TMCnet News

[May 13, 2022]


The Company Will Cease New Student Loan Originations by June 15th

NEW YORK, May 13, 2022 /PRNewswire/ -- CommonBond, a pioneering Fintech company, announces today it will be focusing exclusively on Solar financing. By doing so, the company will help more homeowners save money on their monthly electricity bill and reduce their carbon footprint.

Launched in 2021, the company's Solar business has fast become its largest and fastest growing business. The company's relationships with installers have enabled it to enter the space and grow quickly. And there is a lot of room still to grow, as only 3-4% of US households have rooftop solar.

As part of this move, the company will cease new student loan originations by June 15. Nothing changes for current CommonBond customers whose loans will continue to be serviced by Firstmark Services. CommonBond members will also get exclusive access to preferential solar financing options, s will the company's corporate partners.

"We are excited by the impact we're having in the residential solar market," said David Klein, CEO and Co-Founder of CommonBond. "Every day, we hear the stories of our customers saving money on their electricity bill and reducing their annual coal consumption by tons – literally, tons – because of the solar adoption we are enabling. It's incredibly rewarding."

Over time, the company plans to enter other green lending markets. Consumers are increasingly interested in finding ways to reduce their carbon footprint, and capital allocators are increasingly looking for ways to fund ESG assets. CommonBond sits at the center of those two forces.

"This is a giant step forward," said Brian Hirsch, Managing Director at Tribeca Venture Partners and CommonBond board member. "We are still very early in the consumer adoption cycle of renewable energy, and there needs to be enablers of mass adoption. Digitally native financing is one of those enablers, and that is one of CommonBond's core strengths."

About CommonBond

CommonBond is a leading financial technology company that offers a suite of lending solutions to consumers and enterprises. Consumers benefit from more affordable, transparent, and simple ways to pay their loans. Enterprises benefit from tech-forward customer engagement capabilities to scale their businesses.

To date, CommonBond has reached nearly 1 million users and powers lending and benefit solutions for 1000s of enterprises nationwide. CommonBond is the first and only finance company with a "1-for-1" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise.


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SOURCE CommonBond

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