BROOKLYN, N.Y.--(BUSINESS WIRE)--Thinkful, the school that brings high-growth careers to people everywhere, today announced a $10 million fundraise from fintech organization, Leif, to fund education for Thinkful students. Leif’s platform will drive the creation and payment management of this Income Share Agreement (ISA) program and the accompanying investment will fund tuition for over 700 future students.
“We believe adult learners want more than a brand name in their education; they want to know their school is invested in their success,” said Darrell Silver, Thinkful CEO. “With ISA funded by Leif, students succeed and we succeed - and only in that order. ISA, job guarantees, outcomes reporting: these things are further proof our incentives are directly aligned with student success.”
ISA are a model for financing education that is experiencing increased adoption because it aligns the cost a student pays with the value that student receives, and because it is based on potential rather than credit history or pedigree. ISA function within the framework of an individual or organization providing an education to a recipient who, in exchange, agrees to pay a fixed percentage of their income for a fixed duration. The power of the model is the access it creates due to the transparent alignment of interests between student, educational provider, and financial provider.
“At Leif we believe everyone – independent of background – deserves the opportunity to receive a best-in-class education. Thinkful has demonstrated a track record of terrific outcomes for its students so we are thrilled to have them as a partner school,” said Jeff Groeber, Leif co-founder and CEO. “Our data proves that ISA meaningfully increase access to education so this partnership is truly a win-win scenario for both students and the school.”
Thinkful’s programs fit into a busy schedule with 60% of its students remaining employed while enrolled. 85% of its graduates land tech jobs within six months of graduation. The company pioneered this flexible pedagogy to dramatically lower the cost associated with students changing careers. Thinkful is committed to student outcomes and is a founding member of CIRR, which transparently standardizes how outcomes are reported.
"I chose Thinkful's ISA program because it allowed me the option to continue my education without taking on debt,” noted Thinkful Graduate, Quang Nguyen. “I felt the risk-sharing model where they are betting on and investing in me getting that job instilled confidence that not only could I do it, I would do it." Nguyen is now a Software Engineer at Daugherty Business Solutions.
Thinkful is a new type of school that brings high-growth tech careers to ambitious people everywhere. The company provides 1-on-1 learning through its network of industry experts, hiring partners, and online platform to deliver a structured and flexible education. Thinkful offers programs in web development and data science, with in-person communities in up-and-coming tech hubs around the U.S. To join the Thinkful network visit thinkful.com.
Leif is the platform for the Income Share Agreement market. Its technology platform enables the creation, payment management, and financing solutions for income-based payments. Learn more at leif.org.