Fynanz Scores with Funding

Fynanz, a peer to peer lending platform for student loans where Brad Powers is on the board, has recently raised $6.5 million in Series A funding. This funding comes from Draper Fisher Jurvetson, DFJ Gotham Ventures, The Brazos Group, Zelkova Ventures and JBR Media Ventures.

This funding will help Fynanz, with a total funding of over $8 million, to expand its credit union and student lending marketplace while developing additional lending programs. Launched in 2008, Fynanz guarantees each student loan and enables students to apply for loans while participants can help fund those loans. To reduce their own risk, Fynanz evaluates not only the student borrower’s credit scores, but also their GPA and the school they plan to attend.

Loans are offered to students with very low interest rates, usually .60% to 1.0% lower than what students would find at a bank.