US-based student loan marketplace College Ave Student Loans secured $20m on Thursday from investors including Comcast Ventures, the corporate venturing affiliate of mass media conglomerate NBCUniversal.
The round also featured Fenway Summer Ventures, the venture capital firm sponsored by investment firm Fenway Summer, alternative asset manager DW Partners and individual investors including Al Lord, formerly the CEO of financial services firm Sallie Mae.
Founded in August 2014, College Ave began offering student loans through its platform four months later and has since received upwards of $1bn in loan requests. It has now raised $40m in equity financing altogether, but has not disclosed details of earlier funding.
Dave Zilberman, managing director of Comcast Ventures, will join College Ave’s board of directors in conjunction with the funding.
Zilberman said: “With its exceptional growth and strategic long-term vision, College Ave Student Loans is well positioned to disrupt the multi-billion dollar student loan marketplace.
“We are very excited to lead College Ave Student Loans’ funding round and help the company to continue to grow and scale.”