Climb Credit, a NYC-based student lending company that provides affordable financing for career-skill programs, raised $9.8m in Series A financing.
The round was led by Third Prime and New Markets Venture Partners with participation from Acumen, Impact Engine, Two Culture Capital, and Elizabeth Tse, alongside existing investors including 1/0 Capital, Learn Capital, Montage Ventures and Michael Sidgmore.
The company intends to use the funds to roll out a new outcomes-based loan within the next year.
Led by Angela Ceresnie, CEO, Climb is a student lender that addresses the $1.4 trillion student loan crisis by expanding socioeconomic opportunity for lower- and middle-income Americans. The company identifies, selects, and funds career-relevant training that increases the earning potential of graduates. The schools and alternative pathways available on the platform teach skills needed for in-demand jobs across industries from software engineering and data science to teaching and heavy equipment operation.
Climb verifies school quality through a proprietary return-on-investment calculation, an assessment that reviews each program’s cost, time to completion, graduate performance, job placement, starting salaries, and salary growth over time to ensure that potential students are receiving an education that is worth the tuition.
To date, the company has originated over $100 million in loans, funded the education and skills training of over 11,000 students, and partnered with more than 140 schools and post-graduate career training programs.