Consumer-first fintech platform EarnUp has launched operations in the US after securing $3m in seed funding.
The funding was provided by Blumberg Capital, Kapor Capital, Camp One Ventures, Fenway Summer Ventures, as well as other angel investors with an aim to speed up the platform’s development and expand user access.
San Francisco-based EarnUp, founded by Matthew Cooper and Nadim Homsany, has been designed to intelligently automate loan payments.
The platform automatically puts money aside for future loan payments whenever consumers can afford it, and later sends the payments and ensures that they are applied to lower debt faster.
"Millions of Americans suffer financial stress from income volatility, where their income doesn't match up with when loan payments are due. Our product solves this issue by effectively budgeting for the consumer. We help put money aside as it comes in, giving people peace of mind in knowing the money they need will be there when loan payments need to be made. We give control back to the consumer," Cooper said.
David Blumberg, founder and managing partner of Blumberg Capital, will join the board of directors of the fintech platform.
"EarnUp has developed a consumer-first platform that makes this daily struggle simple and transparent. EarnUp's solutions enable consumers to reduce interest expense, budget better, and save more, in a simple and elegant service," Blumberg stated.