OneMain Financial, the country’s largest installment lender to hardworking Americans with nonprime credit, announced that it has entered into an agreement to acquire Trim, a customer-focused financial wellness fintech. The acquisition of Trim, subject to completion of standard closing conditions, will enhance OneMain’s digital features designed to help its more than 2.2 million customers progress to a better financial future.
“Our mission at Trim has been to solve our users’ financial problems so that they can live the lives they want. In 2015, we started by tackling spending. As we grew, we addressed bigger financial problems, helping our users organize, track and ultimately improve their finances”
Trim helps customers manage their financial goals by negotiating bills, analyzing transaction data and enabling automated savings. It provides users the option to link to checking, brokerage, mortgage and other accounts. Among its many services, the company cancels unwanted subscriptions and tracks customer spending – all delivered through a high-touch, interactive approach.
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“The acquisition of Trim allows OneMain to further expand the ways we help hardworking Americans improve their financial well-being by supporting them in gaining more control over their finances,” said Doug Shulman, Chairman and CEO of OneMain. “It advances our vision of providing solutions that enable a better future for customers. Over the past year we have sharpened our focus on driving innovation for our customers, including doubling down on our commitment to financial wellness.”
Since its founding in 2015, Trim has analyzed approximately 1 billion customer transactions. The company currently has more than 600,000 users who have linked bank accounts and on average delivers about $90 in annual savings to customers per initial bill negotiation.
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“Our mission at Trim has been to solve our users’ financial problems so that they can live the lives they want. In 2015, we started by tackling spending. As we grew, we addressed bigger financial problems, helping our users organize, track and ultimately improve their finances,” said Thomas Smyth, CEO of Trim. “We are excited to continue advancing our vision as part of the OneMain team and help the company bring more options to millions of hardworking Americans.”
K&L Gates served as legal counsel to OneMain in this transaction. Silicon Legal Strategy served as legal counsel to Trim in this transaction. Terms of the transaction were not disclosed.
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