Back in 2014, Tuition.io was once pitching itself as a management platform for student loan repayments. Now, 3 years later the corporate has raised $7 million in new financing because it moves from loan management products and services to precise reimbursement of student loans.
It’s a trade type that’s already proven promise, with firms like FutureFuel.io additionally having a look to get in at the motion.
Both firms are partnering with employers to be offering student loan reimbursement products and services as a receive advantages in the similar approach that individuals would save for a retirement plan. A undeniable share of any person’s wage is taken out in their paycheck every month and the corporate suits the bills up to a certain quantity.
At Tuition.io, Wildcat Partners, Mohr Davidow Ventures, and MassMutual Ventures, has all invest in the trade in order that the corporate can transfer extra briefly into the student loan reimbursement marketplace.
As it pivots to in fact paintings with firms to pay down student debt, the corporate has added two executives to its staff. Scott Simmons, a former leader working and finance officer at ShopRunner, a loose delivery and go back corporate, and Danica Bracy, who’s going to be operating with Tution.io shoppers.
Already Fidelity Investments, Live Nation, and Staples are the usage of the corporate’s loan repayments products and services.
The marketplace for this massive and, unfortunately, rising. There are round 44 million other people within the U.S. with remarkable student loans. Those loans overall round $1.four trillion with passion compounding at a fee of round $2,726 consistent with 2d.
“Tuition.io’s value to our partners and their employees is clear. The company is changing the face of employee benefits while helping address a national crisis that is only slated to get worse,” stated Bryan Stolle, General Partner at Wildcat Venture Partners, in a remark. “We have worked with Tuition.io since their inception and are excited to see their vision of helping ease the burden of student loans for the U.S. workforce become a reality.”ABOUT TUITION.IO
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