Blumberg Capital, Kapor Capital, Camp One Ventures, Fenway Summer Ventures, and other leading angel investors provided seed capital to accelerate the platform's development and expand user access with a mission to improve consumer financial health. Forbes recently announced EarnUp as a winner of the prestigious Financial Solutions Lab in partnership with JPMorgan Chase & Co. (JPM) and the Center for Financial Services Innovation. Though still in private beta, EarnUp already manages hundreds of millions of dollars in consumer loans on its platform. 

"Millions of Americans suffer financial stress from income volatility, where their income doesn't match up with when loan payments are due," said Matthew Cooper, co-founder of EarnUp. "Our product solves this issue by effectively budgeting for the consumer. We help put money aside as it comes in, giving people peace of mind in knowing the money they need will be there when loan payments need to be made. We give control back to the consumer."

There are over 200 million Americans with debt and a typical household may have income and expenses hitting their bank accounts over 20 times a month. This financial chaos causes incredible stress for consumers, who may struggle to come up with even the minimum loan payments on time. EarnUp works by automatically putting a few dollars aside for future loan payments whenever consumers can afford it, then sending those payments and making sure they are applied in a way that reduces debt faster.

"The loan payment experience has been broken for decades," said David Blumberg, founder and managing partner of Blumberg Capital. "EarnUp has developed a consumer-first platform that makes this daily struggle simple and transparent. EarnUp's solutions enable consumers to reduce interest expense, budget better, and save more, in a simple and elegant service." Blumberg will join EarnUp's Board of Directors.

Widespread consumer frustration about debt payments and products is nothing new; the Consumer Financial Protection Bureau received over 30,000 responses last year when student loan holders were invited to share their "debt stress" experiences.

EarnUp's founders, Matthew Cooper and Nadim Homsany, got the idea for the company from witnessing their parents' struggles. "We've seen our parents endure a lifetime of loan frustration – complex products, poor service, indecipherable statements, and unpredictable expenses," said Nadim Homsany, EarnUp co-founder. "Our parents are still paying back these loans even as they enter retirement, and they're not alone -- everyone has these problems."

"The consumer benefits of EarnUp are inspiring," said Benjamin Jealous, partner at Kapor Capital and former President and CEO of the National Association for the Advancement of Colored People. "EarnUp has been able to deliver millions in savings for consumers across the income spectrum, including many households in underserved communities. We are partnering with this team because they have the ability to radically improve financial access for millions of people who are poorly served by their current financial products."

EarnUp has been bootstrapped to date and the $3 million in seed financing represents the company's first institutional funding.