Digital student loan platform CommonBond has acquired Generation Z financial advice company NextGenVest for an undisclosed amount. After the acquisition, CommonBon plans to beginning offering loans through the NextGenVest platform.
"What we found through our millions and millions of text message conversations is that students didn't want us to just give them recommendations. They wanted us to literally help them sign up for something," said Peeler, who was named to the Forbes' 2018 30 Under 30 List. "That was something that got us really excited about talking to CommonBond, which can actually provide that product or that loan in a trusted way." The acquisition is the second for CommonBond, which acquired personal finance startup Gradible in 2016. Gradible provides advice on best repayment plans and Klein claims the acquisition helped them to become the first US lender to provide impartial advice on repayment programs, including shepherding lenders to non-CommonBond programs. NextGen will similarly continue to provide loan servicer-agnostic advice.