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CommonBond, Raises $100 Mn to Provide More Affordable Loans for Students

Founded in November 2011, CommonBond was the brainchild of David Klein and Michael Taormina who were first year students in the University of Pennsylvania, Wharton Business School. Fellow Student Jessup Shean, who was in the final year of her dual JD-MBA degree was their advisor. The main reason for coming up with this idea was the frustration faced by the founders on the lack of affordable loan options to fund their education. Their Business proposal was accepted by the highly selective Wharton venture Initiation program, which serves as a start-up incubator.

CommonBond founders after deciding to pilot their model at the Wharton focused on fundraising during the summer of 2012. By November 2012, CommonBond raised $3.5 Mn. CommonBond’s first fund was lent to 40 ...

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