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?”