Lending Tree, a consumer loan and credit card service, appears to have acquired SimpleTuition Inc. which is a company that specializes in servicing students in need for financial aid. The evidence is found right on the homepage of SimpleTuition where the original logo is now accompanied by the name of its rumored new owner.
SimpleTuition started up in 2005 with intentions to provide easy to find comparisons of different student loans for college. Based out of Boston, Massachusetts, the company has since evolved by offering more services related to financial aid towards college such as college grants, scholarships, and student loan refinance. During the year of 2014, SimpleTuition passed over $65 million in net revenue; afterwards they were projected to exceed $100 million in net revenue during the following years.
Lending Tree found its beginnings in Charlotte, North Carolina during the Nineties. They specialize in connecting consumers with different types of lenders for mortgages, auto loans, business loans, student loans, and more. Since its beginning, Lending Tree has facilitated over thirty million loan requests which amounted to over $200 billion in loan transactions. Lending Tree reached over $240 million in net revenue during the year 2015.
The rumored new owner of SimpleTuition has set a precedent in the past for acquiring different kinds of loan platforms and websites. In 2004, they bought a mortgage lender known as HomeLoanCenter.com which boosted their reputation for matchmaking home mortgages. This decade old acquisition revealed Lending Tree’s interest in online platforms that focus on loan origination.
Now with SimpleTuition under their belt, Lending Tree is slated to increase its exposure to the student debt market. Additionally, their influence on the student loan marketplace is sure to increase as more traffic from college students begins funneling through Lending Tree services.
The services of the Boston-based company are sure to boost the overall traffic to Lending Tree, so it is no surprise that this transaction would take place. It is most definitely a significant acquisition by the major loan matchmaker, Lending tree.