23 March 2018

Student lending platform Fynanz raises $6.5m

02 February 2010  |  6553 views  |  0 cash

Fynanz, the US start-up behind a private lending platform for student loans, has raised $6.5 million in a series a funding round led by Draper Fisher Jurvetson (DFJ).

Launched in 2008, Fynanz initially targeted college students struggling to find loans in the post-credit crunch market with its own peer-to-peer Prosper-like platform.

However, last January the firm abandoned this approach, citing tough market conditions, and began offering its platform to financial institutions instead.

The start-up now operates cuStudentLoans.org, a private lending marketplace that enables credit unions to offer private student lending. The new funding will be used to to expand the platform, which currently has around 30 credit union partners.

Vince Passione, CEO, Fynanz, says: "Our current credit union partners are very committed to the private student loan market and Fynanz looks forward to expanding our credit union network nationally."

Josh Stein, MD, DFJ, adds: "We believe that the private student marketplace and the technology developed by Fynanz significantly diversifies and enhances a credit union's portfolio."

The funding round also saw investment from DFJ Gotham Ventures, The Brazos Group, Zelkova Ventures and JBR Media Ventures.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Student P2P lending site Fynanz stops taking new loans

Student P2P lending site Fynanz stops taking new loans

12 January 2009  |  8119 views  |  1 comments

Related blogs

Create a blog about this story (membership required)
Register your place todayVisit www.nextgenbanking.co.ukwww.currencycloud.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
14299 views 0 | 8 tweets | 5 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
11648 views comments | 15 tweets | 34 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
11217 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
10378 views comments | 14 tweets | 30 linkedin
Germany's N26 readies for US launch with EUR110 million capital injection led by Allianz and TenCentGermany's N26 readies for US launch with E...
8110 views comments | 14 tweets | 10 linkedin

Featured job

Hong Kong, Asia-Pacific

Find your next job