Ascent raises $45m Series C to expand student lending

February 20, 2026

Ascent, a provider of innovative financial products and student support services, has closed a $45m Series C funding round.

The round was led by an unnamed global asset manager and provides fresh capital to strengthen Ascent’s leadership team, scale its education financing platform and expand into new education verticals.

The company has built momentum through partnerships with more than 2,300 institutions and training providers, contributing to a 30% year-on-year rise in loan originations.

Over the past decade, Ascent has disbursed more than $1.5bn in education loans to over 168,000 families. Its product suite spans traditional college loans, including both cosigned and non-cosigned options, as well as outcomes-based financing models.

With the new capital, Ascent is advancing several product initiatives. Its Graduate Outcomes Based Loan Product assesses students based on expected post-graduation earnings rather than solely on credit profiles, aiming to widen access to postgraduate education.

The Aviation Loan Program targets aspiring pilots facing training costs that can exceed $100,000 and are often ineligible for federal aid, evaluating borrowers on anticipated starting income.

The company has also introduced a Grad School Loan Calculator, a proprietary digital tool designed to help students and financial aid officers model total attendance costs and assess private versus federal loan requirements.

Ascent operates with a team of more than 120 professionals headquartered in San Diego, combining financing solutions with financial education and personalised support.

Alongside the funding, Ascent has announced leadership changes. Ryan Gray has been appointed co-president, overseeing finance, capital markets, credit and analytics, technology, operations and human resources. Tristan Fleming has also been named co-president, leading sales and marketing, product, impact, and legal and compliance.

Ascent Funding co-founder and CEO Ken Ruggiero said, “At Ascent, we’ve always believed that a student’s potential shouldn’t be limited by their current financial circumstances, but rather fueled by their future success.

“As federal policies shift and traditional funding gaps widen, our mission to offer financing for traditionally overlooked and underserved individuals and families so they can gain access to post-secondary education and build a foundation for durable economic mobility has never been more important. This new capital will allow us to double down on our goals, providing students with the funding they need to invest in their future.”

Ruggiero added, “Ryan Gray and Tristan Fleming have been instrumental to Ascent’s growth for the last 10+ years and are widely respected leaders in education finance. Their new roles position Ascent to accelerate innovation, bring new products to market faster, and respond to the evolving needs of students and schools.”