Pathrise and Leif Sign a $5 Million Financing Agreement to Invest Directly in Students and Young Professionals
Leif will finance the growth of Pathrise's career acceleration program that helps students land their dream jobs with no upfront cost.
SAN FRANCISCO, Oct. 24, 2018 /PRNewswire/ -- Y Combinator-backed Pathrise, a career accelerator for students that provides training, mentorship, and advice to help students and young professionals land their dream jobs at tech companies, today announced the financing agreement with Leif, a technology company that provides a proprietary, all-in-one Income Share Agreement management platform. The $5m exclusive financing agreement will give the accelerator the necessary capital as it scales its reach into the thousands of students.
"We are proud to be financing Pathrise's best-in-class career accelerator and supporting its mission of preparing young professionals for the digital economy," said Leif Co-founder and CEO Jeffrey Groeber. "By providing students with the skills and guidance they need to secure highly sought-after jobs, Pathrise is helping its students, regardless of background, reach their true potential."
This announcement marks an expansion on the current partnership between Pathrise and Leif. Pathrise offers its students the ability to pay for the program in monthly payments based on income the students earn after they have been hired. This outcomes-based approach removes the initial financial barriers for students and closely aligns the company's success to that of the student.
Pathrise was a member of the Winter 2018 graduating cohort of Y Combinator and the company's co-founders, Kevin Wu and Derrick Mar, met while working at a non-profit in Berkeley. This experience mentoring students who were developing software for other nonprofit organizations led to the formation of Pathrise. The company has already achieved a terrific track record of success by placing students in high-demand jobs at the following companies: Facebook, Google, Microsoft, Uber, Amazon, Zynga, Affirm, Magic Leap, Codeacademy, VMWare, Doordash, Yelp, Postmates, and many more.
"The broadened partnership is a testament to Leif's best-in-class technology and all-in-one solution," says Kevin Wu, Pathrise co-founder and Executive Director. "By offering both the comprehensive technology platform and financing solutions, Leif is providing the next generation of education and career companies with the fuel to grow and serve the increasing market demand for talent."
About Pathrise:
Pathrise is a career accelerator that is free until you're hired. We seek to uplift undervalued students and young professionals in their early careers. We invest in our fellows by providing personalized advice and training on how to get the best possible internship or job. If and only if they get hired during our program, fellows pay us back a small percentage of their first year's income. Learn more at pathrise.com.
About Leif:
Leif is a mission-driven technology firm that partners with schools to design, manage, and offer financing solutions for Income Share Agreement programs. This form of education finance aligns the interest of the school with the interest of the student so everyone wins. Learn more at leif.org.
SOURCE Leif
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