EarnUp, a fintech startup that offers a consumer-first platform for automating loan payments, announced on Tuesday 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 pandemic.
EarnUp reported that it was selected for the grant to support its mission to help millions of Americans improve their financial wellbeing. The company will distribute the grant funds to a subset of its customers who canceled or suspended the service as a result of financial hardship and inability to make their mortgage payment due to the COVID-19 pandemic. Speaking about the grant, Nadim Homsany, EarnUp Co-Founder and CEO, stated:
“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.”
Eliza Golden Roady, an Associate Director at Acumen America, then concluded:
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.”
Launched in 2017, EarnUp is looking to help consumers stay on track in making loan payments through its technology and predictive analytics.