"CommonBond has built a sterling reputation in the capital markets due to our meticulous, data-driven underwriting," said Morgan Edwards, Chief Financial Officer of CommonBond. "As with our previous deals, this securitization was oversubscribed among name-brand investors, and the A1/AA (low) ratings from Moody's and DBRS are a further testament to the quality of CommonBond's portfolio. We continue to be excited to see new investors participate with each transaction we bring to the market and expect to see the diversity of investors increase with subsequent deals."
This securitization follows a period of strong growth for CommonBond. In July 2016, the company announced more than $300 million in new funding across equity and lending capital, including an equity round led by Neuberger Berman Private Equity. This brought CommonBond's total funding to date across equity and lending capital to more than $1 billion. Also in July, CommonBond announced the acquisition of Gradible, a personal finance platform that provides users with unbiased, personalized recommendations on how to better manage and repay their student loans. With the Gradible acquisition, CommonBond now offers employers a full suite of student loan repayment products for their employees, including student loan assessment, student loan refinancing and direct contribution to employee's student loan payments (a "401(k) platform for student loans").
CommonBond is a leading online lender that uses data and technology to lower the cost of student loans. The company believes that student loans should be simpler, more affordable and more transparent. CommonBond funds and refinances student loans, saving its members over $14,500, on average, when they refinance. In addition to savings, CommonBond offers a simple application process and friendly customer service to deliver a superior experience. The company is the first to bring the "one-for-one" model to finance: for every loan funded on its platform, CommonBond funds the education of a child in need, through a partnership with Pencils of Promise. For more information, visit www.commonbond.co.
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