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About
Earnin provides a platform that allows individuals to access their earned wages before their official payday. Users can cash out a portion of their earnings without incurring any fees or interest, making it a convenient option for those needing quick funds for emergencies or daily expenses. The app features a 'Balance Shield' that helps users maintain their bank account balance by automatically depositing money if it falls below a certain level. Unlike traditional financial institutions, Earnin operates on a community-driven model where users can voluntarily contribute to the service, fostering a culture of support and fairness. This approach allows users to choose how much they want to pay for the service, which can be as little as zero dollars. Additionally, Earnin includes a 'Tip Jar' feature for users to set savings goals. The company prioritizes user privacy and data security with 256-bit encryption.
Company Stage
Series C
Employees
201-500
Industries
Fintech
Total Funding
$184.9M
Headquarters
Palo Alto, California
Founded
2012
Simplify's Take
What believers are saying
- Increased demand for Earned Wage Access services boosts Earnin's market potential.
- Growing employer interest in financial wellness programs may lead to partnerships.
- Regulatory scrutiny on payday lenders may drive consumers to Earnin's fee-free model.
What critics are saying
- Regulatory challenges, like the D.C. lawsuit, could lead to financial penalties.
- Perception of services as 'predatory' loans may harm Earnin's reputation.
- Intensifying fintech competition could erode Earnin's market share.
What makes EarnIn unique
- Earnin offers fee-free, interest-free access to wages, unlike traditional payday lenders.
- Users choose their payment amount, fostering a community-driven financial model.
- Earnin's Balance Shield feature provides automatic deposits for low bank balances.
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6 month growth
↑ 8%1 year growth
↑ 22%2 year growth
↑ 59%Benefits
Life in balance - Ten company holidays and flexible time off so you can rest and recharge when you need it most. With pay, no catch.
Family matters - When your family grows, we want your focus on them. Our generous parental leave policy and wellness funds make it easy to put yourself and loved ones first.
Learn & grow - A commitment to career development that includes regular training for team members and managers alike, 360 feedback, and an annual stipend for growth opportunities.
Company culture - Employee Resource Groups provide growth opportunities and allow you to create the company *you* want to work at (more on that below).
Health & wellness - Flexible healthcare options across medical, dental, and vision—and a free Employee Assistance program offering mental health resources and legal advice.
Save & support - Includes Earnin’s 401(K) and FSA plans with tax advantages for retirement, healthcare, and dependent care expenses.
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