Earnest, a San Francisco, CA-based merit-based loan program for financially responsible graduating students and young professionals, closed a $15m funding round.

Backers included Andreessen Horowitz, Atlas Venture, Collaborative Fund, First Round Capital and Maveron plus a small group of angels.

The company intends to use the funds for its expansion plans.

Led by Louis Beryl, co-founder and CEO, Earnest uses its underwriting technology to understand and evaluate individual borrowers.

Its data-driven evaluation takes into account an applicant’s full financial profile, not simply their credit score, considering their current and future potential, as well.

Qualified applicants can choose one-year loans at 5.5 percent interest or two-year loans at 6.5 percent interest of $1,000 to $20,000.

After offering programs across Massachusetts and Florida, loans are now available in California, New York, Pennsylvania, Texas, Connecticut, New Jersey and Utah.