SixUp secures $2.5m in debt financing for student loans

Education financing platform SixUp has secured new debt financing of $2.5m following a Seed equity round earlier this year.

The San Francisco-based fintech company says it is looking to support “high-achieving, low-income students who are underbanked and underfunded”.

Especially it is seeking to close the existing gap between government funding and private scholarships with which many immigrant students in the US are face when paying for college education.

SixUp has estimated that gap for most students stands at an average of $5,000-$10,000 per year.

The company has launched its Uploan product to help students upgrade to, and graduate from, more selective four-year colleges.

SixUp, which was founded at the beginning of last year, raised $5m from five investors in February 2016. Accelerator Ventures and Lykes Family Office were among the backers of that Seed round.

Copyright © 2016 FINTECH GLOBAL

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