School Fee

Student Loan Credit Climb Startup Raises $ 50 Million at Goldman Sachs


Ascension credit

For those under 30 Raza munir, The circle is complete. Former Goldman Sachs employee founded Ascension credit – a company that offers ROI loans for college students. “We are focused on funding an education that can enable students to achieve tangible results in career growth and increased income,” says Munir. Climb Credit today announced that it has raised an additional $ 50 million in loan capital from the Goldman Sachs Urban Investment Group.

“We are really excited not only that this is Goldman Sachs, but also that the investment group aligns with our understanding and believes in the importance of building a strong community and ‘have a social impact that improves society,’ says Munir. Since its creation in 2001, Urban Investment Group has committed $ 7 billion to companies and projects supporting social mobility.

The last few years have seen an explosion of edtech startups in the higher education spacelike escalation creditthat disrupt college ecosystems. Currently, the company is currently a partner of over 100 college schools, has secured nearly $ 100 million in loans, and has worked with nearly 10,000 students. Launched in 2014, they aim to offer high school graduates an alternative approach to cheaper and “more compelling” education.

With the national student loan debt dubbed “a crisis of 1.5 trillion dollarsClimb Credit Loans encourage affordable training alternatives for college graduates, or what they call “ROI investing” in schooling. Munir cites the Coding Boot Camp General Assembly as a prime example of a school they are offering funding for, a school he says has never been considered a “college,” in the traditional sense of the word. term, by the US Department of Education or by typical lenders.

Catching the attention of one of the leading multinational investment banking firms, the startup reports that, based on a survey conducted in late 2017, the median salary increase for their graduates is 66.7% and that of students who have held more than one job after graduation, 38.9% saw an additional median wage increase for the second job.

With this new loan capital, Climb Credit plans to expand what it can offer students. “This capital has naturally evolved since the start of our company about four years ago. This not only allows us to be able to continue providing solutions to more students, but it is also part of our strategy to move from a loan company to a career transformation platform, ”reveals Munir.

He says they are finding that more and more students and learners come to Climb Credit earlier in the college process while they are still deciding which career they should or don’t know. what kind of school they should go to. Munir & co. see this as a market opportunity to expand their service offering to encompass the entire career education pipeline.

New services will include helping university students choose the right education / training for their skills, securing funding for the school and possibly helping graduates find jobs and recruit. “We’re in all kinds of different industries; things like data science, heavy construction operations, teacher training, underwater welding, truck driving. So we have people who come to see us much earlier in their career and we want to be the point of reference for them throughout this career transformation. “