Savi Solutions PBC, a startup helping students improve their loan repayments, has reportedly collected $6m in its Series A round.
The round was led by Nyca Partners, with contributions also coming from AlleyCorp, Temerity Capital and 9Yards Capital, according to a number of reports in the media. Additional support also came from a handful of angel investors.
Capital from the round have been earmarked to enhance its operations and market reach.
The FinTech platform claims to help student loan borrowers optimise their repayments to save time and money. It claims it can save students an average of $142 on their monthly repayments and could save them a total of $23,308 by leveraging free federal loan repayment and forgiveness programmes.
Savi works by utilising AI-powered algorithms which assesses the student’s personal and loan information. It will then compare all repayment and forgiveness options side-by-side. The student then simply picks a repayment plan and will be signed up to it.
Late last year, alternative lending platform Student Finance raised €1.15m in a funding round led by Mustard Seed Impact and Seedcamp. The FinTech offers students an Income-Share Agreement (ISA) which sees them pay a fixed percentage of their income for a set period of time, instead of paying a tuition fee upfront or through a loan.
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