Avenify

Avenify operated as a financial technology platform specifically targeting the educational and career needs of nursing students. Founded in 2018 by Justin Potts and Timothy Sheridan, the company established itself as an alternative to traditional student loans. Its core product was the Income Share Agreement (ISA), a financing model where the company covered tuition costs in exchange for a percentage of the student's future income for a predetermined period. This approach was designed to be more accessible, as it did not require a cosigner or a credit score for approval, instead basing terms on the student's projected earning potential in the high-demand nursing field.

The company's business model focused on serving a singular, underserved professional vertical. Revenue was generated upfront as a percentage of the originated financing volume through a network of capital partners, which meant Avenify did not hold the balance sheet risk itself. Beyond financing, Avenify provided career support services to its members to help them secure employment after graduation. This not only de-risked the ISAs for the company and its investors but also created an additional revenue stream through placement fees from partnerships with hospitals. In January 2020, the company launched Avenify 2.0, a marketplace that allowed individual investors to browse student profiles and build their own portfolios, investing directly in the students they chose to back.

Avenify's journey included a seed funding round in October 2019, securing $98.5K from investors like Techstars. The firm positioned itself as a comprehensive financial and career partner for nurses, aiming to expand its offerings to include services like malpractice insurance and loan refinancing. However, the company's trajectory culminated in its acquisition by Edly, a student loan platform offering income-based repayment (IBR) loans, on January 20, 2022. The acquisition was intended to solidify Edly's market position among nursing students and expand access to affordable financing solutions for this demographic.

Keywords: Avenify, Edly, income share agreement, ISA, nursing student financing, student loans, Justin Potts, Timothy Sheridan, fintech, education finance, career services for nurses, tuition financing, alternative student loans, investor marketplace, human potential investing, Techstars, nursing education funding, financial aid for nurses, IBR loans