San Francisco-based FinTech EarnUp, which focuses on payment and data solutions for the mortgage industry, has closed an oversubscribed $31 million Series C financing round, according to a company press release Tuesday (March 15).
New strategic investors LendingTree and KeyBank joined EarnUp’s fundraising round along with institutional investors Bain Capital Ventures, SignalFire, Blumberg Capital and Flourish Ventures.
Per the release, EarnUp will use the money to expand its payment and data flow solutions for the mortgage industry, which aim to support borrowers, lenders and servicers.
Additionally, EarnUp has worked since its last funding round to digitize the mortgage payments process and help people achieve financial clarity, “from purchase or refinancing all the way through to loan and close.”
“EarnUp’s values are exemplified with this latest round of funding,” Nadim Homsany, EarnUp co-founder and CEO, said in the release. “We are fearlessly challenging a flawed financial system and creating an environment of exceptional people and partnerships.
“The addition of strategic investments from LendingTree and KeyBank shows that EarnUp is moving in an intentional direction that will have a positive impact on the mortgage and consumer debt industries.”
Earlier this month, M&T Bank Corp CEO René Jones made the case for holding digital banks to the same regulatory standards as traditional financial institutions (FIs).
Related: M&T Bank CEO Calls for More FinTech Regulation
In his annual letter to shareholders, Jones said the growth of new, unregulated financial companies threatens regulatory protections such as the Community Reinvestment Act, which was enacted to safeguard the most vulnerable.
“One is left to wonder how the national interests of preventing terrorism, money laundering, and redlining, while providing safety of deposits and access to affordable housing, can be effectively served in view of this ever-widening regulatory gap,” Jones wrote.
He said the banking sector faces unregulated competitors offering every banking service without the safety, soundness and service obligations of the regulated system.
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