WASHINGTON, D.C. – The Financial Technology Association (FTA) announced Earnin as its newest member, adding to its roster of fintech industry leaders in the credit, data access, payments, and capital markets spaces. The announcement comes after FTA added several new members in 2022, including Block, Intuit, MoneyLion, PayPal, and Zilch.
“We are excited to welcome Earnin, a company helping people take control of their finances and access tools to budget and spend responsibly,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “Innovations in the marketplace such as earned wage access give consumers needed financial flexibility to help make timely payments and manage short-term financial shocks.”
“Earnin’s mission is to change money for the better and rework a financial system that leaves millions of people behind,” said Earnin CEO Ram Palaniappan. “We are thrilled to join the Financial Technology Association and partner with like-minded fintech companies to shape a more consumer-centric future of finance.”
Built for the unique needs of those living paycheck to paycheck, Earnin is designed to free people from the traditional payment cycle with access to earnings as they work for an everyday payday. The short-term liquidity provided through Earned Wage Access (EWA) programs like this vastly reduces financial anxiety by helping people spend, transfer, and save their money as they want, as well as avoid overdrafts and afford the upfront costs of work that people often don’t think about, like gas or home internet.
As of December 2022, Earnin has performed more than 200 million transactions and provided access to over $15 billion in earnings for its members. The company estimates that it saves its users over $1 billion in overdraft fees annually by giving people access to their earned wages. Earnin’s approach comes with no credit checks, interest, or mandatory fees and always offers a no-cost EWA option, aiming to remove barriers for consumers and provide a path away from predatory lending products and the trap of cyclical debt.
FTA represents several EWA providers and advocates for policies and regulations that promote consumer choice, protection, and transparency. Read FTA’s Just the Facts on Earned Wage Access to learn more.
ABOUT US
The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
ABOUT EARNIN
As the groundbreaking leader in EWA, Earnin’s mission is to build products for a more equitable financial system and a better life. Built for the unique needs of those living paycheck to paycheck, Earnin is designed to free people from the traditional payment cycle and help them take control of their money, starting from when they earn it. Earnin’s comprehensive suite of tools includes Cash Out, which provides access to income as it’s earned, Balance Shield, a low balance alert to help maintain a positive bank balance. Earnin is community supported, with no mandatory fees or hidden costs. People have the option to tip what they choose to support the service.
As of December 2022, Earnin has performed more than 200 million transactions and provided access to $15 billion in earnings for its members. To learn more about Earnin, please visit www.earnin.com.