Student banking solution Mos has raised $40m from a Series B funding round headed by Tiger Global.
The round also saw participation from returning investors Lux Capital, Expa, Emerson Collective, Sequoia and Khaled Helioui. Following this raise, Mos has a valuation of $400m.
Founded in 2017, Mos claims it is on a mission to tear down financial barriers to opportunity. The firm said that it built the first banking product designed not to manage student debt, but to eliminate it.
The company highlighted that this funding round comes off a strong 2021 for Mos. This included growing its financial aid platform into the biggest scholarship pool in the US and bolstering its teams headcount.
In September, Mos launched its banking solution and claims that it saw its use base grow 14x within just three months, reaching number 3 for downloads in the App Store overall. The company also launched new financial education content for students on TikTok and built internal tools to serve its customers.
The company stated that the Series B is ‘an opportunity to continue the pursuit of this mission and push the envelope of finance for an entire generation’, adding that the purpose of the most recent funding round was to bring ‘world-class’ people onto the Mos team.
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