Student loan repayment assistant Tuition.io has raked in $7m in its Series B round led by Wildcat Venture Partners.
Other contributions to the round came from existing investors Mohr Davidow Ventures and MassMutual Ventures.
Tuition.io helps businesses hire, retain and engage talent through student loan repayment support. The platform offers students an employment benefit which repays part of their loan and can cut the total debt time by up to 50 per cent.
The company’s clients include Clark Patterson Lee, CyberSearch, EnVogue International, IntegriChain, Iowa Farm Bureau, Massage Envy Bay Area, MidwestOne Bank among others.
Tuition.io hopes to use the equity to scale its sales and customer success teams, as well as boosting and deepening its offerings and the market expansion.
Wildcat Venture Partners general partner Bryan Stolle said,”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. 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.”
Following the transaction, former ShopRunner COO and CFO Scott Simmons will join Tuition.io as chief operating and financial officer.
Total capital raised by Tuition.io has reached $15.2m, with the company picking up $5m in a Series A led from MassMutual Ventures LLC, Wildcat Venture Partners, and Mohr Davidow Ventures, among others, in 2015.
Earlier this year, Wildcat Venture Partners led the $6.5m seed investment into group healthcare payments business Carrum Health. The company reduces the cost of healthcare for employers, while also enabling healthcare providers an increase in market share.
Other companies in the firm’s portfolio include student loan refinancing and personal loan provider Earnest, credit offering platform Zebit and insurance analytics company Riskmatch.
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