SAN FRANCISCO – (COMMERCIAL THREAD) –FutureFuel.io, a student loan repayment platform that helps borrowers repay debt quickly and efficiently, today announced a $ 10 million Series A1 funding round, bringing its total Series A funding to $ 21.6 million. of dollars. This latest round was led by UBS, the world’s leading wealth management firm, with additional participation from the investment arms of established leaders in technology, financial services and insurance, including new investor Aflac Ventures. and existing investors Fiserv and Salesforce Ventures. Fiserv, Salesforce and UBS are also clients of FutureFuel.io, leveraging the platform to address student debt in their workplace, as a benefit to employees. All of FutureFuel.io’s previous investors have also participated in this round of funding, including Rethink Impact, Vulcan Capital, Breton, SixThirty and Impact Engine.
“As a B2B2C FinTech provider that exists to crush student debt, we are extremely pleased to announce the confidence that some of the world’s largest and most demanding financial services companies have placed in FutureFuel.io,” said said Laurel Taylor, CEO and Founder of FutureFuel.io. “Our new institutional investors are enthusiastically partnering with FutureFuel.io, as financial investors and business partners, because of our proven ability to securely and effectively scale student debt solutions to tens of thousands of employers, corporate clients and millions of users. ”
FutureFuel.io offers the only technology platform covering the full spectrum of student debt management and repayment needs of US borrowers. These personalized tools measure the impact of actions on the amount and duration of debt repayment. On average, FutureFuel.io users finish paying off their loans half a decade faster, and their average savings on student loan payments are between $ 15,000 and $ 40,000.
The flexibility of the platform in terms of integration options, scalability, user experience and security has attracted partnerships with global leaders like UBS, which recently announced an exclusive business collaboration with FutureFuel.io to provide student debt solutions to the company’s corporate clients and their respective employees.
“Delivering a best-in-class customer experience is at the heart of our strategy and we know that this investment in FutureFuel.io will provide our Workplace Wealth Solutions customers with more creative and innovative financial wellness options,” said Tom Naratil, President Americas, UBS, and co-chair UBS Global Wealth Management. “We’re committed to helping businesses create a more rewarding workplace by overcoming one of the biggest financial challenges facing American employees today: student debt. ”
Funding from this cycle will be used to accelerate adoption of the product by employers, archivists and financial services partners as demand continues to increase. While 71% of companies offer some form of tuition reimbursement, the recently passed Consolidated Appropriations Act allows workplaces to expand the use of this heavily under-utilized budget, introducing a tax-free treatment for reimbursement of tuition. employer student debt of up to $ 5,250 per year.
FutureFuel.io is a platform that helps America’s 45 million borrowers pay off their student debt as quickly and efficiently as possible. On average, FutureFuel.io saves users between $ 15,000 and $ 40,000 and half a decade on their student loan repayments through a personalized Student Debt FinHealth platform that optimizes federal repayment plan enrollment, automates the management of unruly student loans, gamifies currency, and allows users to discover free money from merchants while shopping online. FutureFuel.io’s comprehensive platform crushes student debt by allowing users to take small steps that have a big impact.
FutureFuel.io offers four categories of debt repayment solutions, through a range of non-integrated to integrated options (including API + widget experiences, SSO and configured cobrand solutions): Benefit, Change, Crush and Learn.
Benefit from: FutureFuel.io manages the repayment of the employer’s student loan as a tax-free benefit. Additionally, companies can allow employees to redeem internal reward points and / or paid vacation time in cash for debt repayment. For plan sponsors who provide a pension supplement on behalf of employees who repay student debt, FutureFuel.io confirms the eligible population, demonstrates a good reputation, provides confirmation of the percentage of income spent on student debt, and calculates matching contributions to an individual and Aggregate Level.
Switch: Not Just Refinancing – FutureFuel.io guides cash-strapped users in discovering, selecting, and enrolling in federally-subsidized income-driven repayment plans. The average user saves $ 260 per month by using FutureFuel.io’s reassessment tool and completes the process in 6 minutes or less.
To crush: FutureFuel.io leverages real-time budget analyzes of users’ daily spending habits to find spare dollars in user wallets to send into debt. Additionally, FutureFuel.io allows users to receive cash back when shopping online from over 450 mega merchants through its Chrome extension. By reducing the frictions associated with loan prepayments, users deleverage faster and pay less interest.
To learn: Comprehensive Debt Management – Tips and Helpful Information to Get Out of Federal and Private Student Loans Faster and Less!