US-based student loan marketplace College Ave Student Loans has raised $30m in series D funding from a consortium that included Comcast Ventures, the corporate venturing subsidiary of mass media group Comcast.
Venture capital firm Leading Edge Ventures and new, undisclosed investors also took part in the oversubscribed round, which had an initial target of $25m.
Founded in 2014, College Ave has developed an online platform that provides personalised loans to students at more than 2,500 campuses across the US, with applications accepted or declined within three minutes.
The company offers undergraduate, postgraduate and parent loans along with the option to also refinance existing loans. The money will go toward its growth and expansion efforts.
College Ave previously raised $40m in equity funding, though it has not revealed details about its series A and B rounds. It secured $20m in a series C round backed by Comcast Ventures In February 2016.
The series C round also included Fenway Summer Ventures, the VC firm backed by investment firm Fenway Summer, as well as alternative asset manager DW Partners and angel investors such as Al Lord, the former CEO of financial services firm Sallie Mae.
Dave Zilberman, managing director at Comcast Ventures, said: “College Ave continues to prove their ability to grow their business by putting their customers first, all while navigating the intricacies of the student loan marketplace.
“We look forward to supporting this talented leadership team and the company’s continued growth.”