NEW YORK LendKey, provider of private student loans for credit unions formerly called Fynanz, announced the closing of an additional $12.5 million in Series B venture funding.
The funding was led by new investors Updata Partners and TTV Capital, as well as existing investors Draper Fisher Jurvetson and Gotham Ventures, the company said.
LendKey, which was founded in 2008 as a private student lending platform for financial institutions, said it will use the funds to expand its lending platform into new asset classes and accelerate the growth of its lending clients.
“LendKey has grown to 250 lending partners and $400 million in private student loan and private student loan consolidation originations in the past three years,” said Vince Passione, CEO of LendKey. “We are pleased to scale our business into additional asset classes with the support of Updata Partners and TTV Capital, as well as the continued confidence from our existing investors at Draper Fisher Jurvetson and Gotham Ventures.”
