ApplyBoard secures a $100 million CAD financing deal with RBCx
17 Septiembre 2024 - 5:00AM
ApplyBoard, a leading international student mobility technology
platform, has announced that it has secured a financing deal with
RBCx, the technology and innovation arm of Royal Bank of Canada
(RBC). The $100 million CAD facility offered by RBCx is available
to accelerate product development, growth, and further global
expansion plans for ApplyBoard.
“The international education landscape is rapidly evolving as we
expect student mobility to double in the coming years, further
validating the potential international students unlock for
communities, economies and cultures around the world,” said Meti
Basiri, Co-Founder & CEO, ApplyBoard. “With the support from
RBCx, we can enable our investment in technology and increase
market expansion opportunities to bring more innovative products
and offerings to both students and partner institutions.”
As one of the first companies to build a technology platform to
power student mobility, ApplyBoard continuously expands its
innovative product offerings in support of the end-to-end study
abroad journey, including expansion beyond the application and
acceptance phase to language tests, loans, proof of finances, and
more. In June, the company launched its patent-pending Generative
AI advisor, Abbie, which offers personalized expert guidance and
instant support in any language along every step of the
international education journey.
ApplyBoard is a world-leading online platform for international
student mobility, working with thousands of partners to enable
diversity on campuses across Canada, the United States, the United
Kingdom, Australia, and Ireland, and will soon officially launch in
Germany. The company is targeting a global expansion plan which
will include 20 new study destinations by the end of the
decade.
“Powering the growth of innovative companies like ApplyBoard and
helping bring bold, socially impactful ideas to market lies at the
heart of what we do at RBCx,” said Tony Barkett, Head of Banking
and Capital, RBCx. “We’re proud to support ApplyBoard’s scaling
efforts to achieve global growth as they enhance the value of an
important platform that empowers the education, future growth
potential and international mobility of students around the
world.”
This latest transaction demonstrates RBC’s ongoing support for
youth education and newcomers through its collaboration with
ApplyBoard. In 2022, ApplyBoard and RBC, Canada’s largest bank by
market capitalization, launched the ApplyBoard x Guaranteed
Investment Certificate (GIC) program, which has since helped more
than 15,000 international students strengthen their study permit
application to support their education journeys in Canada.
About ApplyBoardApplyBoard has empowered more
than 1 million students from over 125 countries to access global
education since 2015. Driven by its mission to unlock the potential
of every aspiring mind, ApplyBoard simplifies the international
education journey by connecting students to over 1,500 institutions
across Canada, the United States, the United Kingdom, Australia,
and Ireland. To learn more, visit www.applyboard.com.
About RBCRoyal Bank of Canada is a global
financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 100,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank
and one of the largest in the world, based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 18
million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About RBCxRBCx powers bold ideas, founders, and
technology companies. We know building great businesses takes more
than just finance, which is why our four pillars – Banking,
Capital, Platform, and Ventures – combine to make us the go-to
backer of Canadian innovation. We use our deep expertise to support
businesses of all sizes and stages, and leverage RBC's extensive
experience, networks, and capital to solve tomorrow's big
problems.
Media contact: Brooke Kelly, Public Relations
at ApplyBoard, brooke.kelly@applyboard.com