OneMain acquires Financial Wellness FinTech Trim
The acquisition will allow OneMain to help its 2.2 million customers improve their finances and financial futures by integrating Trim’s customer spend tracking platform, the statement said.
“Trim helps clients manage their financial goals by negotiating their invoices, analyzing transaction data and enabling automated savings,” the statement said. “It gives users the ability to link to checking, brokerage, mortgage and other accounts.”
The company can also cancel unwanted subscriptions, the statement said.
“The acquisition of Trim enables OneMain to further broaden the way we help … Americans improve their financial well-being by helping them take better control of their finances,” said OneMain chief executive officer Doug shulman in the version. “Over the past year, we have focused more on driving innovation for our customers, including doubling our commitment to financial well-being.”
“Since its inception in 2015, Trim has analyzed approximately 1 billion customer transactions,” the statement said. “The company currently has over 600,000 users who have linked bank accounts and averages about $ 90 in annual savings to customers per initial bill negotiation.”
“Our mission at Trim has been to solve the financial problems of our users so that they can live the life they want,” said the CEO of Trim. Thomas smyth in the version. “In 2015, we started by tackling spending. As we grew, we solved bigger financial issues, helping our users organize, track and ultimately improve their finances. “
The way that the Consumer Financial Protection Bureau (CFPB) defines financial well-being comes in four parts: mastering finances, the ability to absorb financial shock, achieving financial goals, and the financial freedom to make the choices that let you enjoy life.
The acquisition of OneMain-Trim takes place in a context where the financial site GOBanking RATES found that only 3% of respondents passed a six-question quiz related to financial literacy.
And as PYMNTS has found, six in ten people in the United States live paycheck to paycheck. While financial services and other verticals talk a lot about financial health, wellness, and financial literacy, banks may need a little help reaching out to and educating their end customers on this path.