These are the show notes from episode #20 of the “Shashank Redemption” podcast.
About the Guest – Nadim Homsani
Nadim is the son of immigrants who arrived in the U.S. with virtually nothing. The passion to help people build financial resilience and independence was instilled in him through his upbringing. This, and the values learned from his family, led Nadim—along with his co-founder Matthew Cooper—to start EarnUp Inc. in 2013 with a goal of helping the over 200 million Americans in debt get out of it faster. Now EarnUp has grown into a company that brings lenders, financial institutions, nonprofits, and consumers together to identify core issues and to create solutions that work. Prior to EarnUp, he worked at Serent Capital, a $600M private equity firm, focused on tech-enabled services; led investments with NCB Capital, a $12B asset manager; and worked at McKinsey & Company consulting large banks. He also practiced IP and technology law at Kirkland & Ellis. Nadim holds a J.D. from Harvard Law School and graduated with highest honors from Rutgers University.
Episode Summary
Strap in for a thrilling ride as we follow the journey of Nadim Homsani, co-founder and CEO of EarnUp, from a coder in Greece to a tech mogul in the United States. Together, we traverse the path that led him to create EarnUp, a company committed to empowering individuals to make well-informed financial decisions, promoting financial well-being, and providing credit to minority groups. Nadim delves deep into his own family’s struggles with mortgage repayments, a small misstep that elongated their loan term to 50 years and kindled the flame of entrepreneurship in him.
The chat unravels as Nadim takes us through the intriguing mechanics of EarnUp. He emphasizes the joy and challenges of building a company that not only makes a significant social impact but also yields profit. He stresses the wisdom of hiring smarter minds and the importance of leveraging strengths. We explore together the two pillars of EarnUp – the payday-to-payday product and the staunch mission to eradicate injustices in the housing sector.
As we draw to the close of our engrossing discussion, we plunge into the realm of mortgage servicing and the philosophy of financial wellness. We examine EarnUp’s B2B model and its benefits for both customers and the industry. Nadim reveals the potential of nurturing customer relationships, boosting retention rates, and delivering value to customers. Throughout the conversation, Nadim’s story emerges as an inspiring saga of overcoming odds and using personal experiences to fuel entrepreneurship and make a considerable difference. Tune in to learn more about how EarnUp aids customers with loan payments and their recent milestones, including the Housing Wire Tech 100 and their collaboration with NAMMBA.