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Earnin Announces It Has Provided Access to Over $15 Billion in Earnings for Members

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Press release content from Business Wire. The AP news staff was not involved in its creation.
January 5, 2023 GMT

PALO ALTO, Calif.--(BUSINESS WIRE)--Jan 5, 2023--

Earnin, the leader in reimagining the way money moves with a first-of-its-kind financial hub, 1 announced it has provided access to over $15 billion in earned wages for its Community Members since the company’s inception in 2013. Earnin has also now facilitated more than 200 million transactions for its Community Members, empowering Americans with short-term liquidity by allowing them to access their pay as they earn it. With over $5 billion in earned wages provided and 70 million transactions in 2022 alone, these two milestones encapsulate a banner year of product development and growth for the company.

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. Earnin’s approach comes with no credit checks, interest or mandatory fees, 2 and always has 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.


Based on the recent Earnin data, short-term liquidity has an outsized impact, helping Community Members save an estimated $1.3 billion in overdrafts fees. 3 Community Members who Cash Out also realize higher paycheck growth than national averages than Members who do not Cash Out. Specifically, active Earnin users also see their paychecks grow, on average, by 10% more than inactive Earnin users, and by 14% more than the national average for income growth over the course of more than a year - even when adjusted for inflation. 4

“With inflation impacting day-to-day budgets in very real ways, 2022 has been a challenging year for consumers across the country and it’s increasingly evident that workers need access to their income on their terms. Wage liquidity is a critical financial tool that provides the flexibility needed during challenging market conditions,” said Earnin CEO Ram Palaniappan. “While we celebrate these significant milestones for both the company and the earned wage access category as a whole, we’re committed to making financial momentum accessible to everyone.”


As the industry leader in EWA, Earnin’s financial wellbeing solutions are broadly accessible throughout the country, uniquely offered both directly to consumers through a mobile app, and as an employee benefit offered through over 300,000 employers across the US, from small businesses to Fortune 100 companies. For employers, Earnin offers a secure, zero-integration program that allows their employees access to their paycheck ahead of payday quickly and easily - with no mandatory fees for the employer or employee. This solution helps improve retention and recruitment, offers a compelling no cost financial wellness benefit, and empowers stronger financial futures for their employees. Earnin works with almost any industry with hourly workers, including retail, health care, food service, restaurants and hospitality.


The announcement follows a banner year for the company as it continues to steer and innovate within this rapidly changing industry, redefining what EWA and financial equity means for everyday Americans. Despite notable contraction across the tech sector, Earnin has continued on a trajectory of growth that includes several new large employer partnerships and talent acquisitions throughout the leadership team and other key departments within the organization, including legal, research and data security.

Earnin is actively hiring across all departments, learn more at:

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 include: Cash Out, which provides access to income as it’s earned, and 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:

1 Earnin is a financial technology company, not a bank.
2 Earnin does not charge interest on Cash Outs. Earnin does not charge a hidden or mandatory fee for use of its services. Restrictions and/or third party fees may apply, see for details.
3 Estimated based on Community Member account data. Assumptions: Overdraft fee of $35 would be assessed on a negative balance if the customer had not Cashed Out.
4 This analysis compares Active users vs. Inactive users. Sample size of users who met the criteria for this analysis: Active users 61K, Inactive users 2K. Wage growth for the US median real earnings as provided by Federal Reserve Economic Data (FRED).


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SOURCE: Earnin

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PUB: 01/05/2023 09:00 AM/DISC: 01/05/2023 09:00 AM