The platform announced their latest securitization which is a $233.75 million deal; provisional ratings of AAA were given by both Moody’s and DBRS; this is CommonBond’s sixth transaction and they have now securitized a total of $1.22 billion in loans. Source
The round was led by Fifth Third Capital Holdings LLC with First Republic Bank and Columbia Seligman Investments also participating; existing and individual investors Vikram Pandit and Tom Glocer also participated; total funding for the company is over $130 million; the company posted 250% revenue growth year over year in 2017 and has had only two defaults. Source
CommonBond is receiving $750 million in lending capacity from Barclays, BMO, Citibank, Goldman Sachs and ING; CEO David Klein commented...
In the coming months Cincinnati-based Fifth Third bank will hire 200 new tech workers as it continues to invest in...
Morgan Edwards, chief financial officer at CommonBond gives an overview of the company and the student lending opportunity in this video from LendIt USA 2016. CommonBond provides student loan refinancing but one thing that makes them unique is their "1-for-1" model where they fund an education of a student in Africa for each student loan refinancing. As of April, the company had $625 million in capital committed with zero defaults and zero 30+ day delinquencies.
Morgan believes we are in a growth cycle and capital is here to stay although we may experience some ebb and flows through the cycle. He stated, "Capital flows where there is understanding and there is a return," and highlights several aspects that make this a favorable environment for student lending and marketplace lending broadly.
You can view the full video below:
A new study by Commonbond shows that employers who offer student loan benefit programs are more likely to keep employees...
CommonBond has created a March Debtness bracket to look at the payoff rates of this year's March Madness basketball teams; the bracket identifies the time it takes for students to pay off their student loans; UCLA is CommonBond's current March Madness winner with the fastest payoff rate at 4.42 years. Source
CommonBond, best known as a leading provider of online student loans, has made its second acquisition, NextGenVest, an artificial intelligence...
·
This is a guest post from David Klein, CEO & Co-Founder of CommonBond. CommonBond is an exhibitor at LendIt USA...
CommonBond focuses on helping those with student loans better manage their debt. Earlier this week they released an interesting study...