Senior tech leader at Square, published author, and established engineering mentor to join CommonBond's Board of Directors
NEW YORK, June 1, 2021 / PRNewswire / - CommonBond, a pioneering young professional fintech company, today announced the addition of Sonali Sambhus to its board of directors. Sonali currently leads the developer platform at Square, where she has also led the company's machine learning and mobile platforms. Sonali's inclusion on the CommonBond Board is in line with the company's strategy of developing world-class products for its primary consumers.
"Technology is at the core of what we do and will continue to be central as we move into our next phase of growth," said the CEO and co-founder of CommonBond. David Klein. "Sonali's expertise as a technologist, operator and leader in some of America's most innovative and tech-driven companies makes her a perfect match for CommonBond. We look forward to leveraging her expertise as we scale business with products that continue to resonate with our core customer segment. "
Board extension
Sonali has two decades of experience developing unique technology products, from directing consumer technology development at Realtor.com to directing the engineering organization at Vuclip, a media and entertainment company with more than 100 million active monthly users on emerging markets. Early in her career, Sonali co-founded 10Jumps - a real-time mobile intelligence company - which was acquired in 2013 by a technology company specializing in big data, modernization and monetization. Sonali began her career as an engineer at Cisco, where she was a founding member of the collaboration business within Cisco's Emerging Technologies group, led the B2B SaaS product, and received three US patents for her work.
Sonali is a published author, passionate about gender diversity, and has trained hundreds of engineers nationally, most recently at divHersity.
"I am impressed with how CommonBond has systematically grown and built a compelling line of products with a highly engaged user base," said Sonali. "As I join the board, I look forward to bringing the company to the next level and helping it reach ever greater heights."
Growth story
In 2020, CommonBond was added to the Inc 5000 list, which features the fastest growing private companies in the United States. The company grew 20% month-over-month in 2021 and nearly three-fold since the fourth quarter of 2020. This growth has been largely driven by a resonant brand, results-oriented technology and new product development.
CommonBond consistently achieved a first-class Net Promoter Score (NPS) with its customers over 80 and statistically ranks 1st with the family when asked who the customers trust most for financial advice.
"Customers keep asking us for additional products to meet their changing needs," said Klein. "As a trusted financial partner to so many young professionals, CommonBond has focused on developing products that are life-cycle relevant and enable financial independence for the next generation of financial consumers."
The company continues to bring new products to market to meet the changing needs of its customers. New products this year include a "Flex" product that allows customers today to set a low interest rate on their student loan without paying interest for six months. The company's next major product will hit the market in the summer of 2021, combining the key elements of point of sale (POS) and buy now, pay later (BNPL) financing in one area that is extremely relevant to the company's core customer.
Customer-oriented foundation
CommonBond was founded by graduate students who had to pay their way through school with credit and realized that the market was broken. When it came to funding their education, they felt like a number - faced high interest rates, faced unnecessary bureaucracy, and suffered poor customer service. CommonBond founders knew there had to be a better way.
Based on this personal experience, CommonBond is a financial technology company that develops products with a "customer focus". The company offers employers and employees innovative loan refinancing, affordable personal loans and a range of financial benefits through its enterprise platform.
Today, over 800,000 users have come to CommonBond for financial assistance and advice. The company is on the right track to more than save customers $ 1 billion in the course of their loan repayment through the company's comprehensive suite of debt management products. That is more money in the pockets of consumers and less money in the pockets of credit companies and service providers. The company also provides financial solutions to thousands of businesses across the country.
In 2018, Fast Company selected CommonBond as one of the 50 Most Innovative Companies in the World. CommonBond is also the first and only company of its kind with a "one-on-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need through its partnership with Pencils of Promise.
More information is available at www.commonbond.co.
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