Boro, a Chicago-based provider of loan services and financial education to college students, has raised $12 million in a Series A funding round led by LexinFintech, a publicly traded Chinese financial company, EdSurge has reported.
The company was founded in 2015 and offers college students an app that allows them to apply for loans offered by the company. It also offers financial advice about budgeting and loans.
Boro stated that its services are available at more than 200 colleges and universities across 31 US states.
In 2018 the company secured a $100 million credit line from Arcadia Funds.