OneMain Acquires Customer-Focused Financial Wellness Fintech Trim

Rhea-AI Summary

OneMain Financial has announced an agreement to acquire Trim, a fintech focused on financial wellness, aimed at enhancing its digital services for over 2.2 million customers. This acquisition will support customers in managing their finances better, offering features like bill negotiation and automated savings. Trim has helped analyze around 1 billion transactions and currently serves over 600,000 users, providing an average savings of $90 annually per negotiation. The transaction is pending standard closing conditions, with details not yet disclosed.

Positive

• Acquisition of Trim enhances OneMain's digital features for customer financial wellness.
• Trim's services include bill negotiation and automated savings, aligning with OneMain's goals.
• Trim has a substantial user base of over 600,000, indicating strong market presence.

Negative

• None.

OneMain Financial, the country’s largest installment lender to hardworking Americans with nonprime credit, announced today that it has entered into an agreement to acquire Trim, a customer-focused financial wellness fintech. The acquisition of Trim, subject to completion of standard closing conditions, will enhance OneMain’s digital features designed to help its more than 2.2 million customers progress to a better financial future.

Trim helps customers manage their financial goals by negotiating bills, analyzing transaction data and enabling automated savings. It provides users the option to link to checking, brokerage, mortgage and other accounts. Among its many services, the company cancels unwanted subscriptions and tracks customer spending – all delivered through a high-touch, interactive approach.

“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,” said Doug Shulman, Chairman and CEO of OneMain. “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.”

Since its founding in 2015, Trim has analyzed approximately 1 billion customer transactions. The company currently 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,” said Thomas Smyth, CEO of Trim. “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.”

K&L Gates served as legal counsel to OneMain in this transaction. Silicon Legal Strategy served as legal counsel to Trim in this transaction. Terms of the transaction were not disclosed.

About OneMain Financial

OneMain Financial (NYSE: OMF) has been offering responsible and transparent loans for over 100 years. With approximately 1,500 locations throughout 44 states, the company is committed to helping people with their personal loan needs. OneMain and its team members are dedicated to the communities where they live and work. For additional information, please visit OneMainFinancial.com.

About Trim

Ask Benjamin Inc, DBA Trim is a financial health company that empowers customers across the United States to improve their financial lives. Since inception, the company has continuously expanded its service offerings to help Americans optimize their day-to-day finances. Their goal is to provide easy-to-understand features which translate into immediate value for their users. For additional information, or to sign up, please visit AskTrim.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005825/en/

FAQ

What is the significance of OneMain Financial's acquisition of Trim?

The acquisition aims to enhance OneMain's digital services and improve customer financial management.

How will Trim's services benefit OneMain Financial's customers?

Trim offers features like bill negotiation and automated savings, helping customers save money and manage their finances effectively.

What is the expected impact of the acquisition on OneMain's business?

The acquisition is expected to support OneMain's strategy to enhance financial wellness offerings for its customers.

How many users does Trim currently have?

Trim currently serves over 600,000 users.

What average savings do Trim users achieve through its services?

Trim users average about $90 in annual savings per initial bill negotiation.