Student loans have grown to become the largest source of consumer debt in the US besides mortgages.
According to Goldman Sachs, the outstanding student loan balance has reached $1.3 trillion in face value, about the size of the high-yield corporate-bond market. This outstanding debt is not without problems, as it delays homeownership for some millennials and cuts their disposable income.
Commonbond is going to battle for millennials in an attempt to revolutionize the student loan market. Founded in 2011, CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates and provides in-school loans to MBA students at 20 programs in the United States.
In the latest Georgetown FinTech Showcase, Peter Wylie joined students to discuss how some entrepreneurial experimentation led him to launch Gradible, a platform that helps individuals with student debt manage and optimize their student loans.
Peter shares how important it is for startups to be agile and nimble in the early months, highlighting principles of the lean startup. He emphasizes "listening to your customers" and "leveraging the data" to draw key insights.
In 2016, Gradible was acquired by Commonbond, where Peter now serves as the firm's VP of Finance.
"An acquisition made sense," Peter shares. "We needed capital and we wanted to scale." Commonbond provided the perfect opportunity.
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