EarnUp secures $3M, eyes platform development

San Francisco-based EarnUp that develops, builds and operates consumer financial technology platforms, has secured $3 million in seed funding and has come out of stealth mode. The investment was led by Blumberg Capital, Kapor Capital, Camp One Ventures, Fenway Summer Ventures, and other previously existing investors. With the investment, the company aims at accelerating its platform development and expand user access. Matthew Cooper, Co-Founder, EarnUp, said:

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.

EarnUp claims that its platform works by automatically putting a few dollars aside for future loan payments whenever consumers can afford it, then sending those payments and making sure they are applied in a way that reduces debt faster. David Blumberg, Founder and Managing Partner of Blumberg Capital, said, “The loan payment experience has been broken for decades. 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.” Benjamin Jealous, Partner at Kapor Capital said:

EarnUp has been able to deliver millions in savings for consumers across the income spectrum, including many households in underserved communities. We are partnering with this team because they have the ability to radically improve financial access for millions of people who are poorly served by their current financial products.