GradBridge, which specializes in what it calls “second-look” private student lending, launched its lending platform in March. The company announced in June that it planned to create 49 full-time, salaried, benefits-eligible positions in Delaware over five years.
Delaware-founded fintech has added nine employees and says its new Iron Hill Corporate Center office can support continued expansion
NEWARK, Del. — Delaware-founded financial technology company GradBridge has opened a new headquarters in Newark, establishing a base for a planned expansion that could add nearly 50 full-time jobs over the next five years.
The company officially opened its 9,321-square-foot office at 750 Prides Crossing in the Iron Hill Corporate Center on Wednesday, Nov. 4, with state, county and business leaders attending a ribbon-cutting and open house.
GradBridge, which specializes in what it calls “second-look” private student lending, launched its lending platform in March. The company announced in June that it planned to create 49 full-time, salaried, benefits-eligible positions in Delaware over five years.
Nine full-time employees have recently joined the company, bringing GradBridge’s workforce to 19 people, including six contractors, according to the company.
“Delaware has a longstanding reputation of being a leader in the financial services industry. This opening builds on that by growing our innovation economy and attracting fintech investment,” Delaware Secretary of State Charuni Patibanda-Sanchez said.
She said the company’s decision to build its headquarters in Delaware reflects confidence in the state as a place for financial companies to invest and grow.
GradBridge’s new office will house executive leadership as well as finance, compliance, credit, data and analytics, and management operations.
The company said it spent more than $290,000 with six local contractors and suppliers to build out the space, which includes offices, shared work areas, conference rooms and employee facilities.
New Castle County Executive Marcus Henry said the company represents the type of entrepreneurial growth county leaders hope to encourage.
“GradBridge recognized a need and built a business around helping address it,” Henry said. “That’s the kind of innovation and entrepreneurial spirit we want to see in New Castle County.”
A Delaware fintech connection
Founder and CEO Jen O’Donald has deep ties to Delaware’s financial services industry.
O’Donald said she received her education in Delaware and has spent more than 25 years working in the state’s financial services sector.
“Less than two years ago, GradBridge was just an idea,” O’Donald said. “Since then, we’ve turned that vision into reality, launching an innovative lending platform, building a talented team and now opening our new headquarters.”
Delaware has long been home to major banking, credit card and financial services companies, giving startups such as GradBridge access to a workforce experienced in lending, credit analysis, compliance and financial technology.
O’Donald said the company intends to build on that base as it expands nationally.
“I’m especially proud to be building a company that creates meaningful career opportunities, contributes to Delaware’s growing fintech community and helps students across the country achieve their educational goals,” she said.
A ‘second look’ at student borrowers
GradBridge is targeting a specific segment of the private student loan market: upperclassmen and graduate students who are turned down under traditional lending criteria but are making progress toward earning a degree.
The company says more than 1 million students each year are declined for private student loans because they fall outside traditional credit standards.
GradBridge’s underwriting approach considers academic progress along with conventional credit factors in an effort to identify borrowers the company believes have a strong likelihood of completing their degrees.
“At GradBridge, we believe a student who is making progress toward a degree deserves a meaningful opportunity to finish,” O’Donald said.
The company says its focus is not on replacing federal student aid, but providing another private lending option for students who might otherwise be unable to secure financing needed to complete school.
The Newark headquarters marks the next stage of the company’s expansion after launching its lending platform earlier this year.
O’Donald credited Gov. Matt Meyer’s administration, New Castle County, Delaware Prosperity Partnership and other organizations with assisting the company.
“This celebration is about more than opening an office,” she said. “It’s about building a company that creates opportunity for our employees, our community and the students we serve.”
TO GO
- What: GradBridge, a Delaware-based financial technology company specializing in private student lending
- Headquarters: Iron Hill Corporate Center, 750 Prides Crossing, Newark
- Expansion: Company plans to create 49 full-time jobs over five years
- Current workforce: 19 people, including six contractors
- New employees: Nine full-time employees recently added
- Local investment: More than $290,000 spent with six Delaware-area contractors and suppliers to build out the headquarters
- Learn more: GradBridge.com
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