CommonBond, a US-based student loans service provider backed by education finance and services provider Nelnet, raised $30m on Tuesday in a series C round led by investment firm Neuberger Berman Private Equity.
August Capital, Tribeca Venture Partners, Social Capital, Nyca Partners and Victory Park Capital also contributed to the round alongside several individual investors. CommonBond also secured $300m in loan purchases by an unnamed asset management firm.
The financing was disclosed together with the acquisition of Gradible, a US-based platform that helps students evaluate, refinance and consolidate their loans, or apply for loan forgiveness and income-driven repayment plans.
Gradible has not confirmed details about any funding rounds, but its shareholders include 500 Startups, Angelpad, Christina Ventures, Kima Ventures, R-Group, and angel investors Ridaa Murad and Thomas Korte, according to deals database CrunchBase.
CommonBond was established in 2012 to let US students fund and refinance loans of up to $220,000 at lower interest rates. The company says it has now surpassed a total of $500m in funded loans.
Gradible’s offering will be integrated into CommonBond’s platform to enable employers to offer loan repayments as a workplace benefit. Pete Wylie and Grant Biles, co-founders of Gradible, will join CommonBond’s team.
The equity funding will enable CommonBond to drive recruitment, further develop its platform and scale its loan operations.
CommonBond has now secured more than $1bn in combined equity and debt financing. Nelnet provided an undisclosed amount of equity funding in February 2015 and committed to financing up to $150m in loans per year.