PALO ALTO, Calif.–(BUSINESS WIRE)–Earnin, the leader in innovative solutions to some of the world’s tougher financial problems, today announced the appointment of Morgan Sokol as VP of Policy. Sokol was formerly an executive at MedMed, where she built and led the Regulatory Affairs team. She has also worked with the Los Angeles Family Housing Corp, Teach For America and received a master’s in public policy at UCLA’s Luskin School of Public Affairs. In her new role, Sokol will help shape regulatory, policy and community engagement programs for Earnin at the state and national level. Sokol will report into Earnin CEO and Founder Ram Palaniappan.
Earnin’s Cash Out, HealthAid and Balance Shield comprise one of the industry’s first collaboratively-controlled financial platforms, allowing people to access their earned wages before payday, helping reduce approximately $100 million in overdrafts monthly, and helping reduce unpaid medical bills. As one of the largest companies in a relatively new fintech segment, Earnin is working closely with local, state and federal agencies to define best practices for the industry.
“Morgan has a rich background in shaping some of the most important policies in California and nationally around safe and regulated cannabis legalization,” said Palaniappan. “We look forward to having her onboard to drive our policy and regulatory efforts as we continue to reshape the financial landscape and build solutions that empower Earnin’s growing community to take control of their financial wellness.”
In addition to her work at MedMen, LA Family Housing and Teach For America, Sokol has served as a board member of multiple cannabis trade associations, and Culver Palms Meals on Wheels. She also founded UCLA’s Luskin Women Leadership Network, the school’s first women’s public policy networking organization.
“I am passionate about working with companies and organizations creating positive systemic change in this country for folks who have been historically marginalized and disenfranchised,” said Sokol. “I’m excited to be a part of this movement and look forward to working with the team to help take the Earnin community to the next level.”
Earnin is a community-supported financial platform with a suite of tools that let people take control of their financial future. Earnin started out by solving one of the greatest – and least discussed – inequities in the American financial system: the practice of employers paying workers bi-weekly. Earnin’s core product, Cash Out, allows people to access the pay they’ve already earned. There are no loans or hidden costs. People tip what they choose. Other products include: Balance Shield, which helps prevent overdrafts, a financial calendar that helps people budget and schedule payments, and Health Aid, a service that tries to negotiate unpaid medical bills without charging mandatory fees.
Current funding partners include: Andreessen Horowitz, Matrix Partners, Ribbit Capital, Felicis Ventures and March Capital.