Earnest’s Scheme to Make Banking Fun Just Won $275 Million

Louis Beryl, founder of student-loan startup Earnest, likes to say his company is focused on relationships, not just profit. That said, plenty of money is coming his way. Earnest announced on Tuesday that it would receive $275 million in financing, comprising a $75 million equity stake led by Battery Ventures, along with $200 million in lending capital from New York Life and an unnamed institution.