The amount of the deal was not disclosed.
Launched in the spring of 2012, SmarterBucks provides members, their family and friends with a variety of ways to earn value and apply it towards paying down student loan debt. People who have signed up for the program can participate by shopping at hundreds of stores in the SmarterBucks.com Marketplace, completing online surveys, and by earning rewards with a debit card.
The SmarterBucks program complements Gradifi’s Employer SLP Plans™ (Student Loan Paydown), announced last month, which gives businesses the opportunity to help pay down employees’ student loan debt. In 2016, the company will launch an integrated platform that will allow its members to receive SLP plan contributions, plus earn rewards in a variety of ways through a single-member experience.
Founded in 2014 by Tim DeMello, CEO, Gradifi partners with companies such as PricewaterhouseCoopers to develop employer SLP Plans™ (Student Loan Paydown), rewards programs and brand loyalty programs.
In conjunction with the funding, the company has expanded its management team to include Doug Lowenstein, formerly the EVP of Banking and Rewards at Valore, (formerly SimpleTuition), where he helped found, build, and lead the SmarterBucks line of business, as Chief Operating Officer.