SAN FRANCISCO, March 16, 2018 / — EarnUp announced its partnership with the nonprofit global venture fund, Acumen. EarnUp is the first recipient of Acumen’s financial-inclusion investment under the Acumen America portfolio.
“The wealth gap is larger than it has ever been,” said Amon Anderson, Associate Director of Acumen America. “EarnUp is a leading financial-inclusion application and exemplary of Acumen’s mission to leverage technology to transform the lives of low-income communities through high-quality financial services. We are working toward a world of greater financial stability, protection and prosperity for Americans traditionally underserved.”
There are nearly 47 million people living in poverty in the U.S. Roughly 43 percent of Americans struggle to pay their bills, and many more face volatility in their lives despite working full-time jobs. Current financial offerings tend to be expensive and do not fulfill the needs of low-income populations. Acumen’s financial inclusion portfolio focuses on innovative products and services that build economic resilience and financial strength for low-income Americans.
“Acumen is a global pioneer in delivering financial empowerment to low-income communities,” said Nadim Homsany, Co-Founder and President of EarnUp. “We are honored to partner with Acumen and MetLife Foundation to continue the vital work of delivering technology solutions to transform the financial lives of underserved Americans.”
Acumen America’s first investment, EarnUp, is a consumer-first platform that helps people optimally manage and pay down their debt. Consumer debt in the U.S is at a record high with roughly 200 million Americans burdened with debt from student loans, mortgages, credit cards and more. Low-income citizens struggle to pay off debt in an opaque and complex loan payment system. High-debt burdens, which increase the likelihood of default and higher interest rates, disproportionately affect low-income families and households of color, exacerbating the challenge of establishing financial health and stability.
EarnUp consolidates a person’s loans in one place and makes their payments for them in a manner that reduces outstanding debt at the fastest rate possible. The platform also aligns each person’s loan payments with his or her income schedule, eliminating the significant stress of budgeting limited resources, and puts a few dollars aside for future payments whenever the person can afford it. Since its launch in 2015, EarnUp has helped Americans manage over $1 billion in consumer loans.