EarnUp Receives $150,000 Grant to Provide Relief Payments to its Loan Customers Impacted by COVID-19
SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- EarnUp, a San Francisco consumer-first financial technology platform that intelligently automates loan payment scheduling, has recently received a $150,000 grant from social-impact investor Acumen America's COVID-19 Emergency Response Fund to provide emergency relief funds to selected EarnUp customers who were adversely impacted by the COVID-19 crisis.
"We are excited to support EarnUp as they leverage their platform to provide much-needed relief to consumers in response to the financial devastation of the COVID-19 pandemic. We invested in EarnUp because of their commitment to helping low income Americans better manage their debt burdens and achieve greater financial health and stability, and we're thrilled to support the company's efforts to lean into this mission and innovate for their consumers during this challenging time," said Eliza Golden Roady, an Associate Director at Acumen America.
Acumen selected EarnUp for this distribution in support of its mission to help millions of Americans improve their financial wellbeing. EarnUp, which manages more than $10 billion in loan payments, will distribute the grant funds to a subset of its customers who cancelled or suspended the service as a result of financial hardship and inability to make their mortgage payment due to the COVID-19 pandemic. EarnUp is well-positioned to distribute the emergency relief funds to its consumers given its existing infrastructure, technology, and team capabilities.
As COVID-19 continues to spread around the world, unemployment is accelerating at a rate nearing that of the Great Depression, leaving millions of Americans out of jobs and financially distressed. A recent survey of 2000 homeowners found that 35% of Americans report that they have missed a mortgage payment due to the pandemic and more than 50% of the respondents are cutting back on essential expenses to afford to make their mortgage payment.[1] With more than 53% of Americans living paycheck to paycheck,[2] those who have been furloughed or lost employment as a result of the COVID-19 crisis are at a significant risk of deep financial trouble.
"The COVID-19 pandemic has caused unprecedented disruption to millions of Americans and to the economy as a whole. Nonetheless, this pandemic has created new opportunities for fintech companies and financial institutions. We must adjust our strategies and adapt to the coronavirus era to meet the needs of our hardest-hit consumers. We're excited that we're in the unique position to be able to help the people who need it the most," said Nadim Homsany, EarnUp Co-Founder and CEO.
In response to the destructive impact of COVID-19 on the loan and mortgage industry, EarnUp created products that bridge the communication gap between lenders and borrowers. These products provide visibility into borrowers' ability to repay, allowing lenders to intervene at the earliest stage possible, in case of unexpected job loss or financial hardship.
EarnUp is dedicated to providing financial stability to its consumers in spite of the economic shock caused by COVID-19. This initiative will provide financial relief to those most vulnerable to this unprecedented pandemic-related disruption.
About EarnUp
EarnUp is an award-winning, consumer-first financial technology platform that intelligently automates loan payment scheduling. The EarnUp platform serves borrowers across the US, managing over $10B in loan payments. EarnUp's deep data insights can help enterprise organizations with risk mitigation, cost reduction, and ensure that customers have access to the best credit products available, based on their financial standing. To learn more about EarnUp, please visit our website at EarnUp.com.
About Acumen America
Acumen America is the U.S. investment portfolio of Acumen, the global organization dedicated to changing the way the world tackles poverty by investing in entrepreneurs, leaders, and ideas. Since 2001, Acumen has invested more than $131M in 131 companies across Africa, Latin America, South Asia, and the United States. Launched in 2015, Acumen America invests in entrepreneurs who are building solutions to address poverty and inequity in the U.S. in the areas of financial inclusion, health, and workforce development. Learn more at www.acumen.org/america.
[2] https://www.magnifymoney.com/blog/news/paycheck-survey/
SOURCE EarnUp Inc.
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