Earnest, a San Francisco, CA-based tech driven financial services company, raised $275mm in equity and debt financing.
This included a $75mm Series B round of equity capital led by Battery Ventures, with participation from Adams Street Partners and Maveron as well as a $200mm debt financing from New York Life and others. In conjunction with the funding, Roger Lee, general partner at Battery Ventures, joined Earnest’s board.
The company will use the capital to continue building out its technology, data, and engineering teams to introduce new financial products, tools, and resources in 2016 as it is expanding into additional consumer financial verticals.
Led by Louis Beryl, CEO and Co-founder, Earnest leverages an underwriting process that uses rich data science and proprietary software to understand clients’ financial habits and preferences and personalize products including student loan refinancing, personal loans, and loans for coding academy programs.
The company is also backed by Andreessen Horowitz, Accomplice Ventures, Wildcat Venture Partners, First Round Capital, among others.