Navient, a provider of asset management and business processing solutions, has agreed to purchase online student lender Earnest in a cash deal worth $155m.
San Francisco-based Earnest, which was set up in 2013, offers student loan refinancing and personal loans. The lender is expected to originate nearly $1bn in student loan refinancing loans this year.
Go deeper with GlobalData
Earnest will retain a distinct brand identity and will continue to be headed by its existing management including founders Louis Beryl and Ben Hutchinson, following the acquisition.
The deal is anticipated to be completed in the final quarter of 2017, subject to customary closing conditions.
Navient, president and CEO Jack Remondi said: “Combining Earnest’s best-in-class data science, digital marketing, and technology with Navient’s industry and capital markets experience create an exciting platform to deliver value for consumers and investors. Together, we will create and deliver consumer-centric education credit products for the digital age.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
