CommonBond Raises $50M USD To Invest In Blockchain
Online lender CommonBond has raised $50 million in its Series D funding round. The round was led by Fifth Third Bank, with First Republic Bank and Columbia Seligman Investments also participating. Existing investors Neuberger Berman, August Capital, and Nyca Partners also participated.
CommonBond is a financial technology company on a mission to give students and graduates more transparent, simple, and affordable ways to pay for higher education. It offers refinance loans to college graduates, new loans to current students, and a suite of student loan repayment benefits to employees through its CommonBond for Business program. To date, CommonBond has funded over $1.5 billion in loans for its tens of thousands of members.
CommonBond CEO and co-founder David Klein said the new funding will fuel their expansion and allow the company to improve the financial health of their members.
“We’ve set out to build a great company for the long term by focusing on the fundamentals – exceptional customer experience, best-in-class technology, and a culture of respect and discipline,” said Klein. “I’m incredibly proud of the team for maintaining maniacal focus on our customers and broader stakeholders, positioning the company exceedingly well to continue scaling on behalf of our members.”
Klein added that the company will likely start investing in blockchain technology and heavily leveraging it as a tool to make their operations more efficient and to make their data more secure.
Tim Spence, head of payments, strategy, and digital solutions at Fifth Third Bank, said his company recognizes that student debt is a serious challenge for millennials.
“CommonBond has built an industry-leading digital proposition that delivers a memorable experience and helps its members save thousands on their student loans so they can finance their dreams,” said Spence. “We are pleased to support CommonBond’s continued growth and look forward to working with them to bring powerful capabilities to market.”
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