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Online lender CommonBond acquires personal finance platform

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Online lender CommonBond acquires personal finance platform

Online lender CommonBondhas acquired personal finance platform Gradible to build out a new employer platformfor student loan repayment.

Terms of the deal were not disclosed.

CommonBond has raised more than $300 million in the form of equitycapital to fund operations and lending capital to fund loans.

Neuberger Berman Private Equity led a $30 million series C equityround, joining current investors August Capital, Tribeca Venture Partners, SocialCapital, Nyca Partners and Victory Park Capital. Individual investors include formerCitigroup Inc. CEO , former CEO Tom Glocerand former Barclays Private Wealth CEO Tom Kalaris.

CommonBond will use the new equity funding to hire workers andfor its technology platforms and loan operations.

CommonBond announced $300 million in loan purchases by a globalasset management firm. With the new funding, CommonBond will have more than $1 billionin financing across equity and debt.