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Stride Funding secures first-of-its-kind $ 30 million facility with Silicon Valley Bank to support SV Academy development programs for under-represented learners


NEW YORK, 21 October 2021 / PRNewswire / – Stride Funding Inc. obtained $ 30 million low-cost education finance fund from Silicon Valley Bank (SVB), the bank for the world’s most innovative companies and their investors, to fund the high-growth asset class of results-based finance products . The warehouse credit facility will be used to fund development programs for graduates of SV Academy, the leading skills and employment platform for job seekers transitioning to successful tech sales careers. customer.

Stride Funding is the leading provider of results-based funding, such as Deferred Tuition Fee Agreements (DTAs), in alternative and higher education programs. Stride was founded with a mission to make education and pathways to career success more affordable and accessible.

Tess michaels, Founder and CEO of Stride, said, “We view this strategic partnership with SV Academy and Silicon Valley Bank as an important step on our journey to invest in students and foster economic mobility. Partnering with industry leaders like SV Academy and SVB strengthens our ability to deliver on our mission of serving as a catalyst for career growth and economic mobility by providing educational and professional resources as well as financial support to students. from all walks of life. “

The capital provided by these funding arrangements will allow SV Academy to better support employer hiring demand while helping job seekers realize their professional potential with results-aligned education funding.

SV Academy, founded in 2017 and based in San Francisco, supports more than 400 tech employers with high potential and highly connected sales talent. Through its cohort-based learning platform and employer-focused teaching, SV Academy helps employers bridge the global skills gap in diverse communities of job seekers returning to work or changing careers. . To date, they have created a salary increase that is 2.3 times higher upon completion of the graduate program and have achieved placement rates above 90%. They are also committed to providing new opportunities for learners from disadvantaged backgrounds: 60% of students are women and 72% are members of communities under-represented in the tech sector.

Stride’s platform provides schools with an end-to-end platform for results-driven funding, including marketing, custom program design, origination, underwriting, revenue verification, management of payments, full professional support and scalable financing.

The SV Academy Deferred Tuition Fee Program powered by Stride and funded by SVB allows graduates to pay tuition in equal installments only in the months they earn at least $ 3,750 per month (or $ 45,000 annualized), thus providing much-needed downside protection and aligning the cost and value of SV Academy’s development programs (where the average graduate earns more than $ 70,000 per year).

“Providing DTAs to our learners and leveraging Stride’s end-to-end platform has fueled significant growth at SV Academy. Over the past twelve months we have seen a significant increase in placements while maintaining the lowest delinquency rates in the market, demonstrating the importance of aligning the cost and value of education with an operating partner. top notch, ”said Rahim fazal, CEO of the SV Academy. “We are delighted to extend the partnership with Stride Funding. Together, we will continue to support underrepresented job seekers seeking high growth careers with our employer partners. ”

“Having access to SV Academy through the deferred tuition program has changed my life,” says Nathalie Watson, who was a full-time barista at Starbucks for three years before landing her new job at a marketing tech startup. “Being able to apply my courage and determination to learn new skills and new relationships without taking the risk of paying tuition has given me the confidence to quickly pursue a new career. After completing the program, I more than tripled my income by working remotely from my home in Summerville, South Carolina. “

“At SVB, we actively collaborate with industry partners, organizations and clients to promote diversity, equity and inclusion in the innovation economy through our Access to Education initiative. innovation, “said Nick christian, responsible for specialized financing at Silicon Valley Bank. “We are delighted to support Stride’s efforts to increase accessibility and affordability for students across the country and to continue SV Academy’s mission of helping job seekers navigate their way through the world. technology sector. “

Rahim fazal, CEO of SV Academy, added: “The DTAs continue to be a great tool in making our employer-focused programs more accessible to job seekers of diverse backgrounds. After reviewing the funding landscape, Stride’s aligned mission and leadership in designing and managing funding programs, while creating access to capital markets became evident and has been essential to our growth. SVB’s support for our collective work will strengthen our joint efforts to improve career and economic opportunities for students of all backgrounds. Together, we will continue to reshape alternative education and support more learners across the United States. “

About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has been helping innovative companies and their investors quickly advance bold ideas. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more at svb.com.

About Stride Funding
Stride Funding is a results-driven funding platform that supports students and creates transparency around results in alternative and higher education. Stride offers flexible products such as Deferred Tuition Fee Agreements (DTAs) as an alternative to private student loans. Stride has a two-pronged go-to-market strategy and connects with students through a host of bootcamp and university partnerships as well as direct-to-consumer channels. The company collects and analyzes meaningful data on the earnings of a diverse set of customers over time and seeks to promote alternative credit underwriting to transform who can access financial products.

Stride has raised venture capital funds from GSV Ventures, Slow Ventures, Firework Ventures, Juvo Ventures, Flybridge Capital Partners, etc. Learn more at stridefunding.com.

About the SV Academy
SV Academy is the no-coding way to do it in America. Founded in 2017, SV Academy supports over 400 SaaS employers with a highly connected community of rigorously trained, high performing sales and customer success talent from under-represented backgrounds. The company’s platform offers skills building, mentoring, job placement assistance and post-hiring support, such as alumni networking events and coaching, with 60% of its graduates being promoted first. year. SV Academy has been named the Most Innovative Educational Program by Fast Company and is supported by OWL Ventures, Uprising, Bloomberg Beta, Kapor Capital, ReThink Education, as well as Ashton kutcher and Sound Ventures by Guy Oseary. To learn more, visit sv. academy.

Learn more:
https://www.svb.com/

https://stridefunding.com

https://sv.academy/

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SV Academy – LinkedIn
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Contact:
Eileen Nolan
Silicon Valley Bank
[email protected]

David Kafafian
[email protected]
(908) 472-7777

Ashwin Ravi
SV Academy
[email protected]

SOURCE Stride funding

Related links

stridefunding.com



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