CommonBond is a marketplace lender that lowers the cost of student loans for borrowers and provides financial returns to investors. The company refinances graduate and undergraduate student loans for graduates of over 2,000 universities, saving the average borrower over $14,000 over the life of the loan. CommonBond also provides in-school loans to current MBA students at 20 programs in the United States. The company, which launched nationally in September 2013, is on track to fund or refinance more than $500 million in student loans by the end of 2015. CommonBond was founded in November 2012 by David Klein, Michael Taormina, and Jessup Shean, who met at the University of Pennsylvanias Wharton School MBA program. The impetus for initiating the company was the founders' frustration with the lack of affordable loan options to fund their own graduate school education. For their business proposal, the trio was accepted to the highly selective Wharton Venture Initiation Program, which serves as a start-up incubator. After deciding to pilot their model at Wharton, the group focused on fundraising during the summer of 2012. By the companys launch in November 2012, CommonBond had raised $3.5 million; $2.5 million had been invested by Wharton alumni and another $1 million of seed funding was provided by a Wharton alumnus in return for a stake in the company. CommonBonds first fund lent to 40 MBA students and recent graduates at Wharton.