Fynn

Fynn is a digital lender that focuses on providing student loans to individuals who wish to pursue education at a trade or vocational school. To apply for a loan, customers need to answer a questionnaire, and the company verifies their details with the relevant school before approving the application. Customers do not require a co-signer, and Fynn sends tuition fees directly to the school.

The company also offers a range of built-in benefits to its members: 1) payment reduction if a member's income drops below a certain threshold, 2) payment pause if a member loses their job or their income falls below the average salary for their job, and 3) loan forgiveness on outstanding balances if a member has not paid off the loan within 15 years. Moreover, if a member drops out of school, Fynn stops accruing interest on the loan from the day they inform the company. Fynn also offers job-finding services to its customers after they finish their education.

Funding and financials

The company raised USD 36 million in March 2023, which included USD 11 million in seed and USD 25 million in debt funding. The funding round was co-led by Y Combinator, Susa Ventures, Village Global, Tenacity Venture Capital, and Watchfire Ventures. It had planned to use the funds to expand its services throughout the US.

As of March 2023, Fynn had issued loans worth more than USD 4 million since the launch of its flagship product.

Key competitors: None comparable (Fynn is the only startup that specializes in providing digital student loans in the US.)