Summer, a firm committed to addressing the US student debt crisis, has raised $6m in new funding.
Particpating in the funding round were General Catalyst, QED Investors, Flourish Ventures, Greycroft, Story Ventures, Gaingels, Calm VC, Partnership Fund for NYC, Fenway Summer, BDMI and Avidbank.
Founded in 2017, Summer works with leading financial institutions, employers, and unions to provide a high impact, comprehensive digital solution that helps individuals plan for college costs, reduce the burden of student loan debt, and optimize retirement savings.
To date, the company has delivered more than $1bn in total projected savings for borrowers across the United States, offering assistance on every leg of the personal finance journey.
By ensuring that an employee’s student loan payments count toward the retirement match provided by their employer, Summer’s workplace solution can relieve student loan borrowers from having to make an impossible decision between paying down their debt or saving for retirement.
Summer CEO and co-founder Will Sealy said, “We’re thrilled to announce this new funding, especially at a time when the need for better college planning and student loan solutions has never been more acute. As student loan forgiveness hangs in the balance and payments are set to resume for the first time in years, we’re excited to share our solution with more people to enable them to unlock financial freedom.”
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