Published: September 5, 2013
Wharton Start-Up Expands to Lend to MBA Students at 20 Top Schools
A company launched last fall by students at the University of Pennsylvania’s Wharton School experienced success in its pilot phase, during which it served as a lender to Wharton MBA students and recent graduates, and so this fall will launch nationally to lend to MBA students at 20 top MBA programs in the United States, the Financial Times reports.
Wharton student David Klien is chief executive and co-founder of CommonBond, which last year lent $2.5 million to 40 MBA students and recent graduates from Wharton using funds raised primarily through crowdsourcing. Now, the start-up has raised more than $100 million through debt financing and selling equity. It will expand to offer low-interest loans to MBA students at business schools throughout the country, including Harvard Business School, Stanford Graduate School of Business, Dartmouth’s Tuck School of Business, Columbia Business School and others.
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