Launch year: 2012
Country: USA
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Funds raised: $1,600,000,000

CommonBond

Concept description

CommonBond is a financial technology company that is focused on higher education. It offers to refinance loans to college graduates, new loans to current students, and a suite of student loan repayment benefits to employees through its CommonBond for Business program.

As a result, Commonbond gives students and graduates more affordable, transparent, and simple ways to pay for higher education.

Value proposition

Comonbond is built on a simple premise: by staying small and using technology to keep running costs to a minimum, it can offer borrowers refinancing rates substantially lower than the federal government or private banks. And for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise.

Products & services:

  • Undergraduate student loans
  • Graduate student loans
  • MBA student loans
  • Dental student loans
  • Medical student loans
  • Student loan refinancing
  • For business (perks for employees)

The goal is also to tackle two financial problems: the costly turnover facing employers and the debt weighing down their youngest employees. CommonBond has racked up more than 250 business partners to deliver its debt-refinancing program as a work perk. As of 2017, the company has cleared $1 billion in total loans funded. In addition, the average CommonBond user is saving $24,000 annually after refinancing. Thus, Commonbond helps employees reach financial freedom faster by contributing either directly towards their student loan payments every month or by offering them tax-advantaged 401(k) contributions.

Illustration (Video)

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