Earnin, a Palo Alto, CA-based an app that allows anyone with a job and bank account to get paid the minute they leave work, has now revealed that they have secured $125 Million round of equity financing.
The investors include the Andreessen Horowitz, Spark Capital, March Capital Partners, DST Global, Coatue Management and Ribbit Capital. Some other investors are the a16z Cultural leadership Fund, which even uses cultural leaders with the best new technology companies.
Earnin emerged as one of the fastest growing finance apps in the year 2018. It is an elegant solution which will allow the people to access their pay by the time they leave the work with no fees, hidden costs or interest. As a financial company that puts at first people, Earnin is giving the Americans better control of their money, by simply allowing them to absorb some of the unexpected expenses and avoid the predatory financial products. Its community includes the workers from more than 50000 employers across all the 60 states, logging a combined 15 million hours of a work a week.
“We'll continue to shine with the help of a spotlight on unfairness,” said Earnin Founder and CEO Ram Palaniappan. “Our work doesn't end just with the pay cycle or the pay end. We will expand our team and will continue to develop some of the new partnerships, but most importantly, continue to drive awareness across some of the financial challenges which are recently faced by so many Americans.”
The rapid growth is as of now going to be fueled by the deep connection Earnin has with its community. Its ‘Pay it forward’ model provides with the rapid access to those who need the service the most and has inspired more than six million thank you messages even between the customers.
At the time of recent hurricane season, Earnin assisted community members in the evacuation zones on the Atlantic Coast by simply covering down fuel expenses. In the year 2017, the company also facilitated a $100 gift to some of the Texas Walmart workers by pulling the holiday shift on the Thanksgiving day.
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