The upstart lending company, CommonBond, reached a noteworthy milestone in the month of January 2016. A recent fundraising attempt by CommonBond garnered hundreds of millions of dollars pushing total funding past $625 million; additionally, they hired a new asset, Beth Starr, with extensive experience in the industry.
CommonBond is a consumer marketplace lender that has excelled in recent news due to its new approach to student loan consolidation and refinancing. With its services predominantly available online, CommonBond utilizes a simple and easy-to-use platform that guides users through the loan application process. The company offers a degree of transparency to its customers who are often confused by hidden fees and interest rates.
Fundraising was done in partnership with Barclays, Macquarie Capital, and several other contributing companies. The recent push brought an additional $275 million in funds for CommonBond’s expansion. The total funds numbering $625 million were acquired through two different fundraising bouts.
This is an important stepping stone for CommonBond especially since its industry requires considerable capital in order to fund the lending marketplace. The popular lender is a leading provider of student loans, so this capital sets the stage for increasing expansion into the student loan business.
In addition to adding funds, the leading company has also increased its staff. Beth Starr was recently hired by CommonBond as the Vice President and Head of Capital Markets due to her experience in consumer lending. Additionally, the staff has more than doubled overall with more employees to come.
No doubt CommonBond has set a trend that many other companies are beginning to follow. The quality of customer service and online user interface has put them into the consumer lending spotlight. This spotlight sets the stage for new innovative services and products from the leading consumer lender.