Credible takes $10m for student loan marketplace

Online student loans marketplace Credible has picked up $10m in its Series B round.

Regal Funds Management led the round with participation from existing backers Carthona Capital and individual investor Ron Suber.

The San Francisco-based firm says it will use the capital to accelerate the development of technology that leverages data to help millennials make smarter financial decisions.

Credible offers a multi-lender marketplace for student loans, student loan refinancing and personal loans.

It claims to have served more than 130,000 customers since launching in 2012 with more than 85,000 users qualifying for loan offers in 2016 alone.

Credible claims users saw average savings of more than $18,000.

The new funding follows the launch of the company’s LenderExpress pre-qualification engine designed to let borrowers see the actual rates they’ll qualify for from multiple lenders, in real time and without impacting their credit score.

Suber, who is president of P2P lender Prosper Marketplace, said: “Lenders who have integrated with Credible share the company’s consumer-centric values and should be congratulated for their foresight.

“The funded loan growth Credible has delivered over the last 12 months has been very impressive.”

Credible Founder and CEO Stephen Dash said: “We’re continuing to make meaningful investments in providing our customers with a really simple way to make optimal financial decisions.

“We’ve built a unique core technology that is flexible, has vast applications, and has been extremely well received by both borrowers and lenders.”

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