Student lending platform Future Finance has netted €40m in a Series C round to support the funding of more loans.
KCK led the investment round, while S-Cubed, Invus, Fenway Summers and other existing backers also contributed to the series.
The company provides student loans to UK students, where government loans and bursaries are not enough to fund the costs of education. The loans are facilitated through the company’s platform and takes in to account credit history, the university their studying at and the course they are taking.
While the student is studying, repayments are low, and this continues for the first three months after graduating. The loans are typically on five-year terms and a holder can apply for a ‘repayment holiday’, which is a three-month break from repayments and can be used four times during the loan.
Since launching, the company has funded more than £60m loans to students.
Capital from the round will be used to scale the business and hire more staff across London, Dublin, and Chicago. Software engineers and data science/analytics talent are the focus for new hires.
S-Cubed Capital CIO Margo Doyle said, “The recent addition of Jeff Jackson as CFO/Head of Capital Markets really compliments the team given Jeff’s prior work experience at Goldman Sachs and 20-years in the student lending market. We look forward to further supporting Future Finance as the new management team continues to scale the business, hire top engineering and analytics talent, add new features and launch new products.”
Following this round, the company has raised around €90m in equity and £150m in debt. Last year, the company raised up to $28m in a funding round, according to a SEC filing.
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