Investment Rationale · Kleiner Perkins
Why the firm invested
The investment firm is thrilled to announce its investment in Pillar.
Today we re thrilled to announce our investment in Pillar .
The investment firm is looking forward to partnering with Michael, Gilad, and the Pillar team as they tackle the broken student loan industry and help people get out of debt faster.
We re looking forward to partnering with Michael, Gilad, and the Pillar team as they continue tackling a fundamentally broken student loan industry while making it easier for people to get out of debt faster and focus on what matters most to them those big moments like starting a family, investing in a small business, or purchasing a new home.
Problem
The idea for Pillar was conceived from Michael Bloch's first-hand experience navigating the complexities of student loan repayment with outdated providers and software.
The idea for the company was conceived from Michael s first-hand experience when he and his wife were navigating the complexities of the repayment process for their own student loans (which amounted to over $300,000). As they struggled with outdated providers and decades-old software that made refinancing and pre-payment strategies impossible, Michael knew he had to drop out of Stanford s GSB to build a better solution.
The student loan industry is fundamentally broken.
We re looking forward to partnering with Michael, Gilad, and the Pillar team as they continue tackling a fundamentally broken student loan industry while making it easier for people to get out of debt faster and focus on what matters most to them those big moments like starting a family, investing in a small business, or purchasing a new home.
Product
Pillar makes it radically easier for graduates to manage student debt and achieve financial well-being through its fully-automated loan payment platform.
Pillar is making it radically easier for graduates to manage student debt and achieve financial well-being through its fully-automated loan payment platform.
With Pillar, users securely connect bank accounts to the platform via a mobile application to receive customized debt management recommendations.
With Pillar, users securely connect their bank accounts to the platform via a mobile application to receive customized recommendations for managing their debt.
Pillar's technology allows users to see potential savings from specified payments and assess their ability to adjust payments over time.
Pillar s technology also allows users to see how much money they ll save through specified payments and if they can afford to increase or decrease their payments over time.
Borrowers can make in-app payments and receive regular tips for efficient loan repayment through Pillar.
Borrowers can make in-app payments and are regularly updated with new tips to help pay off loans more efficiently.
With Pillar, customers save time and money, and people are more empowered to control their financial future.
With Pillar, not only are customers saving time and money, but people are more empowered to take control of their financial future.
Traction
Pillar currently links more than $50 million worth of student loans onto its platform.
Today, Pillar links more than $50 million worth of student loans onto the platform and has helped the average borrower save nearly $6,200 and four years on repayment.
Pillar has helped the average borrower save nearly $6,200 and four years on repayment.
Today, Pillar links more than $50 million worth of student loans onto the platform and has helped the average borrower save nearly $6,200 and four years on repayment.
Team
Pillar was founded in 2018 by Michael Bloch and Gilad Kahala in NYC.
Founded in 2018 by Michael Bloch and Gilad Kahala in NYC, Pillar is making it radically easier for graduates to manage student debt and achieve financial well-being through its fully-automated loan payment platform.
What founders can learn
- What actually moved the decision: Kleiner Perkins wrote that The investment firm is thrilled to announce its investment in Pillar.
- The traction evidence that carried weight: Kleiner Perkins wrote that Pillar currently links more than $50 million worth of student loans onto its platform.
- How the team was judged: Kleiner Perkins wrote that Pillar was founded in 2018 by Michael Bloch and Gilad Kahala in NYC.
Source and provenance
Investment Rationale published by Kleiner Perkins on kleinerperkins.com (first-party source). Read the original
