CommonBond, a student loan marketplace, raised a $35 million Series B led by August Capital and Nyca Partners with participation from existing investors.
Founded in 2011, CommonBond raised a total of over $195 million. The company expects to surpass $1 billion in loans funded in 2016.
Student loan refinancer CommonBond announced a strategic partnership with education planning and financing provider Nelnet. As part of the deal Nelnet invested an undisclosed amount in CommonBond and agreed to finance at least $150 million of CommonBond’s annual loan volume.
To get you up to speed for the week ahead, we serve you a Monday Ristretto here on EDUKWEST by picking the most important reads from the past week, putting them in a grinder and extracting the essential information for a short and punchy brew.
Today we’ve got three shots for you. It’s all about inBloom and the data backlash, investments in peer-to-peer lending platforms and edtech IPOs.
As TechCrunch reported earlier this week, San Francisco-based peer-to-peer lending platform SoFi (Social Finance) raised a $80 million Series C led by Discovery Capital Management with participation of Wicklow Capital, Peter Thiel and existing investors Renren, Baseline Ventures, and DCM. Peter Thiel and Duncan Niederauer, CEO of NYSE join Sofi as advisers, Discovery Capital Management’s Wije Wijegoonaratna joins the board of directors.
This round brings the total venture funding raised by SoFi to $161 million and the company has also raised $152 million in a securitized loan offering which closed in December 2013.
The new funding will be used to expand into other verticals like mortgages and personal loans and to extend SoFi’s product suite for borrowers and investors.
For episode 6 of On the Ed, two of our EDUKWEST editors, Alicia Chang and Chris Dawson, joined me to talk about the important stories in education technology of the week.
We start in the episode with our block of K-12 stories. Alicia and Chris discuss whether teaching with the help of audio books actually makes sense from an educational point of view and what group of students might benefit most from such a teaching concept.