NextGenVest, the New York-based financial advice platform powered by AI for Generation Z to understand their educational finances, has been acquired by New York-based CommonBond, one of the leading tech-enabled student loan platforms. Terms of the acquisition were not disclosed. “Paying for college can be complex and stressful, and that stress follows most people well past graduation – but it doesn’t have to,” remarked David Klein, CEO and cofounder of CommonBond. “NextGenVest allows us to continue delivering the transparency, affordability, and simplicity we’re known for, to the next generation of financial consumers, on the back of differentiated AI technology. With this acquisition, CommonBond bolsters its position as the only company in the country to offer a true end-to-end relationship with young financial consumers, from high school and college to graduation and employment.”
Founded in 2013 by Kelly Peeler and William Falcon, NextGenVest had raised a total of $3.9M in reported funding in its last round in May of 2017. As a part of the acquisition, the NextGenVest team will be joining CommonBond. This marks the second acquisition for CommonBond, which previously acquired Gradible in 2016. CommonBond was founded by Klein, Jessup Shean, and Michael Taormina in 2011 and has raised a total of $128.7M in equity funding over five rounds.
“We are truly excited to team up with CommonBond to revolutionize higher education finance – and college readiness more broadly – for millions of students,” said Peeler. “We have made it our mission at NextGenVest to improve the financial health of the next generation by leveraging AI to power human interactions, which is a mission we are excited to continue with CommonBond.”
