CommonBond

lendingp2p lending

FOUNDING YEAR: 2011
LOCATION: United States
Last Update: 17/07/2020

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About

CommonBond is a financial technology company on a mission to give students and graduates more affordable, transparent, and simple ways to pay for higher education. Were people just like you who were frustrated by the high rates, confusing process, and poor service that came with our student loans. We knew there had to be a better way. So we created one.Over 40 million Americans are affected by student loan debt and were helping them meet that challenge head on. We're tackling the student debt crisis by offering new loans to current students, refinance loans to college graduates, and a suite of student loan repayment benefits to employees through our CommonBond for Business program. By designing a better experience that combines advanced technology with competitive rates and award-winning customer service, we've funded over $3 billion in loans for tens of thousands of members, and helped over 300 companies give their employees the tools they need to achieve financial wellness.Finally, we're proud to be the first and only finance company with a "one-for-one" social mission: for every loan we fund, we also fund the education of a child in need, through our partnership with Pencils of Promise.Want more good news? Were hiring! So join our team, and join the movement, as we continue to build a better future for student debt in America.

MEDICI Analysis

CommonBond is based on a model of “social lending.” Student borrowers gain access to fixed rate loans provided by investors who earn a financial return. The platform makes it possible for students to save money on their student loans while allowing investors to earn a competitive financial return.

Focus

PRODUCTS & SERVICES

Online platform for refinancing student loans. Helps students to bypass conditions like inocme,assets to get loans at a very cheap rate.

REVENUE MODEL

CommonBond charge an origination (2%) and servicing fee on every loan.

MAIN CLIENTS

Students

EXISTING PARTNERSHIPS

Nelnet - To offer services to wider range of customers and helps investors to buy loans.

COMMENT

Makes student loan process faster and at low interest rate. It provides additional features like networking opportunities, panels and events, career support, and much more through “CommonBond Family” platform.

Traction

VALUATION / MARKET CAP:

$375 M in 2016

TRANSACTIONS VALUE:

$100 M

ACTIVE USERS:

0.0010

People

FOUNDERS

Jessup Shean

BOARD MEMBERS AND ADVISORS

Tripp Jones

Brian Hirsch

Ted Maidenberg

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Alumni Ventures Group

August Capital

Barclays Investment Bank

Charles Stonehill

MacQuarie Capital Funds

Nelnet

Neuberger Berman Group

Nyca Partners

Social Capital

Thomas Gloce

Tom Glocer

Tom Kalaris

Tribeca Venture Partners

Victory Park Capital

Vikram Pandit

KEY EMPLOYEES:

David Klein

Momentum

FUNDED

YES

TOTAL FUNDING

$128.61 M

DATE OF LAST FUNDING

Feb 2019

SEED & PRIOR FUNDING

$3.5 M

SEED CLOSED ON

Nov 2012

FUNDING SERIES

SERIES A  · $8.65 M  · Sep 2013

SERIES B  · $36.46 M  · Sep 2015

SERIES C  · $30 M  · Jul 2016

SERIES D  · $50 M  · Mar 2018

DEBT FUNDING

$750 M

LISTED

NO

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