Fortune 500 company Thrivent’s transformational investment solidifies College Ave as a fintech success story; propels the next stage of growth and opportunity
WILMINGTON, Del., September 12, 2022 /PRNewswire/ — College Ave Student Loans, a leading private financial technology student lender, today announced an agreement under which Thrivent, a Fortune 500 diversified financial services organization, is the new majority shareholder. Thrivent’s meaningful commitment validates College Ave’s vision and incredible trajectory. In less than 10 years, the fintech start-up has become the third largest in the field of school loans, and now creates and serves more than $1 billion in student loans each year.
Transformational Investing focuses on College Ave as a major player in the private student loan industry. It also allows College Ave to explore faster growth and new expansion opportunities, while maintaining its promise to provide best-in-class products to students and families.
“This is an ideal opportunity for College Ave as we will benefit from a strategic partnership with Thrivent and have access to capital to continue to invest and grow our business,” said Joe DePaulo, co-founder and CEO of College Ave Student Loans. “We are committed to helping students and their families make informed decisions about funding their education through responsible and competitive loans. This partnership helps us further our mission.”
“At Thrivent, we are always looking for ways to leverage our financial strength and deliver value to our members,” said Etienne friend, vice president of mergers and acquisitions and corporate development at Thrivent. “This formalized relationship with College Ave Student Loans is a great way for us to invest in an important asset class and partner with an organization with a strong management team, an attractive growth trajectory and… ‘a mission that aligns with our goal of helping people make the most of everything they’ve been given.”
As part of the transaction concluded on July 21, 2022, no change in management, strategy or brand is planned. College Ave remains committed to serving its customers – students, families, schools and referral partners – with the same excellent service and products that its customers trust and appreciate. For investors, College Ave continues its diversified funding model, including sponsorship of securitizations. The company has approximately 75 employees and is based in Wilmington, Del.
Thrivent is a diverse financial services organization that helps people achieve financial clarity, enabling lives of purpose and gratitude. Thrivent and its subsidiaries and affiliates serve more than 2.3 million customers, offering advice, insurance, investing, banking and generosity products and programs over the phone, online and through professional finance and independent agents throughout the country. Thrivent is a Fortune 500 company with $189 billion of assets under management/advisory (at 12/31/21). Thrivent is rated A++ (superior) by AM Best, a credit rating agency; this is the highest of the agency’s 13 rating categories and was confirmed in June 2021. Rating based on Thrivent’s financial strength and claims-paying ability. Does not apply to the performance of investment products. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
About College Ave Student Loans
College Ave Student Loans started with a big vision and a simple mission – take the stress out of paying for a college education so students can focus on building a bright future. Now one of the leading fintech lending companies, College Ave remains committed to using best-in-class technology and deep industry expertise to provide practical, personal solutions that give young adults a head start on the path to financial success. We offer best-in-class products with competitive pricing and a user-friendly experience from start to finish. Visit: www.collegeavestudentloans.com
SOURCE College Ave Student Loans