Pillar, a New York City–based platform for people to manage, pay off, and save money on their student loans, launched with $5.5M in seed funding.
The round was led by Kleiner Perkins, with participation from Rainfall Ventures, Great Oaks VC, Financial Venture Studio, Kairos, and Day One Ventures and individual investors Adam Nash; Noah Weiss; Zach Weinberg; Nat Turner; Misha Esipov; Patrick Kavanagh, and Nadia Asoyan.
Founded in 2018 by Michael Bloch and Gilad Kahala, Pillar allows people to pay off student loans. The platform starts by aggregating all of a borrower’s student loans into one place. It then analyzes their loans, income, and spending to determine the fastest way to pay down their debt. Pillar then automates the payment and management process, making it easy for people to take action and pay off their debt faster.
Early users have already linked over $50M worth of student loans into the platform which automates and manages the loan repayment process for people.
The average borrower on Pillar will save $6,200 and four years on repayment.