Online student loan company CommonBond said on Tuesday that it had raised $30 million in new funding, including from the private equity arm of investment manager Neuberger Berman.

Neuberger led the equity investment in the company and joined existing investors August Capital, Tribeca Venture Partners, Social Capital, Nyca Partners and Victory Park Capital. CommonBond will use the funding to hire employees and build out its technology.

CommonBond’s latest investment comes during a challenging year for online lenders to raise money. The industry has been grappling with job cuts, plummeting share prices and the resignation of LendingClub Corp (LC.N) Chief Executive Officer Renauld Laplanche after an internal investigation.

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