SAN FRANCISCO--(BUSINESS WIRE)--FutureFuel.io, a student loan repayment platform that helps borrowers pay down debt quickly and efficiently, today announced a $10 million Series A1 round, bringing its total Series A funding to $21.6M. This latest round was led by UBS, the world’s leading global wealth management firm, with additional participation from the investing arms of established technology, financial services, and insurance leaders, including new investor Aflac Ventures, and existing investors Fiserv, and Salesforce Ventures. Fiserv, Salesforce, and UBS are also customers of FutureFuel.io, leveraging the platform to address student debt within their workplace, as an employee benefit. All previous FutureFuel.io investors also participated in this round of funding, including Rethink Impact, Vulcan Capital, Breton, SixThirty, and the Impact Engine.
“As a B2B2C FinTech provider that exists to crush student debt, we are incredibly excited to announce the confidence and trust that some of the largest and most discerning financial services companies in the world have placed in FutureFuel.io,” said Laurel Taylor, CEO and Founder of FutureFuel.io. “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 offers the only technology platform addressing the full spectrum of student debt management and repayment needs of American borrowers. These personalized tools measure the impact of actions on the quantity and duration of debt repayment. On average, FutureFuel.io users finish repaying loans half a decade faster, and their average savings on student loan repayment are between $15,000 and $40,000.
The platform’s flexibility in integration options, scalability, user experience and security has attracted partnerships with global corporate leaders like UBS, which recently announced an exclusive commercial collaboration with FutureFuel.io to provide student debt solutions to the firm’s corporate clients and their respective employees.
“Delivering a best-in-class client experience is core to our strategy and we know that this investment in FutureFuel.io will provide our Workplace Wealth Solutions clients with more creative and innovative financial wellness options,” said Tom Naratil, President Americas, UBS, and Co-President UBS Global Wealth Management. “We are committed to helping companies create a more rewarding workplace by addressing one of the biggest financial challenges American employees face today – student loan debt.”
The funding from this round will be used to accelerate product adoption across employers, recordkeepers, and financial services partners as demand continues to surge. 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 underutilized budget, introducing tax-free treatment of employer student debt repayment up to $5,250 annually.
About FutureFuel.io
FutureFuel.io is a platform that supports America’s 45 million borrowers in paying off their student debt as quickly and efficiently as possible. On average, FutureFuel.io saves users between $15,000 to $40,000 and half a decade off of their student loan payments through a personalized Student Debt FinHealth platform that optimizes federal repayment plan enrollment, automates the management of unruly student loans, gamifies spare change, and enables users to discover free money from merchants while shopping online. FutureFuel.io's comprehensive platform crushes student debt by empowering users to take small actions that make a big impact.
FutureFuel.io offers four categories of debt-repayment solutions, across a range of non-integrated to integrated options (including API+widget powered experiences, SSO, and configured cobranded solutions): Benefit, Change, Crush, and Learn.
Benefit: FutureFuel.io administers employer student loan repayment as a tax-free employee benefit. Further, companies can allow employees to redeem internal rewards points and/or paid time off as cash towards their debt repayment. For plan sponsors offering a retirement match on behalf of employees’ paying down student debt, FutureFuel.io confirms the eligible population, evidences good standing, provides confirmation of the percentage of income directed to student debt, and calculates the matching contributions at an individual and aggregate level.
Change: Not just refinancing - FutureFuel.io guides cash-strapped users through the discovery, selection, and enrollment in federally-subsidized income driven repayment plans. The average user saves $260 per month by using FutureFuel.io’s Reassess tool and completes the process in 6 minutes or less.
Crush: FutureFuel.io leverages real-time budget analyses from users’ everyday spending habits to find spare dollars in users’ wallets to send to debt. Further, FutureFuel.io enables users to receive cash back when shopping online with 450+ mega merchants via its Chrome Extension. By reducing the friction to making loan prepayments, users get out of debt faster and pay less in interest.
Learn: Comprehensive debt management - tips and helpful information for getting out of both federal and private student loans faster and more cheaply!