Company Research Report
Company Overview
Name: EarnIn
Mission of the Company
EarnIn’s mission is to reimagine the way money moves to empower every person’s potential, by providing streamed access to earnings and enabling financial independence and confidence.
Founding Details
- Founded: 2013
- Founder: Ram Palaniappan
Key People in the Company
- Ram Palaniappan: Founder and CEO
Headquarter Location
No information is available.
Number of Employees
No information is available.
Revenue of the Company
No information is available.
What is the Company Known For
EarnIn is known for pioneering the Earned Wage Access (EWA), which allows users to access their pay as they earn it instead of waiting for the traditional payday.
Products
1. CASH OUT
- Description: Provides immediate access to earned wages, allowing users to transfer up to $100/day or $750/pay period to a linked bank account.
- Key Features:
- No interest and no mandatory fees.
- No credit checks required.
- Multiple transfers allowed up to the specified limits.
2. EARLY PAY
- Description: Allows users to receive their paycheck up to 2 days early.
- Key Features:
- No need to switch banks.
- Direct deposit lands in the existing account early.
- Carries a fee of $2.99 per paycheck for the service.
3. BALANCE SHIELD
- Description: Helps users avoid overdraft fees and low balances by providing real-time notifications and optional auto-transfers.
- Key Features:
- Customizable balance thresholds for notifications.
- Automatic $100 top-up option to prevent overdrafts.
4. CREDIT MONITORING
- Description: Offers free access to the Vantage Score 3.0 by Experian.
- Key Features:
- Instant access to credit score.
- Real-time alerts for major changes in the user's credit report.
- No impact on credit score checking.
5. TIP YOURSELF
- Description: Automates savings by transferring part of each paycheck into a special no-cost, FDIC-insured account.
- Key Features:
- Customizable savings goals.
- No fees and no minimum balance requirement.
- Automated or manual transfers.
Recent Developments
Recent Developments in the Company
- Partnership with ForgiveCo: Announced relieving over $10.6 million in consumer debt (June 3, 2024).
- Abolition of Medical Debt: Alleviated $2.7 million of medical debt for Clark County residents in Nevada, with a total of $22 million abolished for the year (November 7, 2023).
New Products Launched
- Launch of Free Credit Monitoring: First Early Wage Access (EWA) provider to offer this service (June 21, 2023).
New Partnerships
- EarnIn Joins the Financial Health Network
- Partnership with Windsor: Provided EWA benefits to Windsor's employees (November 9, 2021).
New Features Added to Existing Products
- Tip Yourself Feature: New ways to build savings integrated into EarnIn app (May 7, 2020).
Summary
EarnIn, since its inception in 2013, has been dedicated to providing financial wellness through innovative solutions like Earned Wage Access, Early Pay, Balance Shield, Credit Monitoring, and Tip Yourself. The company aims to offer financial independence and peace of mind by enabling users to access their hard-earned money on their terms, avoiding the pitfalls of traditional banking delays and overdraft fees. With notable partnerships and impactful debt relief initiatives, EarnIn continues to lead in the fintech space, ensuring financial stability and empowerment for its diverse user base.