Stride Funding Partners with Encina Lender Finance and Other Leading Lending Investors to Fund $105 Million in Revenue Share Agreements for High-Quality Bootcamp and Certificate Programs

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$105 million Facility improves access to affordable funding for thousands of students through performance-based underwriting

BOSTON, April 4, 2022 /PRNewswire/ — Stride Funding, Inc. (Stride) announced its partnership with Encina Lender Finance (ELF) and other leading credit funds to increase financial support for students pursuing high-impact bootcamp and certificate programs across the United States. the $105 million The Senior Credit Facility will allow Stride to fund thousands of additional students pursuing alternative education in high-growth technology and business fields.

Stride is the leading provider of Revenue Sharing Agreements (ISA) for higher education and alternative education students, and has already partnered with leading skills schools, including General Assembly and SV Academy. Continuing its student-centric mission to provide flexible and affordable funding to learners of all backgrounds, Stride has pioneered results-based underwriting and scrutinizes the programs they partner with to ensure quality and a history of strong career results to support students.

“This partnership is a game-changer. This is the largest facility ever built in space. This marks a critical inflection point for the industry as credible and well-known investors enter the market to generate low-cost, scalable capital and signals. the growing momentum of results-based funding. These funding products are becoming mainstream and providing students from all backgrounds with access to exciting careers,” said Tess Michaels, founder and CEO of Stride Funding. “Through this partnership, we will be able to fund thousands of students from virtually any high-quality bootcamp or certificate program across the United States while doubling down on our mission to reshape education. Together , we will promote the economic mobility of previously locked-out students through traditional private loans.

“Encina Lender Finance is thrilled to partner with the Stride Funding team,” said Alex Knowland, Vice-president at ELF. “Stride continues to be a leader in the alternative student loan industry and has a proven history of success in the space as an originator and operator. We look forward to supporting them in their core mission of providing flexible funding solutions to students from all backgrounds and fueling economic mobility through not only higher education, but also alternative education and upskilling programs.”

ELF and other leading credit funds join leading impact investors including Ascendium Education Group, Inc., Juvo Venturesand Strada Educational Network, supporting Stride’s ISA fund. This fund opens doors and strong career paths for students who otherwise might not be able to find funding. Unlike the 92% of private loans that require students to find a creditworthy co-signer or co-borrower, Stride does not require current income, a minimum credit score, or a co-signer to determine student eligibility. Plus, Stride’s award-winning platform offers end-to-end support, from application, subscription and creation, to services and personalized professional support.

This mission of funding and empowering students without co-signers is central to Stride’s product design and partnership with schools like General Assembly. Two-thirds of Stride’s own engineering team are graduates of bootcamp programs.

Lisa LevinCEO of General Assembly, added, “Since the launch of our partnership in 2021, Stride’s ISAs have been a vital tool in making our immersive programs more accessible to students from diverse backgrounds. This monumental installation will enable even more students across the United States to transform their lives. and careers through skills development. »

Tilda, a software engineer who received a Stride ISA and graduated from the General Assembly Software Engineering Certificate Program in 2020, says, “A traditional loan was out of my reach, especially since I had no no co-signer. With interest payments and no downside protection, not earning enough could put me in serious debt trouble. Through the GA/Stride Catalyst program, I was able to safely fund the cost of an online certificate course at General Assembly. I paid little or nothing up front, my monthly payments are based on my current income, and I pay no interest My ISA reduced the financial risk of education, so I could focus more on education learning and growth.

Students seeking funding from Stride can access the student application portal, where they can receive a quote in less than 30 seconds to determine if a Stride Funding ISA is right for them. Bootcamps and alternative education programs interested in how Stride can help support their students can email [email protected].

About the stride
Stride Funding, Inc. is a mission-driven company that helps students hit their stride with flexible education funding. Unlike loans that lock students into rigid repayment structures, Stride offers affordable repayments based on income. The company has been recognized as a visionary leader by FinTech analysts for its innovative funding arrangements and commitment to career support. Stride’s leadership team includes experienced professionals in SoFi, JP Morgan Chase, National Foundation for Credit Counseling (NFCC), Sally Mae, Goldman Sachs, Uber and Liberty Mutual; Stride’s advisory board is made up of serial entrepreneurs and industry leaders. GSV companies, Slow businesses, Strada Education, Juvo Ventures, Fireworks companiesand fly bridge among others, have participated in previous funding rounds. Learn more about stridefunding.com.

About Encina Lender Finance
Based at AtlantaELF offers revolving lines of credit and term loans ranging from $10 for $150 million finance companies specializing (sponsored and non-sponsored) in a wide range of asset classes, including but not limited to asset-based lending, factoring, equipment leasing, financing on floor plan, commercial real estate loans, tax lien/deed financing, venture capital loans, SME loans and merchant cash advances, private credit for the middle market, buyers of written-off debt, credit- consumer lease, unsecured consumer loans and specialized student loans. ELF’s clients use financing products primarily to finance the creation of new financing contracts and to refinance existing debt, and ELF’s loans are secured by portfolios of notes, loans and/or leases . For more information, please visit the ELF website at https://lenderfinance.encinacapital.com.

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Contact
Morgan Vihman
[email protected]
(214) 775-9960

SOURCE Stride Funding



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