ApplyBoard emerged as an edtech platform in 2015 with the explicit mission to simplify and expand access to international higher education. Initially created by three brothers who experienced first-hand the challenges of applying to study abroad, the platform responded to complex, often inequitable processes that historically limited global student mobility. By centralizing school options, streamlining applications, offering multilingual AI assistance, and connecting students with a global network of recruitment partners, ApplyBoard made it easier for millions to pursue studies in countries like Canada, the US, and the UK. A key turning point in ApplyBoard’s growth was its integration of technology to not only facilitate applications but also verify credentials, countering issues like document fraud. Its partnerships with financial institutions aimed to ease proof-of-funds hurdles—a significant barrier for many international students. The platform’s commission-based revenue structure created a rapid growth trajectory, drawing sizable investment rounds and earning 'unicorn' and then 'triple unicorn' status with valuations reaching C$4 billion by 2021. However, the same business model exposed vulnerabilities. ApplyBoard’s reliance on local agents—especially in high-volume countries like India and Brazil—led to widespread concerns over inadequate oversight. Investigations revealed cases of agents making misleading or false promises to prospective students, raising ethical alarms about potential exploitation and the lack of direct accountability. Despite the company’s implementation of codes of conduct and compliance training, critics argue that the sheer scale and opaque relationships between institutions, ApplyBoard, and agents make robust, system-wide oversight challenging. This created a wider debate on recruitment ethics, transparency, and institutional responsibility. Simultaneously, governmental policy shifts, particularly Canada’s 2024 cap on student visas (prompted by strains on housing and social services), drastically altered the operating environment. These changes triggered a sharp reduction in study permit applications and forced a reevaluation of ApplyBoard’s core market focus. The resulting impacts were immediate and severe—a reported 74% drop in company valuation and a dramatic contraction of its Canadian business. The volatility highlighted the inherent risk of operating at the intersection of regulatory, financial, and social pressures within international education. Scientifically, ApplyBoard’s innovations—AI chatbots for guidance, document authentication tools for fraud reduction—demonstrate the potential of technology to address systemic inefficiencies and bridge information gaps. Ethically, the platform’s journey surfaces questions about data privacy, agent accountability, and the balance between scaling access and safeguarding vulnerable students. Policy-wise, the ApplyBoard case underscores a broader trend of increasing governmental intervention in international student flows and a push for stronger oversight of recruitment agencies. With new credit facilities and a strategic pivot toward emerging markets like Germany and other parts of Europe/Asia, ApplyBoard is adapting to policy and market realities while attempting to maintain its mission. ApplyBoard’s evolution, entangled with fluctuating valuations and external controversy, encapsulates the complex promise and perils of tech-led educational globalization. Its legacy will hinge on addressing ethical challenges, responding nimbly to shifting policies, and sustaining trust in an industry where hopes, futures, and large sums of money are constantly in flux.