Climb Credit, a US-based student lending company, has raised $50m in funding from Goldman Sachs Urban Investment Group to further expand its offerings.

Launched in 2014, the startup has so far originated approximately $100m in loans, enabling nearly 10,000 students pay for their education.

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The company in its press release said that it has worked with more than 100 different colleges and universities.

The press statement added that Climb will use the newly raised fund to expand access to education for more students by providing financing with “competitive interest rates and a clear, measurable return-on-investment”.

To connect students with a school programme, the student lending company leverages a proprietary return-on-investment algorithm, which uses information such as graduation rates, job placement rate, starting salaries and other information.

Goldman Sachs Urban Investment Group head Margaret Anadu said: “The Urban Investment Group is proud to partner with a company that is making career-focused post-secondary education accessible for students from all income levels and backgrounds.

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“We look forward to supporting Climb as they help create opportunities for students to deepen their skills and create opportunities for their futures.”

Climb Credit CEO Angela Ceresnie  said: ” The funding will allow us to help more people across the country build hard skill sets and transform their careers. By aligning school motivations with student career and salary goals, we open the door for thousands of people who want to change their lives through education.”