LendUp announces new subsidiary company – Ahead Financials, to make finance more inclusive

By Pavithra R

LendUp, an innovative company in consumer finance, has announced the creation of a new subsidiary company, Ahead Financials (Ahead).

Ahead, a digital banking and financial health platform, will focus on serving emerging middle-class consumers in the U.S. and globally, and partner with leading institutions to ensure financial inclusion and financial wellbeing: the ability to plan, spend, save, borrow and learn good financial habits.

“Building upon our learnings and successes with LendUp, today we introduce Ahead as a solution for emerging middle-class consumers striving to improve their most basic financial circumstances. With Ahead, we will double down on financial education, saving opportunities and helping the economically vulnerable to plan for and manage their expenses. While LendUp will continue to innovate small-dollar lending, Ahead will provide new and needed access to banking and financial products for consumers underserved by Main Street institutions,” said Anu Shultes, CEO of LendUp. 

Ahead will offer a digital banking app, checking account and debit card with no monthly service fees. Its consumers will benefit from early access to their paycheck, in-network ATM access at over 55,000 located ATMs, fee-free overdraft protection for up to $100 and surcharge-free. Additionally, customers will also receive financial literacy tools, including the Ahead Financial Personal Trainer and credit building actions to strengthen their credit scores over time.

“Ahead’s inclusive finance platform is strongly aligned with LendUp’s core mission and we are excited for this next phase of innovation and growth that Anu and her seasoned management team will be leading,” said Don Butler, Managing Director at Thomvest Ventures, one of LendUp’s investors.

Ahead has plans to add new financial fitness capabilities with key strategic partners such as the SpringFour, Financial Health Network, and BALANCE, and will announce additional programs and partnerships in the coming months. LendUp and Ahead will be led by the same experienced management team. Anu Shultes, CEO of LendUp Global, will also lead Ahead Financials as CEO.

Founded in 2012, LendUp is on a mission to help anyone get on a path to better financial health. According to company data, the firm has originated over $2 bn in small-dollar loans and created relationships with more than one mn customers since inception.