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.