CommonBond Announces $30 Million Series C, Strategic Acquisition Of Loan Evaluator Platform
Fintech student debt refinancier CommonBond announced its $30 million Series C Tuesday morning, led by Neuberger Berman Private Equity.
The company plans to use the funding for to scale itself with a company-wide hiring push and tech development, according to a press release.
According to the release, CommonBond also announced $300 million in loan purchases to an asset management firm, bringing the company's total financing to over $1 billion.
The company also noted the acquisition of student loan evaluator Gradible. CommonBond will use Gradible's platform to expand its B2B offering of employer-provided loan support.
The company didn't announce the terms of either deal, but a CommonBond spokesperson said the deal "made sense for shareholders" of both companies.
"Our mission is to have as broad an impact as possible on the financial health of consumers in the U.S.," CommonBond CEO David Klein said in the release. "And with our new investors and our new suite of employer-based products, we're able to take our mission to the next level, now reaching all 40 million Americans with student debt, regardless of their financial profile."
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