Total amount raised
$59.2 Millions
Latest funding date
03/01/2022
Location
EarnUp has successfully raised significant funding through multiple rounds, including a Series C round, to support its mission of automating loan payments and helping users manage their debt more effectively. The platform offers a range of services such as loan debt repayment automation, budget-friendly payment scheduling, and credit card payoff plans.
Keep reading to explore the intricacies of EarnUp's fundraising journey and the investors backing this innovative platform.
What Is EarnUp?
Founded in 2015, EarnUp is a fintech company based in San Francisco, California. The company was established by Matthew Cooper and Nadim Homsany.
EarnUp operates in the financial services and personal finance industries, employing between 51 and 100 people. The platform automates loan payments, helping users manage their debt more effectively and achieve financial wellness.
How Much Funding Has EarnUp Raised?
- Seed Round
- Amount Raised: $3M
- Date: July 2016
- Lead Investors: Blumberg Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch their loan payment automation services.
- Series A
- Amount Raised: Not publicly disclosed
- Date: December 2017
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product offerings and scale operations.
- Series B
- Amount Raised: Not publicly disclosed
- Date: November 2019
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their technology and expand their market reach.
- Grant
- Amount Raised: $150K
- Date: September 2020
- Lead Investors: Acumen
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support specific projects and initiatives within the company.
- Series B
- Amount Raised: $25M
- Date: February 2021
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale their operations and enhance their technology platform.
- Series C
- Amount Raised: $31M
- Date: March 2022
- Lead Investors: KeyBank, Flourish Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and development efforts, enhancing their consumer payments technology platform.
Total Amount Raised: $59.15M
Current Valuation: Not publicly disclosed
Key Investors
- LendingTree
- Details: LendingTree is a publicly traded company (NASDAQ:TREE) that operates an online lending marketplace.
- Investment Focus Areas: Mortgages, personal loans, credit cards.
- Notable Investments: LendingTree itself is a major player in the lending marketplace and does not typically act as a venture capital investor.
- KeyBank
- Details: KeyBank is a major bank in the United States, publicly traded on the NYSE (KEY).
- Investment Focus Areas: Personal banking, commercial banking, investment services.
- Notable Investments: KeyBank primarily invests in financial services and technology companies that can enhance its banking operations.
- Bain Capital Ventures
- Details: Bain Capital Ventures is a venture capital firm that invests in early to growth-stage companies.
- Investment Focus Areas: Fintech, healthcare, enterprise software.
- Notable Investments: DocuSign, LinkedIn, Jet.com.
- SignalFire
- Details: SignalFire is a venture capital firm that uses data and technology to support its investment decisions.
- Investment Focus Areas: Software, consumer, healthcare.
- Notable Investments: Grammarly, Ro, Frame.io.
- Blumberg Capital
- Details: Blumberg Capital is an early-stage venture capital firm.
- Investment Focus Areas: Fintech, cybersecurity, enterprise software.
- Notable Investments: Nutanix, Addepar, Braze.
What's Next for EarnUp?
EarnUp stands at the cusp of significant growth opportunities, driven by its robust consumer payments technology platform and enterprise solutions for the mortgage industry. Managing over $10 billion in loan payments, the company is well-positioned to expand its operations and enhance its technology, offering more comprehensive solutions to lenders, servicers, and borrowers across the U.S.
With strategic investors like LendingTree and KeyBank, EarnUp is poised for future fundraising rounds that could further scale its operations and technological advancements. However, the company may face challenges such as competition from other fintech firms and regulatory hurdles in the financial services sector. Maintaining its technological edge will be crucial as the market continues to evolve.
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