San Francisco-based EarnUp provides loan consolidation and repayment support to help Americans living paycheck-to-paycheck manage their debt.
It says it has handled $1 billion in loans since its 2015 launch. Acumen America’s investment into the fintech firm is part of a new, $5 million financial-inclusion initiative backed by MetLife Foundation.
Global impact investor Acumen launched the U.S.-focused Acumen America in 2016 to invest in startups serving the 47 million Americans living in poverty. EarnUp is Acumen America’s fifth investment.
Earlier investments include BehaveCare, a health-services firm for Medicaid patients coping with substance abuse and mental-health disorders and Healthify, a health resources coordination network. It has also backed Everytable, a health food restaurant chain that is testing variable pricing to serve low-income customers and MyVyllage, a provider of affordable child care.
Acumen America’s investment amounts typically range from $100,000 to $700,000.