Real estate agents are teachers, and their wisdom doesn’t have to putter out at the closing table: they can also leave clients with lessons for the future. Like how to manage mortgage debt. That’s where startup Earnup can come in handy. It helps consumers manage debt by automating saving and loan payments.

  • EarnUp helps consumers manage debt by putting aside money and automating loan payments.
  • Agents could potentially provide value to leads and clients by referring them to budget-management tools like EarnUp.

Real estate agents are teachers, and their wisdom doesn’t have to putter out at the closing table: they can also leave clients with lessons for the future.

Like how to manage mortgage debt.

That’s where startup EarnUp can come in handy. It helps consumers manage debt by automating saving and loan payments.

While a number of startups may be honing similar products, EarnUp recently achieved some notable recognition. It was honored as a winner of the Financial Solutions Lab, an initiative co-founded by JP Morgan Chase.

And, today, it announced a $3 million funding round led by Blumberg Capital, Kapor Capital and Camp One Ventures.

EarnUp helps consumers absorb “financial shocks related to income volatility where their income doesn’t match up with when loan payments are due,” said EarnUp co-founder Matthew Cooper in a statement.

earnup

The startup constantly siphons off small amounts of a user’s income to a stash earmarked for loan payments. It makes loan payments automatically on behalf of users and “in a way that reduces debt faster,” according to EarnUp.

EarnUp didn’t immediately respond when asked about the cost (if there even is a cost) of its product for consumers.

David Blumberg, managing partner of Blumberg Capital, said in a statement that EarnUp helps consumers “reduce interest expense,” “budget better, and save more in a simple and elegant service.”

As digital marketing increasingly connects agents with consumers who are months or even years away from buying or selling, referring prospective clients to budget-management tools like EarnUp might be a way to add demonstrate value right off the bat.

Millennials, who have grown up using digital tools and often are shackled by student loans, might be particularly receptive to such tools.

EarnUp’s branding and product design has been influenced by its conclusion — based on a study EarnUp conducted in partnership with a Duke University professor — that consumers are 59 percent more interested in taking actions to reduce debt when pitched with “earn money” language, rather than “save money” language.

EarnUp hasn’t officially launched yet, but it claims to already manage more than $500 million in consumer loans.

Email Teke Wiggin.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
EXTENDED: Last call for the best price of the year on the best events in real estate.Register now×
Cyber Monday Sale - EXTENDED! Get 1 year of Inman Select for $75. Offer expires at midnight.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription