Funding

CommonBond raises $30M

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What does CommonBond do?

CommonBond, Is a marketplace lending platform for student loans. This online lending company connects investors and borrowers for making education finance much better. This company lowers the price of higher education. Its unique model makes it possible for students in saving money on their study loans while enabling investors in earning a competitive money return.

How much CommonBond was funded?

The company raised $30M in Series C on July 19, 2016 from Victory Park Capital, Social Capital, August Capital, Nyca Partners, Neuberger Berman Private Equity and Tribeca Venture Partners.

Previous funding

  • $3.5M on November 1, 2012
  • $8.65M in Series A on September 4, 2013 from Tom Glocer, Vikram Pandit, Tribeca Venture Partners, Tom Kalaris, Nelnet, Social Capital, Thomas Gloce and Charles Stonehill.
  • $100M on September 4, 2013
  • $36.46M in Series B on September 8, 2015 from August Capital, Social Capital, Tribeca Venture Partners, Tom Kalaris, Vikram Pandit, Tom Glocer, Victory Park Capital and Nyca Partners.
  • $275M on January 5, 2016 from Barclays Investment Bank and MacQuarie Capital Funds
  • $300M on July 19, 2016

What is next for CommonBond?

The company plans to use the latest funding raised for hiring some employees. The company also plans to invest in technology and earmark some of the money for supporting financing arrangements. The company continues to grow in loan volume and revenue. The company has acquired Gradible, a business which aids people in managing and repaying student loans. The company will use its technology for appealing to employers who want to aid student loan repayment.

More about CommonBond

The company was founded on November 1, 2011 by Jessup Shean, Michael Taormina and David Klein. It has its headquarters in New York, New York. The company was founded to tackle one of the most frustrating problems of consumer finance; student lending industry. The founders of the company have a background in wealth and finance of 1st hand student loan experience.

 

 

 

 

 

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