Fynn, a fintech lender dedicated to providing private student loans for America’s skilled workforce, announced the successful completion 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. This funding will be used to expand Fynn’s services across the United States and support students looking to pursue further education.
Fynn is addressing the biggest labor shortage in the United States since World War II by offering students secure, fair, and affordable loans to attend qualifying trade schools, which will lead them towards stable careers and a middle-class lifestyle. Many students who aspire to pursue skilled labor careers are hindered by financial constraints, and federal financial aid is often limited or non-existent at trade schools. Fynn is filling this gap by providing students with the means to attend schools, receive the necessary training, and join the skilled workforce.
Eric Menees, CEO, and co-founder at Fynn stated, “We believe everyone should have access to 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. 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.”
Fynn is different from traditional private student lenders in that it invests in the student’s long-term success and offers member benefits that help recent graduates minimize stress and stay on track with payments as they start their careers. Fynn provides three significant built-in benefits unique to its loan: income protection, payment pauses, and loan forgiveness. These benefits are designed to help students manage unexpected financial hardships and pay off their loans without worry.
Leo Polovets, General Partner at Susa Ventures, said, “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. 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.”
Fynn currently provides loans to 150 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 says it can incorporate future potential into lending decisions, giving “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.
Founded in 2019, Fynn went through Y Combinator and has since raised $36 million in funding from various investors, including Susa Ventures.