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?”

Student loan repayment platform Tuition.io will get a fresh start in 2017. The Los Angeles-based company today announced Scott Thompson (pictured) will take the reins from Brendon McQueen as CEO.

Thompson most recently served as CEO for ShopRunner. Prior to that he held a short-lived role as CEO of Yahoo and served as president of PayPal for seven years. He also worked at Inovant, a subsidiary of Visa; Barclays Global Investors; and Coopers & Lybrand.

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. Clients include Children’s Hospital & Medical Center, HP, and Staples.

Since launching in 2012, Tuition.io has experienced a 17x year-over-year increase in participants, helping tens of thousands of borrowers manage $2+ billion in loans. The company hopes to continue expanding to help businesses serve the 44 million Americans dealing with student loan debt. Thompson, who helped build revenues at PayPal from $1 billion to $4.4 billion, was brought on to facilitate growth at Tuition.io.

“Scott has made an incredible career of taking businesses and scaling them to new heights,” said Bryan Stolle, Tuition.io board member and general partner at Wildcat Ventures. “With all our recent momentum, this is a pivotal moment for the company, and we need a strong leader with a clear vision to help us make student loan repayment an employee benefit that is as widely adopted as the 401(k).”

Employer-funded student loan contribution platform Tuition.io reached a milestone this week. The California-based company today announced it has saved employees more than 5,000 years of student loan payments totaling more than $2 billion.

Tuition.io allows companies to contribute to their employees’ outstanding private and federal student loan debt, helping employers attract and retain millennial talent. Tuition.io CEO and co-founder Brendan McQueen says, “We’re on track to save consumers tens of thousands of years of payments next year.”

After graduating from Colombia University with 12 loans totaling $120,000, McQueen launched a consumer-facing version of the platform at FinovateFall 2012. According to McQueen, the company last year transitioned to exclusively serve the enterprise because “we would be able to impact many more lives this way.”

Last month, the company expanded its focus to include support for Federal Parent PLUS loans, loans taken out by parents to help finance their child’s college education.