Earnest, a San Francisco, CA-based provider of student loan refinancing product, closed a $17m Series A equity funding.
The round was led by Maveron with participation from existing investors (Andreessen Horowitz, Atlas Venture, Collaborative Fund, First Round Capital and others).
The company intends to use the funds to accelerate expansion nationwide, as well as develop additional lending and financial products.
Founded in 2013 by Louis Beryl, CEO, Earnest provides a student loan refinancing product featuring personalized payback options and an application process that rewards users for their own financial merit with rates as low as 1.92% APR. It analyzes creditworthiness by using data science and a software-based underwriting platform to develop a comprehensive understanding of long-term financial profiles and offer the best corresponding rates.
In addition to its student loan refinancing product, the company currently offers personal loans starting at 4.25% to financially responsible people in 21 states.
20/05/2014: Earnest Closes $15M Funding