(Published by Yahoo! Finance. Read original article here.)
Nashville-based fintech solution for college savings and student loans brings accessibility and crowdfunding to employee benefits
Amidst uproar around college debt crisis, SavvyFi is riding wave of interest in college savings and student loan benefits from investors, benefit consultants, and corporations
SavvyFi, the fintech platform that is making college savings and student loan repayment plans an accessible and popular benefit for employees, today announced the completion of a $4.9M Series A funding round. The company raised its Series A to address the growing demand for its platform from employers, who are discovering the advantage of providing solutions to student loan debt at a time of unprecedented attention around this national crisis.
The funding round was led by Aligned Partners, a Silicon Valley-based venture capital firm whose founders have a long track record of building successful companies.
SavvyFi will use this raise to expand its education financing platform to accommodate interest from global partners in joint partnerships that will position them favorably to customers. The product includes cashback and crowdfunding features that have captured the attention of major financial institutions, corporations, universities, media leaders, and other sponsors.
“SavvyFi fills a critical gap in the marketplace for better tools to alleviate the burden of college savings and student loan repayment,” said Susan Mason, Co-founder of Aligned Partners. “SavvyFi’s platform engages employees and the wider community around a solution, creating new channels of savings and financing that were previously unheard of.”
As the product has gained traction in the insurance broker marketplace, SavvyFi has helped to ignite interest in a modern approach to college savings and student debt.
“So many of our employees were asking for these benefits, but we couldn’t find a company that offered an easy-to-use platform while also being responsive to our needs,” said LoAn Nguyen, Human Resources Manager of Blue Earth Diagnostics, a SavvyFi customer. “SavvyFi is both, and our high employee adoption rate is a testament to the interest in this benefit.”
“Whether they understand this or not, every company has a vested interest in our cause,” said Jeffrey Hull, CEO of SavvyFi. “The entire employee benefits industry is paying attention and businesses are stepping off of the sidelines and into the arena. This is an exciting moment, and we’re proud to be at the center of a solution that is taking off.”