EarnUp, a San Francisco-based fintech company offering payment and data solutions for the mortgage industry, closed a $31 million Series C financing round this week. Included in this round are new strategic investors, LendingTree (NASDAQ:TREE) and KeyBank (NYSE:KEY), in addition to Bain Capital Ventures, SignalFire, Blumberg Capital, and Flourish Ventures.
With this latest round of funding, EarnUp will expand its reinvention of payment and data flows for the mortgage industry that support borrowers, lenders, and servicers. The company’s solutions reduce damaging delinquent and missed payments that harm credit scores and mortgage portfolios, and also streamline business operations in an effective, inclusive, and compassionate way.
“Our financial and strategic investment in EarnUp is consistent with our goal to improve the customer experience,” J.D. Moriarty, president of marketplace and chief operating officer at LendingTree. “It is also a natural fit with our comprehensive home and consumer loan marketplaces. We’re excited to transform these industries together.”
EarnUp is also partnering with leading banks to further its reach and streamline the borrower experience.
“At KeyBank, we want to help make change for the better,” said Clark H. I. Khayat, executive vice president and chief strategy officer, KeyCorp. “Embracing new technology and investing in innovative fintech companies like EarnUp helps us improve customer satisfaction–and allows us to provide our clients and communities with accessible payment solutions.”
Since its last round of funding, EarnUp said it has worked to digitize the mortgage payments process and help people achieve financial clarity from purchase or refinancing all the way through to loan and close. This produces better outcomes and decreases costs that can be passed on to borrowers. All parties involved pay less in fees, time, and financial distress–improving overall borrower financial health as well as portfolio performance.
“EarnUp’s values are exemplified with this latest round of funding. We are fearlessly challenging a flawed financial system and creating an environment of exceptional people and partnerships,” said Nadim Homsany, its co-founder and CEO. “The addition of strategic investments from LendingTree and KeyBank shows that EarnUp is moving in an intentional direction that will have a positive impact on the mortgage and consumer debt industries.”
