Loan support platform Student Loan Genius has secured up to $4.6m in its latest funding round.
The round has seen contributions from up to 11 backers, according to a US Securities and Exchange filing. Student Loan Genius is looking to raise up to $5.8m for the round, but it is unclear if this is a hard cap.
Student Loan Genius helps HR and recruiting teams to retain their millennial employees by supporting their student loan repayments. The company empowers employers to contribute to their team’s student loan debt by paying towards their loan each month.
Its solution also provides users with reports for various aspects of the business including activity updates, company-wide impact and average employee impact.
Prior to this investment, the company picked up a $3m seed round led by Gibraltar Ventures. Other participants to the round included Kapor Capital, Capital Factory and Village Capital, with the capital used to support its growth and the launch of new services.
Earlier in the week, student finance support platform CampusLogic collected $55m in its funding round led by JMI Equity. The company helps students with borrowing and saving, by giving them an end-to-end mobile app with tools for evaluation tools and financial aid communication lines.
Last year, the marketplace lending space was dominated by the North American market with $4.3bn being invested across the region, according to data by FinTech Global. North America represented around 45 per cent of the investment activity in the sector.
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