As of 2018, Americans owed a collective total of $1.5 trillion in student debt. Unfortunately, that number is unlikely to shift as our fast-moving economy ensures that continuing education — be it an undergraduate degree, a trade certificate or professional development — is necessary for ongoing job success and security.
Today, Climb Credit announced $50 million in new funding to help students reach their goals, without committing themselves to a life of debt as a result.
Founded in 2014, Climb Credit is a service that partners with educational institutions to offer students a new, transparent style of lending. Climb takes a variety of factors into its loan development, including graduation rate, job and industry growth, salary and more. These factors allow Climb to offer rapid quotes and approvals, as well as lower interest rates and a clear, individualized repayment plan.
We are excited to use this lending capital to strengthen and extend our offerings so we can help new students, career-switchers, and employees who need to up-skill.”
Previously, Climb raised $6 million in its Series A round. Today, a $50 million boost from the Goldman Sachs Urban Investment Group adds major fuel to the fire.
“We are excited to use this lending capital to strengthen and extend our offerings so we can help new students, career-switchers, and employees who need to up-skill,” said CEO Angela Ceresnie.
Ceresnie and her co-founder, CTO Amit Sinha, bring a total of nearly 30 years of financial industry experience to the platform, and their expertise shows in Climb Credit’s results: to date, the company has partnered with nearly 100 unique institutions to offer more than $100 million worth of education loans to nearly 10,000 students. The Goldman Sachs Urban Investment Group made it clear that their investment is rooted in a belief that Climb Credit’s model has a capacity to make a real difference in student lives.
“The Urban Investment Group is proud to partner with a company that is making career-focused post-secondary education accessible for students from all income levels and backgrounds,” said Margaret Anadu, managing director and head of the Goldman Sachs Urban Investment Group in a statement. Indeed, Climb shares this vision of creating a more equitable educational world.
“The funding will allow us to help more people across the country build hard skill sets and transform their careers,” Ceresnie said. “By aligning school motivations with student career and salary goals, we open the door for thousands of people who want to change their lives through education.”
