College Ave Student Loans, a Wilmington, Delaware-based student loan marketplace lender, secured $20m in financing.
Backers included Comcast Ventures, the venture capital affiliate of Comcast NBCUniversal, Fenway Summer Ventures, DW Partners, Al Lord, and existing as well as new individual shareholders. In conjunction with the funding, Dave Zilberman, managing director, Comcast Ventures, will join College Ave’s board.
The company will use the funds to continue to expand operations.
Led by Joe DePaulo, co-founder, chairman, and CEO, College Ave provides a technology-driven marketplace focused on the in-school student loan market which offers college students and their families an alternative to traditional options.
Launched in December 2014, the company has now raised more than $40m in equity funding. It currently has more than $1 billion of committed loan purchasing power from multiple sources.