ApplyBoard secures $100 million financing in Kitchener, Sept 2024

On September 17, 2024, ApplyBoard, a prominent platform for international student mobility, announced a significant financing deal with RBCx, the technology and innovation division of the Royal Bank of Canada. The agreement involves a $100 million CAD facility aimed at enhancing ApplyBoard's product development and supporting its ambitious global expansion plans. The company is set to introduce 20 new study destinations by the end of the decade, reflecting the growing demand for international education. Meti Basiri, Co-Founder and CEO of ApplyBoard, highlighted the evolving landscape of international education, predicting a doubling of student mobility in the coming years. This growth is expected to unlock substantial benefits for communities, economies, and cultures worldwide. The financing from RBCx is intended to empower ApplyBoard to capitalize on this potential, ensuring that the platform continues to provide valuable services to students seeking educational opportunities abroad. Tony Barkett, Head of Banking and Capital at RBCx, expressed pride in supporting ApplyBoard's growth, emphasizing the importance of fostering innovative companies that contribute to social impact. This partnership not only underscores RBC's commitment to youth education and newcomers but also illustrates the bank's broader strategy of backing Canadian innovation through its comprehensive support framework. Overall, this financing deal marks a pivotal moment for ApplyBoard as it seeks to expand its reach and enhance its offerings, ultimately aiming to facilitate greater international student mobility and educational access across the globe.