EarnUp, a San Francisco consumer-first financial technology platform that intelligently automates loan payment scheduling, has recently received a $150,000 grant from social-impact investor Acumen America’s COVID-19 Emergency Response Fund to provide emergency relief funds to selected EarnUp customers who were adversely impacted by the COVID-19 crisis.
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“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,” said Eliza Golden Roady, an Associate Director at Acumen America.
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Acumen selected EarnUp for this distribution in support of its mission to help millions of Americans improve their financial wellbeing. EarnUp, which manages more than $10 billion in loan payments, will distribute the grant funds to a subset of its customers who cancelled or suspended the service as a result of financial hardship and inability to make their mortgage payment due to the COVID-19 pandemic. EarnUp is well-positioned to distribute the emergency relief funds to its consumers given its existing infrastructure, technology, and team capabilities.
As COVID-19 continues to spread around the world, unemployment is accelerating at a rate nearing that of the Great Depression, leaving millions of Americans out of jobs and financially distressed. A recent survey of 2000 homeowners found that 35% of Americans report that they have missed a mortgage payment due to the pandemic and more than 50% of the respondents are cutting back on essential expenses to afford to make their mortgage payment.[1] With more than 53% of Americans living paycheck to paycheck,[2] those who have been furloughed or lost employment as a result of the COVID-19 crisis are at a significant risk of deep financial trouble.
