FutureFuel.io, a student loan repayment platform, raised $10m in Series A1 funding bringing its total Series A funding to $21.6m.
The round, which was led by UBS, saw participation from new investor Aflac Ventures, and existing investors Fiserv, Salesforce Ventures, Rethink Impact, Vulcan Capital, Breton, SixThirty, and the Impact Engine.
The company intends to use the new cash injection to boost its product adoption across employers, recordkeepers and financial services partners.
Commenting on the new round, FutureFuel.io CEO Laurel Taylor said, “Our newest institutional investors are enthusiastically partnering with FutureFuel.io, as both financial investors and commercial partners, due to our proven ability to securely and effectively scale student debt solutions across tens of thousands of employers, corporate customers, and millions of users.”
FutureFuel.io’s platform offers the full spectrum of student debt management and repayment needs facing borrowers. Its personalised tools monitor the implications of actions by the user on the duration of debt repayment.
It claims its platform allows users to repay loans half a decade faster and their average savings on student loan repayment are between $15,000 and $40,000.
UBS already uses the platform to offer student debt as an employee benefit and even rolled out the technology to its corporate clients and their respective employees.
Copyright © 2021 FinTech Global
