FutureFuel.io, a Boston, MA-based provider of technology driven student debt employer benefits solutions, raised $11.2m in Series A financing.
The round, which brought total funding to $15.7m, was led by Rethink Impact, with participation from Breton Capital, First Data, G9 Ventures, The Impact Engine, Reach Capital, Salesforce Ventures, SixThirty, and Vulcan Capital. As part of the round, Jenny Abramson, Founder and Managing Partner of Rethink Impact, will join FutureFuel’s board of directors, alongside Jim Palermo, the former Vice Chairman of BNY Mellon.
Founded by Laurel Taylor, FutureFuel.io provides innovative technology, partnerships, and machine learning solutions to crush student debt. Its SaaS based Student Debt FinHealth platform enables employers to recruit and retain talent and capture additional productivity through decreased stress, and shorten the length of users’ debt load by an average of three to five years.
The company has generated initial traction, offering its platform to employers, ranging from small and medium businesses to Fortune 500 customers, as well as channel partners operating within the life insurance, HR/benefits/payroll, and credit union industries including Colonial Life, Student Choice Credit Union, and Ultimate Software.
The platform consists of six modular offerings including:
– Repayment, which empowers employers to offer contributions directly to employees’ student loans.
– Round Up, which sweeps spare change to the user’s highest-interest-rate student loan via a user’s spending habits and goal based behaviors.
– Refinancing Marketplace, which curates multiple lenders on a single platform who compete to refinance the loans of users.
– Roll Up, which aggregates a user’s four to seven student loans (on average) in one place for ease of understanding, management, and payment automation.
– Recalibrate, which provides employee with access to a dynamic calculator that projects total debt, dollars, and days saved.
– Read, which offers content via the student loan financial literacy and education platform.