Transformational investment from Fortune 500 company Thrivent reinforces College Ave as a fintech success story; powers next stage of growth and opportunities
WILMINGTON, Del., Sept. 12, 2022 /PRNewswire/ — College Ave Student Loans, a leading fintech private student loan lender, today announced an agreement under which Thrivent, a Fortune 500 diversified financial services organization, is the new majority shareholder. The significant commitment from Thrivent validates College Ave's vision and incredible trajectory. In less than 10 years, the fintech start-up has become the third largest in in-school lending, and now originates and services more than $1 billion in student loans annually.
The transformational investment emphasizes College Ave as a major player in private student loan lending. It also powers College Ave to explore faster growth and new expansion opportunities, while maintaining its promise to deliver best-in-class products for students and families.
"This is an ideal opportunity for College Ave because we will benefit from a strategic partnership with Thrivent and gain access to capital to continue to invest in and grow our business," said Joe DePaulo, Co-Founder and CEO of College Ave Student Loans. "We're committed to helping students and their families make informed decisions about funding their education through responsible, competitive loans. This partnership helps us further our mission."
"At Thrivent, we're always looking for ways to leverage our financial strength and deliver value for our membership," said Stephen Friend, Vice President of M&A and Corporate Development at Thrivent. "This formalized relationship with College Ave Student Loans is an excellent way for us to invest in an important asset class and partner with an organization that has a strong management team, an attractive growth trajectory and a mission that aligns with our purpose to help people make the most of all they've been given."
In connection to the transaction that was completed on July 21, 2022, no management, strategy or brand changes are anticipated. College Ave remains committed to serving its customers – students, families, schools and referral partners – with the same great service and products its customers have come to trust and value. For investors, College Ave continues with its diversified funding model, including sponsoring securitizations. The company has approximately 75 employees and is based in Wilmington, Del.
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.3 million clients, offering advice, insurance, investments, banking and generosity products and programs over the phone, online as well as through financial professionals and independent agents nationwide. Thrivent is a Fortune 500 company with $189 billion in assets under management/advisement (as of 12/31/21). Thrivent carries an A++ (Superior) rating from AM Best, a credit rating agency; this is the highest of the agency's 13 rating categories and was affirmed in June of 2021. Rating based on Thrivent's financial strength and claims-paying ability. Does not apply to investment product performance. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
College Ave Student Loans started with a big vision and a simple mission – take the stress out of paying for college so students can focus on preparing for a bright future. Now a leading fintech lending company, College Ave remains committed to using best-in-class technology and deep industry expertise to deliver practical and personal solutions that give young adults a running start on their roads to financial success. We offer best in class products with competitive rates and a customer-friendly experience from start to finish. Visit: www.collegeavestudentloans.com
View original content:https://www.prnewswire.com/news-releases/college-ave-student-loans-announces-new-majority-shareholder-enters-exciting-new-chapter-301621080.html
SOURCE College Ave Student Loans
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