for the impact of its revolutionary technology, winning a HousingWire Tech100 award and a 2023 Innovator Award by Progress in Lending. It also made the Financial Technology Report’s Power 300 list, which tracks the most important companies in the financial technology sector, including PayPal, Mastercard, and Fiserv.

Investors in EarnUp include Bain Capital Ventures, SignalFire, Blumberg Capital, LendingTree, KeyBank, and Flourish Ventures. The company has earned recognition from Deloitte, JP Morgan Chase, Duke University, and Forbes Fintech 50.

This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.