EarnUp receives $150,000 grant to help those impacted by the pandemic

September 17, 2020

Automated loan payment scheduling service EarnUp has received a $150,000 grant from social-impact investor Acumen America’s COVID-19 Emergency Response Fund.

This grant will enable the FinTech to offer emergency relief funds to selected EarnUp customers that have been impacted by the Covid-19 pandemic.

Acumen selected EarnUp for this distribution as part of its mission to help Americans to improve their financial wellbeing.

EarnUp manages over $10bn in loan payments and will distribute this grant to a group of its customers that cancelled or suspended the service due to financial hardship or an inability to make mortgage repayments due to the pandemic.

In an bid to lessen the impact of the pandemic on the industry, EarnUp released products that improved communications between lenders and borrowers. The products offered visibility into borrowers; ability to repay, empowering lenders to intervene at the earliest point possible.

Acumen America associate director Eliza Golden Roady said, “We are excited to support EarnUp as they leverage their platform to provide much-needed relief to consumers in response to the financial devastation of the COVID-19 pandemic.

“We invested in EarnUp because of their commitment to helping low income Americans better manage their debt burdens and achieve greater financial health and stability, and we’re thrilled to support the company’s efforts to lean into this mission and innovate for their consumers during this challenging time.”

EarnUp cited a recent study of 2,000 homeowners in the US which found that 35% of Americans report a missed mortgage payment due to the pandemic.

EarnUp co-founder and CEO Nadim Homsany said, “The COVID-19 pandemic has caused unprecedented disruption to millions of Americans and to the economy as a whole. Nonetheless, this pandemic has created new opportunities for fintech companies and financial institutions.

“We must adjust our strategies and adapt to the coronavirus era to meet the needs of our hardest-hit consumers. We’re excited that we’re in the unique position to be able to help the people who need it the most.”