EarnUp, a San Francisco, CA-based fintech platform that intelligently automates loan payments, raised $3m in seed funding.
Backers included Blumberg Capital, Kapor Capital, Camp One Ventures, Fenway Summer Ventures, and other angel investors. In conjunction with the funding, David Blumberg, founder and managing partner of Blumberg Capital, will join EarnUp’s Board of Directors.
The company intends to use the funds to accelerate development and expand operations.
Led by Matthew Cooper and Nadim Homsany, EarnUp is a consumer-first platform that intelligently automates loan payments and identifies earning opportunities for consumers by putting a few dollars aside for loan payments when they can afford it, and then making payments.
Though in private beta, EarnUp already manages hundreds of millions of dollars in consumer loans on its platform.
The company is a member of the Financial Solutions Lab in partnership with JPMorgan Chase & Co. (NYSE: JPM) and the Center for Financial Services Innovation.