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Illustration: Rebecca Zisser/Axios

Lambda School, a San Ramon, Calif.-based coding school, raised $30 million in Series B funding at a $150 million post-money valuation. Bedrock Capital led, and was joined by Vy Capital, GGV Capital, Google Ventures, Y Combinator and Sound Ventures.

Why it matters: Because Americans owe around $1.5 trillion in student debt, significantly more than they owe on credit cars or for vehicles, and Lambda is helping to pioneer a model that eschews tuition in favor of repayments via a percentage of future salary.

  • Lambda expects to train 3,000 students this year, just opened shop in Europe and CEO Austen Allred tells Axios that it plans Canada expansion either in Q1 or Q2 of this year. It also plans to soon expand its curriculum into cybersecurity, and next into medical services like nursing (which may include the purchase and reformatting of an existing school).

The bottom line: "It is an approach meant to treat students as investments rather than cash cows — a fundamental shift that could finally lift the crippling debt load we routinely push onto students. But it also comes with a peculiar kind of danger: By seeking safe investments, programs like this could cast aside the strides made to expand educational opportunities to higher-risk students and reduce the appeal of educations that focus on noble, but lower compensated, professions," writes Andrew Ross Sorkin in the New York Times.

Go deeper: The good news about student loans

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
3 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.