Education lender that utilizes your work, academic, and military accomplishments to better credit evaluations and grow funding towards skill-based careers, Meritize, has recently announced a successful $13.2 million Series A funding round.
Colchis Capital helped lead the investment round with participation from other leading tech and education-focused investors including CLC, Chicago Ventures, Cube Financial Holdings, ZZ Ventures, Socratic Ventures, ECMC Group, University Ventures, PC Squared and Meritize management.
Meritize will use the funding to scale operations growth, enhance technology and accelerate its momentum as a market leader in skills-based career development and employer talent acquisition. The company will increase investment in its SkillsBuilding™️ platform which works with students, educators and employers to put more people to work in quality skills-based careers and help close the U.S. skills gap.
Meritize has experienced significant growth since its launch in January 2017. As of January of this year, the company increased its school partner platform by more than 400 percent and experienced cumulative growth in originations of 250 percent from Q1 to Q3 2018.
The company's proprietary merit-based funding model expands opportunities for students pursuing skills-based education by leveraging quantified academic, military and work achievement data as a key factor in evaluation. The addition of this achievement data allows Meritize to accurately assess the probability of student completion and loan repayment performance, expanding funding for students who have been previously under-served by traditional lending vehicles. Students who lack credit profiles or a co-borrower that would allow them to qualify for traditional student loans can still get approved under the innovative Meritize lending model.
"We're very pleased with the response from investors who share our commitment to expand funding for students across the credit spectrum and help employers close their skills gap," said Meritize CEO Chris Keaveney. "It allows us to continue our mission to bring together smart students and quality skills-based training with a direct path to employment, and as a result, contribute to a healthy economy by building a more vibrant skilled workforce," he said.
"Colchis is very excited to have led the investment in Meritize. We look forward to seeing the company extend its leadership role in skills-based education financing and expand its market footprint to provide employer-based training and job placement. Meritize is a true innovator in the space, and the company is well positioned to execute on its long-term vision," said Jonathan Strike, Managing Director at Colchis Capital.
Edited by K. Fanning
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