Unfortunately many people in the US, and around the world have faced, and continue to face financial challenges… and having to wait for payday can exacerbate these challenges. Fortunately… fintech once again offers solutions.
On this episode, Richard Liu, CTO of Earnin joins the show to explore financial empowerment through technology. Earnin is an app ( App Store | Google Play ) that lets people get paid as soon as they leave work, with no fees, interest, or hidden costs. It’s the definition of financial empowerment, and the perfect vehicle with which to explore a crucial topic.
Payments & Fintech Insights In This Episode:
- How our current financial and banking systems have inherent disadvantages for those facing financial hardship or living paycheck-to-paycheck.
- The story behind Earnin, and how it empowers its users financially.
- An overview of the technology, and partnerships, that power Earnin.
- Why Earnin’s services and business model leads to a tremendous amount of customer loyalty, and has fueled their growth.
- Richard’s thoughts on the future of fintech tools, Earnin, and his best business advice.
- With so much more!
Featured on the Show:
- Connect with Richard Liu: LinkedIn
- Connect with Earnin: LinkedIn | Facebook | Twitter | Instagram | YouTube
- Connect with the Show: LinkedIn | Facebook | Twitter
- Subscribe to the Show: Apple Podcasts | Spotify | Google Podcasts | Show Hub
Payments and Fintech Spotlight: Earnin
Earnin’s mission is to empower consumers by building a more equitable financial system. The company started by looking to solve a persistent problem for the majority of Americans working paycheck-to-paycheck: the practice of paying workers every 2-4 weeks. Earnin’s flagship product, Cash Out, frees people from this out-dated system and provides an alternative to predatory short-term lenders by providing access to pay they’ve already earned. Accredited by the Better Business Bureau and has an “A” rating, Earnin is the only company in its category that operates in both the direct-to-consumer, as well as the employer markets.
Today, Earnin’s service offers a comprehensive suite of products that are designed to address the unique financial needs of its community. While Cash Out provides people access to income, Earnin’s other tools manage their finances and help them get on a path to financial freedom. These include: Balance Shield, a low balance alert; Tip Yourself, an easy way to set aside money to reach financial goals; WeWin, which offers users a fun way to grow their funds by exercising better saving habits and a financial calendar that helps people budget and schedule payments.
Most importantly, Earnin’s community members have reported that these tools work–helping them avoid fees, pay bills on time, and increase their financial security. Overall, 67% see fewer overdrafts, saving $58/mo ($700/year), 66% can pay their bills on time more easily and 75% say it helps them budget better and build positive financial habits.
More Podcast Episodes
Listen to other recent episodes of PayPod: The Payments and Fintech Podcast below:
- Open Banking and APIs with Eyal Sivan of Axway May 5, 2021
- Combating Chargeback Fraud with Ron Hynes of Vesta April 30, 2021
- Financial Empowerment Through Technology with Richard Liu of Earnin April 28, 2021
- Making Payments With Gold Featuring David Dorr of Coro April 22, 2021
- What Millennials Want From Their Banks with Wayne Busch and Michael Goodman of NTT DATA Services April 20, 2021