Edly, a New York-based provider of a student loan platform, raised $175M in future flow financing commitments.
The round was led by Medalist Partners, and Windmuehle Funds.
The company intends to use the funds to fund IBR loans to students across the US. In addition, the two investment firms have made direct investments for the company.
Led by CEO Chris Ricciardi, Edly is a platform that connects students looking to fund college tuition with investors looking to support social impact investments in education. Edly focuses on a type of tuition funding known as income-based repayment loans (“IBR loans”), the only regulated student lending model of its kind in the private sector. Students benefit from a repayment process that is tailored specifically to their starting salary and adjusts with their professional progress. This model uses historical data about student outcomes from sources such as the Department of Education, the Bureau of Labor Statistics, private databases, and Edly’s proprietary data to underwrite the likely success of student borrowers without relying on traditional credit scores or co-signers.
Edly has funded more than 4,000 students since its launch in 2019 and is available to provide education financing to students at more than 1,800 of the leading US colleges and universities. All student IBR loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC.
FinSMEs
09/03/2022