Leif and Modern Labor Announce Collaboration to Increase Access to Affordable Education Through Income Share Agreement Program

NEW YORK and SAN FRANCISCO, March 21, 2019 /PRNewswire/ -- Leif, a New York City company that offers end-to-end Income Share Agreement services, announced today a partnership with Y Combinator-backed Modern Labor, a San Francisco based startup that is transforming the education and tech industries by paying people to learn software development. Modern Labor's skills training program has received a $50 million financing agreement from Leif's financing partners. Leif will provide management of Modern Labor's Income Share Agreement program. To date, it is one of the largest Income Share Agreement financing commitments to an education provider.

Both Modern Labor and Leif share a combined vision of taking software development and online skills training into the mainstream. When asked how this financing commitment will further this vision Francis Larson, Co-Founder and CEO of Modern Labor responded, "We believe in our approach of paying people to learn in-demand skills and it's clear the capital markets are starting to believe as well. We are one step closer to providing real educational access to everyone, not just the elite." Co-Founder Oliver Birch continued, "We believe that by removing financial constraints and providing structured learning and project work, Modern Labor will enable many tens of thousands of people to become software developers where they would have otherwise not been able to."

Leif is one of the catalysts behind the growing adoption of Income Share Agreements in the United States. Income Share Agreements allow students to cover tuition by agreeing to pay back a percentage of their future income once they land a well-paying job post graduation. Schools ranging from traditional universities to coding bootcamps and workforce development programs have implemented income share agreements in order to increase financial access and align incentives with their students.

"We created Leif to increase access to affordable education and are proud that our platform powers some of the most innovative, scalable Income Share Agreement programs in the world," says Leif CEO Jeffrey Groeber.

About Modern Labor
Modern Labor pays individuals a living wage so they can learn in-demand digital skills. Learn more at modernlabor.com.

About Leif
Leif partners with schools to design, deploy, and manage Income Share Agreement programs. This form of education finance aligns the interest of the school with the interest of the student so everyone wins. Learn more at leif.org.

SOURCE Leif

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