Student finance platform acquires P2P education software firm

The growing P2P education finance market saw a new development following Overture Technologies‘ acquisition of AlumniFidelity earlier this month.

Overture’s Student Loan Marketplace software is marketed to schools as a way to help student borrowers make informed choices. It allows borrowers to compare rates and terms from multiple lenders side-by-side.

After receiving applicant permission to access their financial and educational information, Overture identifies eligible platforms and borrowing terms.

According to Overture students save time while lenders easily access a much larger market.

Students can also use Overture’s Education Finance platform to budget for future needs such as textbooks, tuition and related fees. The page, branded to their school, also lists scholarship opportunities and other financial aid possibilities.

“The acquisition of AlumniFidelity allows Overture to continue to add value to students and their families as they make one of the more important investment decisions in their lives,” said LeRoy Pingho, Chair & CEO, Overture Technologies, Inc. “Especially with the rapid growth of interest in peer-to-peer lending, we are confident that these types of capabilities will fully differentiate Overture’s SLMP in this industry.”

“Our initial reason for launching AlumniFidelity was to bring peer-to-peer fundraising to the university market in order to democratize fundraising for higher education,” said Will Marlow, co-founder of AlumniFidelity. “The combination of AlumniFidelity and Overture will allow that initial vision to expand in scope and impact.”

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