OneMain acquires Trim, a customer-focused financial wellness FinTech

By Pavithra R

OneMain Financial, a leading installment lender to hardworking Americans with nonprime credit, has announced entering into an agreement to acquire Trim, a financial health company. The acquisition is subject to completion of standard closing conditions.

Through the acquisition, OneMain Financial aims to expand its digital features designed to help its more than 2.2 mn customers progress to a better financial future.

“The acquisition of Trim allows OneMain to further expand the ways we help hardworking Americans improve their financial well-being by supporting them in gaining more control over their finances. It advances our vision of providing solutions that enable a better future for customers. Over the past year we have sharpened our focus on driving innovation for our customers, including doubling down on our commitment to financial wellness,” said Doug Shulman, Chairman and CEO of OneMain.

Founded in 2015, Trim is a customer-focused financial wellness fintech. The firm helps customers manage their financial goals by negotiating bills, analyzing transaction data and enabling automated savings. It provides users with the option to link to checking, brokerage, mortgage and other accounts. The company also cancels unwanted subscriptions and tracks customer spending through a high-touch, interactive approach.

Since its founding, Trim has analyzed approximately 1 bn customer transactions. Currently, the firm has more than 600,000 users who have linked bank accounts and on average delivers about $90 in annual savings to customers per initial bill negotiation.

“Our mission at Trim has been to solve our users’ financial problems so that they can live the lives they want. In 2015, we started by tackling spending. As we grew, we addressed bigger financial problems, helping our users organize, track and ultimately improve their finances. We are excited to continue advancing our vision as part of the OneMain team and help the company bring more options to millions of hardworking Americans,” said Thomas Smyth, CEO of Trim.

Established in 1912, OneMain provides personal loans with one on one, local service at branches nationwide. Its personalized loan solutions offer customers a simple and straightforward loan application, fixed rates, fixed payments, clear terms and multiple payment options.