NEW YORK, NY — /PRNewswire/ — Fynn, a fintech lender providing private student loans for America's skilled workforce, today announced the close of an $11 million seed round and $25 million debt facility. Lead investors include Y Combinator, Susa Ventures, Village Global, Tenacity Venture Capital, and Watchfire Ventures. The seed funding will be used to expand Fynn's services across the United States and to support students looking to further their education.
As the US continues to experience its largest labor shortage since World War II, Fynn is providing students with secure, fair, and affordable loans to attend qualifying trade schools that put them on a path toward stable careers and a middle-class lifestyle. Millions of students try to pursue skilled labor careers each year, only to be held back by their financial circumstances. Oftentimes, federal financial aid is extremely limited or non-existent at trade schools. Fynn is filling the void by providing students with the means to attend schools, get the training they need, and join the skilled workforce.
Access to Quality Education
"We believe everyone should have access to a quality education and the tools to help them get there, regardless of socioeconomic status. Fynn members go on to pursue careers in high-demand fields like the industrial, construction, and manufacturing trades, along with allied health and medical technology," said Eric Menees, CEO and co-founder at Fynn. "By providing robust and affordable financial aid, millions of students can enter the trades and start achieving the American dream. This is why it's so important for us to underwrite students based on their potential, not just their past."
Unlike most traditional private student lenders, Fynn is invested in the student's long-term success and has member benefits designed to help recent graduates minimize stress and stay on track with payments as they start their careers. Fynn provides three major built-in benefits unique to their loan: income protection, payment pauses, and loan forgiveness. These benefits are designed to help students weather unexpected financial hardships and pay off their loans without worry.
"Having access to trade school programs shouldn't be this complex, especially at a time when skilled workers are needed more than ever. There is still time to solve America's labor-supply issues, which is good news," said Leo Polovets, general partner at Susa Ventures. "Our investment enables Fynn's continued growth as a leader in skills-based education financing and allows them to continue helping low-income students achieve middle-class status through quality education."
Partnering for Placement
Fynn currently provides loans to150 different programs across the U.S., helping students at high-quality trade schools like Heartland Welding Academy and The Medical Institute of Kentucky. By partnering with schools that have rock-solid graduation and job placement rates, Fynn can incorporate future potential into lending decisions, which gives credit-invisible students a fair chance. Since launching its flagship product in July 2022, Fynn has provided over $4 million worth of financial assistance to students in need.
To learn more about Fynn, apply for funding, or sign up as a partner school, please visit fynncredit.com.