San Francisco-based online lender Earnest has raised $275m in total funding to grow client base across its existing products.
Founded in 2013, Earnest currently offers student loan refinancing, personal loans, as well as loans for coding academy programs.
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The firm intends to utilise the $75m of equity capital to develop its technology, data, and engineering teams. The additional team growth and capital is projected to help the lender launch new financial products, tools and resources in 2016.
The company has raised $75m of equity capital in a Series B funding round that was headed by Battery Ventures, as well as saw participation from Adams Street Partners and previous investors including Maveron.
It also received an additional $200m of institutional lending capital from New York Life and others.
Earnest CEO and co-founder Louis Beryl said: "We founded Earnest to reengineer financial services from scratch and deliver a hyper-personalized client experience using software automation, data science, and world-class client service.
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By GlobalData"We are looking beyond the next year and into the next 100 to realize our vision and build the modern bank for the next generation. Partners like Battery Ventures, Adams Street Partners, Maveron, and New York Life will help us not only achieve our long-term goals but also accelerate our technology team growth and product development in 2016."
