Fynn, a New York-based FinTech lender that provides student loans to the US workforce, has raised $36m across a seed round and debt facility.
Lead investors in the round include Y Combinator, Susa Ventures, Village Global, Watchfire Ventures and Tenacity Venture Capital. Up to $11m was raised in the seed round while $36m was raised in the debt facility.
Founded in 2019, Fynn funds students through trade school with what it claims is an affordable, fair, federally compliant private funding option called an Income Share Loan.
The firm claims its Income Share Loan offers meaningful protections to students when they are unemployed, making less than expected, and has a built in forgiveness plan.
The company underwrites students based on their future potential and aligns its interests with schools and students to fully support success from enrolment to employment.
Since launching its flagship product in July 2022, Fynn claims it has provided over $4m worth of financial assistance to students in need.
Fynn will use the newly raised capital to expand its services across the US and to support students looking to further their education.
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