Future Finance bags $28m for latest fundraise

Student loan lender Future Finance has raised up to $28m for its latest fundraise, FinTech Global can reveal.

The company has currently registered six investors to the round, according to the latest US Securities and Exchange Commission filing.

It is unclear in the filing what the goal of the fundraise is.

Launched 2013, Ireland-based Future Finance is a non-government student lending platform which offers loans from £2,000 up to £40,000.

Future Finance calculates the interest rates of the individual based on their credit history, the university the borrower will attend and what the course is. Interest rates for the loans range between 6 per cent and 19.9 per cent.

While the student is studying and three months after graduating, repayments are lowered to help them focus on their course. Borrowers are allowed to take four ‘repayment holidays’ across the loan, which gives them a break from repayments so they save money for something else.

Copyright © 2017 FinTech Global

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