“Vault was born out of the desire and ability to be more than a third-party financial technology service for organizations,” said Matt Beecher, CEO of Vault. “We solve a very real and increasingly suffocating financial problem that affects a large number of employees: student loan debt. And, we are willing to get down into the trenches to create results that give our clients an advantage in the marketplace. We’ve changed our name to reflect that we’ve honed our focus, more than ever, on empowering financial freedom.”
The rebrand also helps to differentiate Vault from a student loan refinancing platform with a name similar to its former one, Student Loan Hero.
The news comes as Vault closes a deal with American Family Insurance. The firm agreed to provide its employees with two of Vault’s offerings, Vault Pay, which facilitates employer student loan contributions; and Vault Advisor, an online tool that suggests customized payoff plans based on employees’ actual loans.
Vault was founded in 2013 and demonstrated at FinovateSpring 2016, where it showcased a 401(k) product that allows employers to allocate unused 401(k) dollars to student loan benefits. The offering launched this week under the name Vault Match. Headquartered in Texas, Vault has raised a total of $7.7 million.