CommonBond, a student lending company, received an equity investment from Nelnet (NYSE: NNI), an education planning and financing company.
Nelnet, which joined current investors Tribeca Venture Partners and The Social + Capital Partnership, as well as industry veterans Vikram Pandit, Tom Glocer, and Tom Kalaris, has also agreed to finance at least $150m of CommonBond’s annual loan volume.
Led by David Klein, Chief Executive and Co-Founder, CommonBond uses technology and customer service to provide borrowers with low-cost student loan refinancing options. The company is now open to several additional graduate degree programs including: dentistry, nursing, optometry, finance, real estate, accounting, pharmacology, healthcare administration, veterinary, and public policy. Additionally, it is growing its network of eligible schools for refinancing MBA, law, medical and engineering programs.
To date, CommonBond has funded over $100m in loans across more than 1,000 borrowers on its platform through a series of funding vehicles, including alumni funds and warehouse lines and announced a brand new source of funding capacity: a forward flow program.