PALO ALTO, Calif.--(BUSINESS WIRE)--Earnin, the leader in building products for a more equitable financial system and a better life for those living paycheck to paycheck, today announced that it has been awarded Gold in the 2022 Globee® CEO World Awards for Company of the Year - Fintech. Ram Palaniappan, founder and CEO of Earnin, has also been awarded Gold for CEO of the Year - Fintech.
The Globee® Awards are the world’s premier business awards consisting of nine award programs with nominations reviewed by industry peers and experts. Created in 2003, the Awards recognize the accomplishments and contributions of companies and business executives and professionals worldwide. The coveted annual CEO World Awards program celebrates the achievements of leaders, executives, and their management teams behind the year’s most outstanding initiatives and achievements. Chief Executive Officers, also known as CEOs lead the development of the organization’s short- and long-term strategy. This annual awards program recognizes individuals and teams who set industry benchmarks for excellence. All organizations private or public, corporations, nonprofits, associations, vendors, and government organizations worldwide and from every industry are eligible to participate.
Earnin’s award for Company of the Year emphasizes the company’s ability to increase employee focus, attendance and retention knowing that Earnin can provide them with short-term liquidity to help avoid overdrafts and cover the costs of gas, groceries, rent or unexpected emergencies. Specifically, 87% of employees say Earnin has increased their motivation at work knowing they can get paid before payday. Palaniappan’s recognition as CEO of the year emphasized his expansion of Earnin’s leadership team by 30% to exceed customer expectations as the company maintains its leadership position in the earned wage access (EWA) category. Earnin’s executive team includes leaders from Amazon, Capital One, Even, Google, RAND, Robinhood, Symantec, Twitter and Uber.
Almost two-thirds of the U.S. population lives paycheck to paycheck, even among those earning six figures. Often, these employees rely on predatory payday loans, cash advances, overdraft extensions and high-interest credit cards to make ends meet between rigid two to four-week pay cycles. Earnin asserts that these outdated pay cycles create an unnecessary liquidity gap, furthering the financial burden on individuals and households. A burden that continues to worsen under increasing inflation and stagnant wages.
Recognizing this challenge first-hand, Palaniappan and his team are committed to developing products that make money work better for Earnin’s growing member community. Under his leadership, the company aims to free people from the traditional payment cycle and give them control of their money - starting when they earn it. As of September 2021, Earnin has performed more than 125 million transactions and provided access to $10 billion in earned wages for its members.
“As the groundbreaking leader in earned wage access, Earnin’s mission is to build products addressing the unique needs of millions of Americans that live paycheck to paycheck. To be recognized, both as a team and at the leadership level, for our work pinpointing solutions that improve the financial wellbeing of families and individuals is an accolade I hold dear,” said Ram Palaniappan, Founder and CEO of Earnin.
“We believe this recognition from Globee® Awards further validates our commitment to our customers as we empower them to access not only the money that they’ve earned, but the life that liquidity can unlock.”
This year alone, Earnin’s new executive team has expanded its policy objectives to create a fair and equitable EWA industry and expanded its partnership with organizations like Harvard-based Opportunity Insights to provide an understanding of COVID-related employment trends across the country in support of policy development. Earnin also partnered with industry peers on a study measuring the impact earned wage access services have on consumers. The study found that 92% of consumers using EWA services reported that it helped them to pay bills on time, avoid overdraft fees and payday loans, and become less dependent on credit cards – empowering them to achieve at least one of their financial goals. Earnin also expanded its partnership with Financial Health Network, participating on the panel ‘Using Customer Behavior to Drive Financial Health Impact,’ where behavioral experts discussed ways to leverage design principles rooted in behavioral insights, uncovering what putting financial health first looks like in practice.
To learn more about Earnin’s impact please visit: earnin.com/impact.
About Earnin
As the groundbreaking leader in earned wage access, 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, Balance Shield, a low balance alert to help maintain a positive bank balance, and Financial Calendar that helps people budget and schedule payments. 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 September 2021, Earnin has performed more than 125 million transactions and provided access to $10 billion in earnings for its members.
About the Globee Awards
Globee Awards are conferred in nine programs and competitions: the American Best in Business Awards, Business Excellence Awards, CEO World Awards®, Cyber Security Global Excellence Awards®, Disruptor Company Awards, Golden Bridge Awards®, Information Technology World Awards®, Sales, Marketing, Service, & Operations Excellence Awards, and Women World Awards®. Learn more about the Globee Awards at https://globeeawards.com
