MUFG Secures $75 Million Financing Deal to Boost EarnIn's Expansion and Product Innovation

Mitsubishi UFJ Financial Group (MUFG), recognized as one of the largest global financial institutions, has successfully concluded a significant financial agreement, granting a $75 million senior secured revolving credit facility to Activehours, Inc., known brand-wise as EarnIn. This strategic financial move, which aims to support EarnIn’s mission in delivering innovative earnings management solutions, underscores MUFG's commitment to fostering advancements within the financial services sector.

The revolving credit facility, structured specifically by MUFG to be scalable and cost-effective, is intended to enhance EarnIn’s diverse product offerings. Among the notable services being bolstered by this funding are Live Pay, Early Pay, and Cash Out. Live Pay provides a remarkable opportunity for workers to stream their earnings in real-time, receiving amounts up to $1,500 per pay period, facilitating immediate access to their hard-earned money. The Early Pay service allows employees to access their paychecks two days prior to the usual payday, irrespective of their banking institution. Meanwhile, Cash Out grants individuals the ability to access a portion of their earned wages ahead of payday, enriching the financial flexibility of workers.

Jacopo Lenzi, the Chief Financial Officer at EarnIn, expressed gratitude toward MUFG for their partnership, stating, "This facility gives EarnIn greater flexibility to meet the growing demand for streaming pay. We are thankful for MUFG's collaboration in creating a financial solution that aligns with our long-term vision, particularly with their expertise that will aid in expanding real-time access to earnings for more individuals.” This sentiment underscores the essence of EarnIn's objective to cultivate a more equitable financial system for individuals often bypassed by conventional financial services.

Arthur Ng, a Managing Director from MUFG's Growth and Middle Market Technology team, further elaborated on the strategic partnership, emphasizing that it illustrates MUFG's dedication to providing financial innovations tailored to meet the increasing consumer demands and support companies working to redefine the future of financial services. "We are thrilled to back EarnIn’s ongoing expansion and their mission of enhancing financial wellness for millions of workers,” Ng noted.

This financial collaboration marks a pivotal moment for EarnIn, which operates not as a traditional bank, but as a financial technology company focused on empowering users to reclaim their financial independence. Their innovative solutions are designed without interest, hidden fees, or unnecessary credit checks, thus ensuring accessibility for all individuals.

MUFG stands as one of the world’s premier financial groups, with a notable history spanning over 360 years, operating an expansive network that comprises around 2,100 locations across more than 50 countries. They offer a wide array of services including commercial banking, trust banking, and asset management, striving to be