US-based online education lending platform Meritize has completed a $6.8m seed round that included student loan provider College Loan Corporation and non-profit student loan manager Educational Credit Management Corporation.
Colchis Capital, Chicago Ventures and Cube Financial Holdings co-led the round, which also featured University Ventures, City Light Capital, PC Squared and undisclosed members of Meritize’s management team.
Meritize provides financing to students through a platform that utilises a prospective borrower’s quantified academic data. It will use the seed capital for sales and marketing, recruitment and the further development of the platform.
Chris Keaveney, co-founder and CEO of Meritize, said: “The response from investors has exceeded our expectations as we move into significant growth mode with our proprietary lending platform.
“It represents a big step in advancing our mission to fund career-based education and increase responsible financing using our merit-based credit model.”