Thrive gives loans to students based on summer internships and job offers
Thrive, founded by Twitter alumni Deepak Rao and Siddharth Batra, wants to fund student expenses by looking at job offer letters as a way to evaluate loans. Today, it launched its loan platform and is accessible to students on over 400 campuses across 31 states.
According to co-founder Rao, Thrive is for people like first-generation Americans, people who come from low-income families, or first-generation students.
Before launching broadly, Thrive secured $ million in funding and $5 million in venture debt. Today, the company also announced that it has picked up a $200 million credit line from Credit Suisse.
Investors include Max Levchin, founder of PayPal and Affirm; Adam Bain, former COO of Twitter; and David Sacks, a general partner at Craft Ventures.
We started the company with the mission to invest in human potential, Rao said. We basically built a product that empowers underfunded students and gives them access to funds for whatever things they need in order to transition into their professional lives.
