KITCHENER, Ontario, Sept. 17, 2024 (GLOBE NEWSWIRE) -- 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 ApplyBoard
ApplyBoard 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 RBC
Royal 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 RBCx
RBCx 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
