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EarnUp, a San Francisco-based fintech company offering payment and data solutions for the mortgage industry, said today it has closed an oversubscribed $31 million Series C financing round.
Included in this round are new strategic investors LendingTree and KeyBank, in addition to leading institutional investors Bain Capital Ventures, SignalFire, Blumberg Capital, and Flourish Ventures, the company reported.
With this latest funding round, EarnUp said, it will build on its efforts to reinvent mortgage industry payment and data flows that support borrowers, lenders, and servicers. EarnUp has said it manages over $10 billion in loan payments.
The company said its solutions streamline business operations and reduce delinquent and missed payments that harm credit scores and mortgage portfolios.
During EarnUp’s 2022 Analyst and Investor Event, J.D. Moriarty, LendingTree's president of marketplace & chief operating officer, said the investment in EarnUP “is consistent with our goal to improve the customer experience. It is also a natural fit with our comprehensive home and consumer loan marketplaces. We’re excited to transform these industries together.”
EarnUp also partnered with leading banks to further its reach and streamline the borrower experience.
“At KeyBank, we want to help make change for the better,” said Clark H. I. Khayat, executive vice president and chief strategy officer at KeyCorp. “Embracing new technology and investing in innovative fintech companies like EarnUp helps us improve customer satisfaction — and allows us to provide our clients and communities with accessible payment solutions.”
Since its last round of funding in February 2021, EarnUp has worked to digitize the mortgage payments process and help people achieve financial clarity from purchase or refinancing all the way to loan and close. All parties involved pay less in fees, time, and financial distress, improving overall borrower financial health and portfolio performance, the company said.
“EarnUp’s values are exemplified with this latest round of funding. We are fearlessly challenging a flawed financial system and creating an environment of exceptional people and partnerships,” said Nadim Homsany, EarnUp co-founder and CEO. “The addition of strategic investments from LendingTree and KeyBank shows that EarnUp is moving in an intentional direction that will have a positive impact on the mortgage and consumer debt industries.”
D.A. Davidson served as exclusive strategic and financial advisor to EarnUp.