San Francisco-based merit-based loan startup Earnest has launched and announced the closing of a $15 million round of funding.

The company’s lending program ismerit basedand targets new college graduates and young professionals.

Rather than relying on a traditional credit score to determine credit worthiness, Earnest conducts aData-driven evaluationof an applicant’s financial profile, considering current and future income earning potential.

It was founded last year by former Andreessen Horowitz partner Louis Beryl and Benjamin Hutchinson.

This is Earnest’s first round of outside funding.