Edly, New York-based student loan platform provider, raised $175M to fund future flow financing commitments.
The round was led by Medalist Partners, and Windmuehle Funds.
The funds will be used to finance IBR loans for students in the US. Additionally, two investment firms made direct investments in 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. A repayment process that adjusts to student’s professional progress and is tailored to their starting income benefits students. 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.
Since its inception in 2019, Edly has helped more than 4,000 students. It is also available to finance education at over 1,800 top US universities and colleges. All student IBR loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC.