CommonBond Launches CommonBond Ignite™, a Tech Solution That Can Turn Any Financial Institution into a Millennial-Focused Fintech

NEW YORK, Nov. 20, 2019 /PRNewswire/ -- Today, CommonBond announces the launch of CommonBond Ignite™, a tailor-made solution for large financial institutions to acquire the right customers, with the right products, at the right time. The platform is a compliance-ready way for financial institutions to acquire and engage Millennial and Gen Z audiences with student loan-based solutions, as an entry point for other meaningful financial relationships.

Over the last year, CommonBond has launched several partnerships with large financial institutions – such as Fifth Third and MassMutual – as a pre-cursor to CommonBond Ignite. To date, the solution has driven significant customer and business outcomes across half a dozen partners, including:

• 2x improvement in Millennial customer mix
• 40% out-of-footprint customer acquisition
• 2x free-cash flow improvement in customer profile
• 2.5x improvement in NPS
• 20% conversion to another financial product

CommonBond expects to launch additional partners onto the platform in 2020.

"We have always had an open and collaborative posture with large financial institutions, and we're excited about the significant momentum and noteworthy results our partners have seen to date," said CommonBond CEO and co-founder David Klein. "We understand that college loans are the first major financial decision consumers make – if you get that relationship right, then you've earned the right to serve that customer over time. We've been able to drive meaningful customer acquisition and engagement around multiple financial products at large financial institutions, with the college loan at the core."

CommonBond enables customizable data integration for its partners. This seamless experience opens the door for partners' customers to access the financial freedom that comes from student loan refinancing. CommonBond Ignite provides financial institutions the opportunity to engage a large customer segment with products that matter to them.

"We have been very pleased with our partnership with CommonBond to date and our ability to have a meaningful impact on our customers lives by solving the biggest financial need for many of them," said Jack Kennedy, VP of Strategic Initiatives at MassMutual. "We've noticed customers engage with us more when we help them solve for their student loans."

This announcement follows significant expansion for the company. CommonBond has forged several strategic partnerships with large companies in the last year to help consumers and employees manage, reduce, and pay down student loans through a series of innovative programs. The company has reached over 250,000 users in its consumer business and over 300 corporate clients in its enterprise business. In 2019, CommonBond's largest business unit was profitable. 

For more information about CommonBond Ignite visit www.commonbond.co/ignite.

About CommonBond

CommonBond is a leading financial technology company that offers a suite of student loan-based solutions to consumers and enterprises. Consumers benefit from more affordable, transparent, and simpler ways to pay their student loans. Enterprises benefit from tech-forward customer acquisition and engagement capabilities to scale their businesses with Millennials and Gen Z.

To date, CommonBond has funded over $3.0 billion in loans, partnered with over 300 corporate clients and reached over 250,000 users. CommonBond is the first and only finance company with a "one-for-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information, visit www.commonbond.co.

Tori McKnight
646-517-1828
[email protected]

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SOURCE CommonBond