CommonBond Announces SmartCash(TM) - Connecting Student Loan Refinance to a More Seamless Cash Experience
NEW YORK, May 29, 2020 /PRNewswire/ -- CommonBond, a leading financial technology company, announces today CommonBond SmartCash(TM) - a program that allows its customers to seamlessly open a core checking account while refinancing their student debt, enabling a more efficient and seamless use of cash for their student loan payments and everyday purchases.
In a survey of its customers, CommonBond found that 65% of its customers trust CommonBond for holistic financial guidance - a statistical tie for first place with "family and friends." 36% of people in the survey said they trust "financials advisors" for financial guidance.
Equipped with this data, and in an effort to provide customers with the ability to achieve their financial goals while paying down their student loans, CommonBond has built technology that enables customers to seamlessly refinance their student loan and unlock savings and other benefits through a unique core checking product (SmartCash(TM)).
"We help people use their student loan to unlock value in their financial lives - SmartCash(TM) is yet another way to do that - and in these times, enabling people to unlock more value in their lives feels more prescient than ever," said CommonBond CEO and co-founder David Klein. "Our burgeoning suite of products are meant to serve our customers with the right product at the right time, in a highly contextualized and seamless way."
This announcement follows other recent announcements from CommonBond - such as asset builder (SmartSave(TM)) and tax-advantaged employer-paid retirement funds (Retirement Contribution(TM)) - all of which are ways for consumers with student loans to unlock more financial value in their lives. The core technology behind SmartCash includes seamless and integrated account opening, as well as customizable incentives technology that can be adapted to and by any partner institution, including via API integration with CommonBond.
SmartCash drives benefit to CommonBond's customers as well as their enterprise partners. On the consumer side, CommonBond has seen over 50% engagement among its customers for this product, and about 30% convert. On the enterprise side, this offering has driven high-value Millennial and Gen Z customers to CommonBond's initial partner institution who provides the core checking account - customers who are 15 years younger and over 40 FICO points higher than the partner institution's average customer. It's a customer who also has over 2x monthly free-cash flow.
This announcement follows significant expansion for CommonBond, which grew revenue significantly in 2019, and continues its topline growth in 2020. The company is profitable in 2020 year-to-date and is known for its low-cost customer acquisition as well as its high-quality customer experience. In recognition of the company's innovative DNA, Fast Company named CommonBond one of the World's 50 Most Innovative Companies, and TIME Magazine named CommonBond one of its 50 Genius Companies in 2018. To date, the company has reached over 500,000 users in its consumer business and 1000s of corporate clients in its enterprise business.
About CommonBond
CommonBond is a leading financial technology company that offers a suite of student loan-based solutions to consumers and enterprises. Consumers benefit from more affordable, transparent, and simple ways to pay their student debt. Enterprises benefit from tech-forward engagement capabilities to scale their businesses with Millennial and Gen Z customers and employees.
To date, CommonBond has reached over 500,000 users and powers student loan solutions for 1000s of enterprises nationwide. CommonBond is the first and only finance company with a "one-for-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information, visit www.commonbond.co.
Media Contact:
Tori McKnight
tori.mcknight@berlinrosen.com
View original content:http://www.prnewswire.com/news-releases/commonbond-announces-smartcash--connecting-student-loan-refinance-to-a-more-seamless-cash-experience-301067542.html
SOURCE CommonBond
