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San Francisco based student loan market place Credible has secired $10m of Series B funding led by Regal and Carthona Capital. Credible works with student loans much like Kayak.com does for airline fares, acting as a marketplace for borrowers to compare available interest rates.
The closely held firm works with credit bureaus and lenders such as financial-technology startups or banks to provide a personalized rate, Dash said. “We have effectively created a pricing system that is accurate, because we are getting the data from the lenders,” Dash said. “We are really focused on helping millennials make these decisions about student or personal loans in a really simple way.” The lender gets involved only when the borrower decides to accept the quote. Credible doesn’t initially provide data to lenders or hit a person’s credit report. It uses proprietary technology to quote an interest rate that will match the rate offered by a lender 95 times out of 100, Dash said.
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