Avenify is a fintech company that provided income share agreements (ISAs) and career services tailored for nursing students, enabling them to finance education without traditional loans or cosigners, while connecting them to jobs post-graduation.[1][2][5] It served the underserved nursing sector—home to 4 million U.S. nurses lacking specialized financial tools—by offering accessible funding based on predictable post-graduation salaries, solving high student debt burdens amid healthcare talent shortages.[2][3] Acquired by Edly in January 2022, Avenify helped scale income-based repayment (IBR) options, with early growth to over 10,000 members and projections of $2M+ revenue by end-2022, positioning it for expansion into additional services like insurance and refinancing.[1][2][3]
Avenify was founded in October 2018 by Justin and Timo, who met at the University of Oklahoma.[2] Justin brought startup experience from Product Hunt and Republic, while Timo contributed expertise in economics, math, and computer science, allowing the duo to rapidly build the platform from scratch.[2] Originally named TallyUp Technologies, it pivoted to focus on nursing-specific ISAs after identifying gaps in student financing for high-demand healthcare roles, achieving early traction with over 10,000 members and facilitating hundreds of millions in financing.[1][2] A key milestone came in January 2022 when Edly—a platform for IBR loans in education—acquired Avenify to integrate its nursing expertise and expand social impact funding.[1][3]
Avenify rode the rise of alternative student financing like ISAs and IBR loans, addressing America's higher education funding gap where federal aid falls short, especially for vocational programs like nursing amid a deepening healthcare worker shortage.[3] Its timing aligned with post-2018 fintech innovations in occupation-specific lending, leveraging predictable outcomes in talent-starved fields to undercut incumbents' rigid models.[2] Market forces favoring it included massive nurse demand (4M+ underserved), social impact investing via platforms like Republic and Edly, and regulatory tailwinds for non-traditional debt tools.[1][2][3] Post-acquisition, it bolstered Edly's ecosystem, influencing scalable IBR adoption in STEM and healthcare education while reducing dropout risks from unaffordable debt.[3]
Integrated into Edly, Avenify's nursing playbook positions it to expand IBR financing across high-demand sectors like healthcare and STEM, potentially scaling to $100M+ revenue through added services and partnerships.[2][3] Trends like worsening nurse shortages, investor appetite for impact-driven fintech, and AI-enhanced underwriting will accelerate growth, evolving its influence from niche lender to key player in equitable education funding.[2][3] As Edly's COO-led operations mature, expect broader ecosystem impact—lower loan costs via scale, more grads entering critical roles—reinforcing Avenify's origins as a scrappy solution for underserved students.[1][3]
Avenify has raised $120K in total across 1 funding round.
Avenify's investors include iGlobe Partners, Outrun Ventures.
Avenify has raised $120K across 1 funding round. Most recently, it raised $120K Seed in January 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jan 1, 2021 | $120K Seed | iGlobe Partners, Outrun Ventures |