Bain Capital invests $25 million in early warning platform for lenders

by Candyd Mendoza03 Mar 2021

Bain Capital Ventures has invested in EarnUp, a payments platform that gives mortgage providers an early warning of at-risk loans to reduce costs.

With more than $10 billion in loans under management, EarnUp provides mortgage lenders and servicers with advance notice on loans at risk of entering forbearance or that might qualify for a refinance.

The fintech company announced in a release that it is using its $25 million funding from a recent Series B financing round to expand its GetAhead platform. The newly expanded GetAhead dashboard automatically provides companies with a 15-day warning on these accounts instead of relying on homeowners to begin a loan modification.

“Since the onset of the pandemic in March 2020, serious delinquencies have risen 50%, requiring millions of people in America to have an honest, urgent conversation with their lender,” said Matt Harris, partner at Bain Capital Ventures. “Unfortunately, when that doesn’t happen, everyone suffers. We are proud to be investors in EarnUp and their proven, trusted ability to bring homeowners and mortgage providers together in a way where everyone wins – preserving homeownership and financial health.”

In addition to delivering alerts on at-risk loans, the GetAhead Dashboard also enables providers to connect with the homeowners, letting them know when a refinance could save them money over a current loan arrangement. EarnUp said that this early connection can boost providers’ performance while helping credit-worthy homeowners save on rates and improve their financial health.

“We are thrilled to have Bain Capital Ventures as a strategic investor as we expand our GetAhead platform to close the historical disconnect and communications gap between homeowners and their mortgage providers,” said Nadim Homsany, co-founder and CEO of EarnUp. “Homeowners in financial distress are desperate for this support, and the mortgage industry is eager to provide it. Through our technology-powered early warning insights, EarnUp is producing a win-win for the industry and consumer financial health by helping each connect earlier, automatically, and more cost-effectively.”

Bain Capital led EarnUp’s Series B financing round, with participation from SignalFire, Blumberg Capital, and Flourish Ventures.