Home Breaking News EarnUp raises US$ 25M from Bain Capital Ventures to grow its GetAhead...

EarnUp raises US$ 25M from Bain Capital Ventures to grow its GetAhead Platform

EarnUp raises US$ 25M from Bain Capital Ventures

US-based intelligent loan payment automation platform EarnUp raised US$ 25M in Series B fundraising round on 24 Feb 2021.

Investors: The funding round was led by Bain Capital Ventures with participation from SignalFire, Blumberg Capital, and Flourish Ventures,

Purpose of funding: EarnUp will use the funds to expand its GetAhead platform.

About EarnUp

Founded in 2015 by Matthew Cooper and Nadim Homsany, EarnUp is a consumer-first fintech platform that intelligently automates loan payments. It helps people to keep a few dollars aside for their loan payments when they can afford it. EarnUp also makes the loan payments for them, allocating funds in such a way that gets people out of debt faster.

In America, homeowners struggle to pay their monthly mortgage. EarnUp aims to provide an innovative solution to both homeowners and their mortgage providers with a lifeline, consumer-first payments platform.

EarnUp claims that it has more than US$ 10B in loans under management. It also provides mortgage providers and servicers an advanced notice on loans that are at risk of entering forbearance. Its GetAhead Dashboard automatically provides companies with a 15-day advance warning on these accounts.

What the CEO has to say: “We are thrilled to have Bain Capital Ventures as a strategic investor as we expand our GetAhead platform to close the historical disconnect and communications gap between homeowners and their mortgage providers. Homeowners in financial distress are desperate for this support and the mortgage industry is eager to provide it. Through our technology-powered early warning insights, EarnUp is producing a win-win for the industry and consumer financial health by helping each connect earlier, automatically, and more cost-effectively.” — Nadim Homsany, EarnUp co-founder and CEO.

What investors have to say: “Since the onset of the pandemic in March 2020, serious delinquencies have risen 50%, requiring millions of people in America to have an honest, urgent conversation with their lender. Unfortunately, when that doesn’t happen, everyone suffers. We are proud to be investors in EarnUp and their proven, trusted ability to bring homeowners and mortgage providers together in a way where everyone wins – preserving homeownership and financial health.” — Matt Harris, partner at Bain Capital Ventures. 

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.



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