Fifty MBAs at the Wharton School will receive the first loans made by a new player in the alumni-sourced lending market.
CommonBond, a startup founded by a Wharton alum, said this week it will lend $2.5 million for students to pay for the coming semester. That beats the $2 million loan forecast the company made in July. It also shows viability and continued momentum for alumni-sourced loans at large—an area that to date has been dominated by SoFi, a startup lender in San Francisco. In July, Prodigy Finance, based in London, said it had arranged $28 million in similar types of loans between alumni and students of the University of Oxford’s Saïd Business School and other MBA programs since 2007.