An online student loan refinancing business that was recently spun off from a Virginia bank has been rebranded as Purefy Inc.
The digital platform was previously known as CordiaGrad, a name derived from Cordia Bancorp in Midlothian, Va. The $348 million-asset banking company launched the student loan business in January 2015.
In March 2016, Cordia sold CordiaGrad to its chief executive, Jack Zoeller, who resigned from the company in connection with the transaction.
-
Cordia Bancorp recently sold its student lending platform due to concerns about loan concentrations. In doing so, the Virginia company provided another example of why it is difficult for smaller institutions to gain traction in marketplace lending.
March 4 -
Cordia said in a press release Tuesday that it sold its CordiaGrad platform to its Jack Zoeller, the $348 million-asset company's chief executive.
March 1 -
A small Connecticut bank takes the plunge into mobile-friendly mortgages in a bid to turn an attractive pool of student-loan borrowers into lifetime customers.
March 17
The firm's new name is pronounced "purify," which is meant to refer to "pure refinancing," the spun-off company said in a press release Wednesday.
Purefy offers student loan refinancing to college graduates and their parents. Its competitors include Citizens Financial, Darien Rowayton Bank and a number of other digital lenders including Social Finance Inc., Earnest and CommonBond.
