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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 unique model where users voluntarily contribute what they feel is fair for the service, fostering a community-driven approach. This model encourages users to support one another, creating a more equitable financial system. Additionally, Earnin includes a "Tip Jar" feature for users to set savings goals, all while ensuring data security through encryption.
Company Stage
Series C
Employees
201-500
Industries
Fintech, Financial Services
Total Funding
$184.9M
Headquarters
N/A
Founded
2012
Simplify's Take
What believers are saying
- Earnin has facilitated over $15 billion in earned wages, demonstrating significant user trust and market penetration.
- Recognition through awards like the Best Payments App and Globee CEO World Awards highlights Earnin's industry leadership and innovation.
- Strategic hires in legal and cybersecurity positions strengthen Earnin's compliance and data security, crucial for maintaining user trust and regulatory adherence.
What critics are saying
- Past legal issues, such as the 2019 class action lawsuit for deceitful lending practices, could impact Earnin's reputation and user trust.
- The voluntary contribution model may not be sustainable long-term if users opt to pay little or nothing for the service.
What makes EarnIn unique
- Earnin's no-fee, no-interest model for accessing earned wages sets it apart from traditional financial institutions that rely on mandatory fees and interest charges.
- The community-driven 'pay it forward' approach fosters a sense of mutual support and financial fairness, unlike competitors who do not emphasize community contributions.
- Earnin's Balance Shield and Tip Jar features provide additional financial security and savings options, enhancing user experience beyond simple wage access.
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6 month growth
↑ 8%1 year growth
↑ 22%2 year growth
↑ 66%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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