SAN FRANCISCO, Aug. 21, 2017 /PRNewswire/ -- EarnUp, a consumer-first financial technology platform that intelligently automates loan payments, announced the launch of its application this week. Moving out of a private beta, EarnUp launched its full suite of features via an app that makes it easy for consumers to manage their loan payments. The EarnUp application already helps Americans manage over $1 billion in mortgages, auto loans, student loans, and personal loans. More information is available at www.EarnUp.com.
"The demand for EarnUp has been incredible from both consumers and lenders. People are desperate for better tools to improve their financial health," says Nadim Homsany, Co-Founder and President of EarnUp. "Users come to us feeling overwhelmed by their loans and gain confidence over their financial lives with the application. This is the transformation EarnUp was built for."
30% of EarnUp users report fewer missed payments since they started using the application, based on a 2017 internal study. In addition, 80% of EarnUp's users report that with this application, they were able to automate their loan payments for the first time, indicating the power of EarnUp as a revolutionary technology solution for a broad range of consumers.
When a customer uses EarnUp, the application automatically sets a few dollars aside when they can afford it for future loan payments, so that the payments are made on time and the customer is on track to get out of debt. EarnUp is also fully transferable between lenders so consumers can enjoy uninterrupted benefits if their loan is sold or transferred to a new loan servicer.
"Americans struggle with over $12 trillion dollars in consumer debt. This technology helps them," says Ben Jealous, Partner at Kapor Capital and former President and CEO of the National Association for the Advancement of Colored People (NAACP). "This country's financial system is stacked against hard working Americans and EarnUp helps level the playing field."
EarnUp is broadly recognized for its innovative financial technology. The company won the prestigious Forbes Fintech 50 competition as well as the Financial Solutions Lab sponsored by JPMorgan Chase & Co. and the Center for Financial Services Innovation.
Matthew Cooper, EarnUp Co-Founder and CEO, shares a bright future: "This application is a game changer for both consumers and the lending industry as a whole. We are already developing the next generation of features to continue transforming our customers' financial health."
EarnUp is a Forbes Fintech 50 winner offering a consumer-first platform that intelligently automates loan payments and identifies earning opportunities for the 200 million indebted Americans. EarnUp puts a few dollars aside for loans when consumers can afford it—then makes timely payments to help consumers get out of debt faster. Based in San Francisco, EarnUp is backed by prominent venture capital firms Blumberg Capital, Kapor Capital, Correlation Ventures, Camp One Ventures, and Fenway Summer Ventures plus other leading angels and entrepreneurs. EarnUp is a winner of the prestigious Financial Solutions Lab sponsored by JPMorgan Chase & Co. and the Center for Financial Services Innovation. For more information, visit www.earnup.com, email [email protected], and follow on Twitter @EarnUp.