Note from the Publisher: Today we have another mega-deal in fintech to report. CommonBond, a hot fintech within the student loan space, has won $300M in funding and has also announced the acquisition of another fintech within the space, Gradible. As many have predicted, consolidation within the various fintech verticals is inevitable. This is no doubt one of many yet to come.
“NEW YORK, July 19, 2016 /PRNewswire/ — CommonBond, a leading online lender that uses data and technology to lower the cost of student loans, today announced over $300 million in new funding. The influx of capital is a combination of equity capital to fund operations and lending capital to fund loans. Additionally, the company announced the acquisition of Gradible to build out a new employer platform for student loan repayment.
Neuberger Berman Private Equity led the $30 million Series C equity round, joining existing CommonBond investors August Capital, Tribeca Venture Partners, Social Capital, Nyca Partners and Victory Park Capital. Key individual investors in CommonBond include former Citigroup CEO Vikram Pandit, former Thomson Reuters CEO Tom Glocer and former Barclays Private Wealth CEO Tom Kalaris.”