"We’re revolutionizing how higher education is financed and changing student lives for the better, while enabling investors to generate both financial and social returns. Come, Join the Pact!” said Tess Michaels, AlmaPact Cofounder & CEO.
SAN FRANCISCO, Calif. and ST. LOUIS, Mo. (PRWEB) June 19, 2019
FinTech start-up, AlmaPact, today announced the strategic acquisition of Base Capital. Base’s co-founder and CEO Brendan Florez will join as AlmaPact’s Chief Technology Officer.
AlmaPact is an award-winning startup disrupting the $1.5 trillion student financing market by investing in students with Income Share Agreements (ISAs), an innovative new financial instrument that funds a student’s education in exchange for a set percentage of their future income.
"We’re revolutionizing how higher education is financed and changing student lives for the better, while enabling investors to generate both financial and social returns. This acquisition enhances our value proposition for students, employers and investors. Come, Join the Pact!” said Tess Michaels, AlmaPact CEO.
Base Capital is an early pioneer in the ISA space. Its CEO Brendan Florez has been involved in drafting federal ISA legislation, including the Investing in Student Success Act introduced by Senators Todd Young and Marco Rubio. Florez previously served as the CEO of Lumni USA, the subsidiary of the longest-running global ISA company.
“From the first meeting, it was clear that both Base and AlmaPact are mission-driven companies that believe in the power of ISAs to help create a better alternative to traditional loans”, said Florez. “By combining our deep experience in modeling and servicing ISAs with AlmaPact’s in-depth knowledge of the capital markets and broader student-financing space, we’re now in a stronger position to jointly pursue our quest for impact.”
AlmaPact, co-founded by Tess Michaels and Kelly Shaw while studying at Harvard Business School, seeks to create flexible forms of student financing. The two bring experiences from Goldman Sachs, Vista Equity and Synchrony Financial. Patrick Conner, a former executive at Chase, Wells Fargo and SoFi, recently joined as its Chief Revenue Officer.
Conner added, “This acquisition expands the scope and impact of both companies’ founding missions. Both companies have designed ISAs based on machine learning income prediction models that forecast future potential using past track record – academic scores, work experiences, degree programs, universities, placement rates and more. Powered by the combined models, we will accelerate students’ career growth while protecting both students and investors from financial risk."
About AlmaPact Inc.
AlmaPact was created for students, by students, aiming to change lives for the better by replacing student loans with more flexible Income Share Agreements. The company has been recognized by Harvard and MIT as a top new venture. Its investors and advisors include Pear VC, Doug Levin, the founder of numerous successful software startups, and Gaurav Garg, the former CEO of AIG personal lines. Come Join the Pact!
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Base Capital, founded in 2014, has created a robust platform for ISA underwriting, origination and servicing. The company’s mission is to quantify, invest in, and manage the world's human capital.
Chief Revenue Officer
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