WILMINGTON, Del.--(BUSINESS WIRE)--College Ave Student Loans, the leading next-generation student loan marketplace lender, today announced it secured $20 million in financing from Comcast Ventures, the venture capital affiliate of Comcast NBCUniversal, with participation from Fenway Summer Ventures (headed by former CFPB Deputy Director Raj Date), DW Partners, former SLM Corp. CEO Al Lord, and existing as well as new individual shareholders. In addition to the funding, Dave Zilberman, managing director, Comcast Ventures, will join College Ave’s board.
“We’re very excited about the success of our recent capital raise,” said Joe DePaulo, College Ave’s co-founder, chairman, and CEO. “The education finance market is in the first stage of a meaningful change. With our innovative products and state-of-the-art technology platform, we’re able to deliver what today’s customers want: loans that are simple, clear, and personalized to their unique needs.”
Founded by former Sallie Mae executives and industry veterans to address the needs of an evolving student loan landscape, College Ave began originating loans in December 2014 and has received more than $1 billion in loan requests from applicants since inception. As the first and only marketplace lender to launch with a focus on the in-school student loan market, College Ave offers the next generation of college students and their families an attractive alternative to traditional options.
"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," said Dave Zilberman, managing director of Comcast Ventures. "We are very excited to lead College Ave Student Loans’ funding round and help the company to continue to grow and scale.”
Wilmington-based College Ave has now raised more than $40 million in equity funding since its creation in August 2014 and currently has more than $1 billion of committed loan purchasing power from multiple sources, with Moelis & Company as exclusive financial advisor and Milbank, Tweed, Hadley & McCloy LLP providing legal counsel.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As an online marketplace lender with a sole focus on private student loans, we’re using technology and our deep industry expertise to connect families who need to cover education costs with lenders who can provide that funding. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual. Competitive rates, the most repayment options, and a customer-friendly experience from application through repayment. For more information, visit: https://www.collegeavestudentloans.com/