NEW YORK, Jan. 30, 2019 /PRNewswire/ -- Climb, a FinTech company that provides financing for students to affordably learn valuable career skills that have a life-changing impact, today announced that it has raised an additional $50 million in lending capital from the Goldman Sachs Urban Investment Group, which makes investments to benefit underserved communities in the United States and address the opportunity gap for low-income people and families.
The new capital allows Climb to expand access to career-transforming education for more students by providing financing with competitive interest rates and a clear, measurable return-on-investment. Since launching in 2014, the company has originated nearly $100 million worth of loans, funded the education of nearly 10,000 students and partnered with over 100 schools in career paths that have strong earning potential in today's economy—ranging from data science to healthcare to heavy construction operation.
At a time when millions of Americans are confronted with the choice between the significant burden of college debt or a life of low-paying work and job insecurity, Climb empowers students to find education programs which will allow them to learn valuable skills and directly increase their earnings in high-growth industries in a cost-effective way. Climb uses a proprietary Return-on-Investment Calculation to evaluate schools on their platform. The calculation takes into account factors including graduation rates, job placement rates, starting salaries and salary growth over time. When programs demonstrate a proven return on a student's investment of time, energy and money, the end result is the alignment of interests between the students, schools and lenders.
"The Urban Investment Group is proud to partner with a company that is making career-focused post-secondary education accessible for students from all income levels and backgrounds," said Margaret Anadu, managing director and head of the Goldman Sachs Urban Investment Group. "We look forward to supporting Climb as they help create opportunities for students to deepen their skills and create opportunities for their futures."
"We are excited to use this lending capital to strengthen and extend our offerings so we can help new students, career-switchers and employees who need to up-skill. The funding will allow us to help more people across the country build hard skill sets and transform their careers," said Angela Ceresnie, CEO of Climb Credit. "By aligning school motivations with student career and salary goals, we open the door for thousands of people who want to change their lives through education."
Climb Credit (NMLS# 1240013) is a student lending company that expands access to quality education for the new economy. Based in New York, Climb Credit partners with programs and schools that consistently improve their graduates' earning potential and demonstrate a return on investment, with schools ranging from IT, coding and data science to healthcare, welding, and heavy machine operations. The company provides schools with the opportunity to offer affordable financial aid to all students––regardless of credit profile––because Climb Credit believes in the life-changing (and wage-growing) power of the education programs they finance. Climb Credit's mission is to change the higher education paradigm by providing accessible funding to students pursuing high ROI education. For more information, visit www.climbcredit.com or follow @ClimbCredit on Facebook, Twitter and Instagram.
About Goldman Sachs Urban Investment Group (UIG)
Since 2001, the Goldman Sachs Urban Investment Group has committed over $7 billion to underserved American communities. Partnering with local leaders and non-profits, UIG focuses on comprehensive community development that supports the fundamental building blocks of opportunity, including affordable housing, quality education and healthcare, and growth capital for social enterprises and small businesses.
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SOURCE Climb Credit