The American Fintech Council, an industry association representing fintech companies and banks, this week announced that EarnIn has become its newest member. EarnIn will join a growing group of diverse industry-leading earned wage access companies.
“EarnIn will add an important voice to a growing chorus of members promoting financial inclusion and creating responsible standards for earned wage access that balances innovation in pay officer of the American Fintech Council,” American Fintech Council CEO Phil Goldfeder said. “As the trade association already representing the largest earned wage access providers, the American Fintech Council is establishing an important standard for the nascent industry already serving millions of families across the country.”
Founded in 2013, EarnIn is an app that lets its users access their money as they earn it. Since it was founded a decade ago, EarnIn has facilitated more than 200 million transactions, saving close to four million customers more than $1.3 billion in fees.
“EarnIn is on a mission to help consumers establish financial momentum in their lives by providing them with on-demand access to the income they’ve already earned,” said EarnIn CEO Ram Palaniappan. “With our American Fintech Council membership, we are excited to have more opportunities to collaborate with fellow fintech partners who share our vision of innovating and promoting a more consumer-centric financial landscape.”
Earned wage access enables workers to access wages they have already earned when they need it and serves as an important alternative to arbitrary pay periods and high-cost predatory options, the American Fintech Council said in a statement.
“Responsible, affordable and transparent earned wage access companies are democratizing financial services and disrupting broken legacy systems that have historically put consumers at a disadvantage.
“American Fintech Council has worked tirelessly to advocate and promote earned wage access industry best practices and consumer protections, including strong transparency, non-recourse, no late fees, no debt collection, no credit reporting, no collection activity of any kind and a requirement that a ‘no cost’ option be offered to all earned wage access users.”
