Coupa Software Teams Up with Tuition.io

Tuition.io is on a roll. Less than a week after the company announced a partnership with Estee Lauder to help its employees better manage student loan debt, the Los Angeles, California-based fintech has teamed up with business spend management platform Coupa Software to do the same for its workers.

“Coupa has a long history of championing a people-centered corporate culture, and this is another way to continue their mission of offering best-in-class employee benefits,” Tuition.io CEO Scott Thompson said. “With the student debt crisis continuing to escalate, it is not a matter of if, but when companies will do their share to find solutions. We are excited to work with Coupa as they lead the way.”

The partnership will enable Coupa cmployees who enroll in the program get monthly disbursements to help them pay down the principal in their outstanding student loans. Parents who take out Parent PLUS loans to help fund their children’s higher education can also take advantage of the benefit. All full-time Coupa workers in the U.S. are eligible to participate in the new program.

Pointing to the high number of Americans with student loan debt – estimated at more than 44 million Americans, Coupa VP of People Ray Martinelli praised Tuition.io’s ability to provide “a benefit that helps our employees overcome this burden and start building toward their future sooner rather than later.” Martinelli added that the partnership means that not just employees will get help managing their debt, but also their extended families. “It reinforces our commitment to our employees’ success,” he said.

Trading on the NASDAQ under the ticker “COUP”, Coupa Software’s cloud-based business spend management platform links hundreds of organizations and institutions with millions of suppliers around the world. The company has a market capitalization of $2 billion, and more than 450 customers in more than 40 countries.

Tuition.io demonstrated its platform at FinovateFall 2012. In December, the company announced that it would power a student loan debt reduction benefit for MidWestOne Financial Group’s Educational Assistance Program. Earlier in 2017, the City of Memphis announced that it would use Tuition.io to support student loan debt reduction program for its workers.

In terms of funding, Tuition.io most recently announced a $7 million investment last September led by Wildcat Venture Partners and featuring participation from current investors Mohr Davidow Ventures and MassMutual Ventures. The funding took the company’s total capital to more than $115 million.

Finovate Alumni News

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  • Trunomi Closes $3.5 Million Round from CloudScale Capital.
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  • Personal Capital Launches Socially Responsible Investing.
  • Coupa Software Teams Up with Tuition.io.
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  • Capital One UK’s use of TSYS Foresight Score with Featurespace wins TCP Award.
  • Xero announces ACH integration with Stripe.
  • Finance Monthly names ACI Worldwide Fraud Innovation Firm of the Year for its UP Payments Risk Management solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Tuition.io to Power Student Loan Repayment Benefit for Estée Lauder Employees

Student loan repayment platform Tuition.io has landed a major client this week. The Los Angeles-based startup has partnered with Estée Lauder, offering a platform where the beauty company can help its employees pay down debt from their student loans.

Through their employee benefits package, Estée Lauder’s 46,000 employees will be eligible to receive up to $10,000 in student loan contributions. The repayments will be distributed in $100 increments each month to eligible employees’ loans. These parameters were put in place by way of insurance, since Estée Lauder isn’t aware of the value of its employees’ outstanding student loan debt. To receive Estée Lauder’s match of 100% on the first 3% and 50% on the next 4% of repayments, employees must contribute at least 7%.

Estée Lauder is one of many large U.S. companies to partner with Tuition.io for student loan repayment benefits for employees. Other companies include Live Nation, Staples, Children’s Hospital & Medical Center, HP, and Fidelity Investments.

One of the intentions of Tuition.io’s student loan repayment benefit offering is to attract millennials to the workforce. Millennials make up 61% of Estée Lauder’s workforce and, since the benefit took place in October of last year, about 65% of employees who have signed up are aged 35 or younger.

In a statement, Latricia Parker, executive director of global benefits for Estée Lauder, said that “student loans are an increasing burden for current and potential talent at The Estée Lauder Companies.” Parker went on to explain that the implementation of Tuition.io’s benefit program “is an example of how the company is executing its goal of being the best home for talent — offering benefits that relieve the stresses of everyday life and allow employees to focus on their careers and passions.”

The company’s former CEO Brendon McQueen debuted Tuition.io at FinovateFall 2012. The company has since transitioned into a strict B2B business model in which it helps businesses pay down student loan debt on behalf of their employees. Last September, Tuition.io raised $7 million in Series B funding, bringing its total capital to more than $15 million. At FinovateFall 2017, we interviewed Tuition.io CEO Scott Thompson about the state of the student loan crisis.

Finovate Alumni News

On Finovate.com

  • Tuition.io to Power Student Loan Repayment Benefit for Estée Lauder Employees.
  • Check out sneak peeks from next month’s FinovateEurope presenting companies:
  • Meniga to Support Digital Transformation for French Banking Group, BPCE. See Meniga at FinovateEurope 2018 in March.
  • Handle Financial’s Prism Mobile App Reaches $1 Billion in Bills Paid.
  • Finect Raises Capital as BME Takes Minority Stake.

Around the web

  • Actiance forges partnership with Relativity to bring seamless data delivery to eDiscovery platform.
  • Neustar unveils multi-factor authentication risk assessment tool to help enterprises mitigate fraud risk.
  • Tinkoff Bank and AHML to launch joint venture to offer mortgage loans via new electronic platform.
  • Y Combinator interviews Jake Rosenberg, cofounder and CTO of LendUp.
  • VentureBeat highlights OurCrowd, which has raised $650 million for 145 startups and plans to top $1 billion in 2018.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • NuCypher Raises $4.3 Million from Token Sale and VC Funds
  • Simility Adds PayPal as Strategic Investor in Latest $17.5 Million Fundraising

Around the web:

  • INETCO adds centralized switch application performance monitoring capabilities within the INETCO Insight software platform.
  • CFCU Community Credit Union Selects nCino to Boost Operational Efficiencies.
  • Blackhawk’s CashStar powers the launch of enhanced consumer gift card ecommerce program for Chico’s FAS
  • Tuition.io to power Student Loan Debt Reduction benefit to their Educational Assistance Program for MidWestOne Financial Group.
  • VentureBurn lists Entersekt as 1 of 8 12 South African startups to watch in 2018.
  • Vanguard turns to Symbiont smart contracts to simplify index data sharing process.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Tuition.io Raises $7 Million in Series B

In a round led by Wildcat Venture Partners and featuring participation from current investors Mohr Davidow Ventures and MassMutual Ventures, student loan repayment assistance platform Tuition.io has raised $7 million in new funding. The Series B round brings the company’s total capital to more than $15 million.

“We are committed to expanding our student loan assistance offerings and driving mass adoption until student loan repayment assistance becomes a national and even international employee benefit standard,” Tuition.io CEO Scott Thompson said. Thompson also referred to student loan repayment assistance as a global competitiveness issue for companies “in the increasingly aggressive race to hire and retain top talent.”

Scott Thompson, Tuition.io CEO, discussing the challenge of helping millennials manage student loan debt with Finovate Director of Strategy Lisa Moyle at FinovateFall last week.

“Tuition.io’s value to our partners and their employees is clear,” General Partner at Wildcat Venture Partners Bryan Stolle added. “The company is changing the face of employee benefits while helping address a national crisis that is only slated to get worse,” Stolle said.

In addition to the funding, the company also announced a new office in San Mateo, California, which will be staffed by a pair of new executives: Scott Simmons and Danica Bracy. Simmons will serve as Chief Operating Officer/Chief Financial Officer. Bracy will oversee management of the client portfolio as Senior Director of Partner Success.

Founded in 2011 and headquartered in Los Angeles, California, Tuition.io demonstrated its technology a year later at FinovateFall 2012. The company was named a preferred provider by global health, wellness, and career consulting leader Mercer in September. This summer, Tuition.io announced that it would administer the new Student Loan Reduction Program for the City of Memphis. CEO Thompson participated in our Finovate Talks interview series during FinovateFall this year, opining on the topic “How Can We Help Millennials Work Through the Student Loan Debt Crisis?”

Finovate Alumni News

On Finovate.com

  • With New Funding, Prosper’s Valuation stands at $550 Million.
  • Tuition.io Raises $7 Million in Series B.
  • AutoGravity Teams Up with Hyundai Capital America.

Around the web

  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.
  • PYMNTS interviews Jumio CEO Stephen Stuut on the challenge of combating cybercrime in “real time.”
  • Xero teams up with TradeGecko to help Singapore’s SMEs Go-Digital.
  • Bento for Business appoints Jeff Pomeroy to the role of Vice President of Product.
  • ThreatMetrix Announces Smart Authentication Platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Talks: The Conversation Continues

Today at FinovateFall, we continued to speak to some of our key speakers about the hottest topics that we have been discussing over this year’s event. Here, Nathan Snell, Chief Innovation Officer at nCino stresses the importance of customer experience and how the “innovation journey” can be improved when he spoke to Julie Muhn, Finovate Research Analyst at the conference.

Watch more interviews here:

 

Finovate Talks: Creating the Foundations for Financial Literacy

Ederick Lokpez, Director Engagement Strategy, Customer Experience Office, U.S. Bank

Watch here >>

 

Finovate Talks: RegTech – Innovation vs. the Regulation Regime

Joanne Barefoot, CEO at Barefoot Innovation Group

Watch here >> 

 

Finovate Talks: RegTech – Tech or Die

Pascal Bouvier, Fintech Venture Investor & Thought Leader

Watch here >>

 

How Can Banks with Older Core Systems Take Advantage of Fintech Innovation?

Oded Shoshany, CEO at CelerityFinTech

Watch here >>

 

Investing with a Difference: How To Stand Out From the Crowd

Ross Baird, CEO, Village Capital

Watch here >>

 

Top Tips for Startups To Stand Out Within Incubators

Matt Armstead, Executive Director, Fintech71

Watch here >>

 

Finovate Alumni News

On Finovate.com

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On FinDEVr.com

Around the web

  • Misys adds Synechron to its InFusion Partner Program.
  • Fiserv leverages robo-advisory and automation technology from fellow Finovate alum Trizic to enhance its wealth management solutions.
  • Bento Chief Operations Officer Sean Anderson discusses the future of regtech and the problem of one-size-fits-all compliance programs.
  • The 2017 NSS Labs gives Check Point Software Technologies a ‘Recommended’ rating.
  • Money Marketing features Scalable Capital.
  • City of Memphis to leverage Tuition.io to offer student loan debt reduction program for employees.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • KeyBank Acquires HelloWallet from Morningstar.
  • Zopa Receives $41 Million Investment to Support Challenger Bank Launch.

Around the web

  • Scalable Capital wins Financial Innovation of the Year from the Online Personal Wealth Awards.
  • MaxMyInterest introduces 1.31% preferred rate courtesy of new partnership with UFB Direct.
  • SumUp announces availability in more than 1,500 retail locations throughout Europe.
  • Tuition.io Awarded ISO 27001 Certification.
  • Econiq models conversation behaviors of top-performing employees to enrich the omnichannel customer experience for banks and insurers.
  • OANDA teams up with QuantConnect to launch new algo trading portal.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.