Earnest is an American lender that assesses the overall education, employment and financial status of individuals, headquartered in San Francisco, California. The company tried to use simple credit scores to provide financial managers with more favorable interest rates than traditional loans, personal loans and student loan refinancing.
Earnest was co-founded by former Silicon Valley venture capital firm Anderson Horowitz partner Louis Berrill and former British Treasury corporate finance consultant Benjamin Hutchinson. The company’s mission is to provide individuals with better interest rates than traditional institutions.
Earnest’s first round of $15 million in seed funding came from several venture capital firms, including Anderson Horowitz, the first round of investment, Maveron and Atlas Ventures. This fund is a combination of stock and loan capital. In March 2014, the company launched a one-year loan of US$10,000 for the first time in Massachusetts with an annual interest rate of 6%.
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