Summer, a fintech company that helps employees pay off their student loans, has recently secured $9 million in funding to expand its services and provide student loan assistance as a workplace benefit. This funding round was led by QED Investors, with participation from existing investors NextView Ventures and Flourish Ventures.
With student loan debt reaching record levels in the United States, many employers are looking for ways to attract and retain top talent by offering student loan assistance as a benefit. Summer aims to make it easier for employers to offer this benefit by providing a platform that allows employees to manage and pay off their student loans more efficiently.
Summer’s platform works by connecting directly to an employee’s student loan account and automatically making payments on their behalf. Employers can choose to contribute to their employees’ student loan payments as a benefit, helping them save money on interest and pay off their loans faster.
According to a recent survey by the Society for Human Resource Management, only 8% of employers currently offer student loan repayment assistance as a benefit. However, with the rising cost of education and the burden of student loan debt on employees, this benefit is becoming increasingly popular among employers.
Summer’s CEO, Will Sealy, believes that offering student loan assistance as a workplace benefit can have a significant impact on employee retention and satisfaction. “We know that student loan debt is a major source of financial stress for many employees,” Sealy said. “By offering student loan assistance as a benefit, employers can help alleviate this burden and show their employees that they care about their financial well-being.”
With the new funding, Summer plans to expand its services and reach more employers who are interested in offering student loan assistance as a benefit. The company also aims to continue developing its platform to provide more personalized and effective solutions for employees struggling with student loan debt.
Overall, Summer’s $9 million funding round is a positive sign for the growing trend of offering student loan assistance as a workplace benefit. As more employers recognize the importance of helping employees manage their student loan debt, companies like Summer are poised to play a key role in providing innovative solutions to this pressing financial issue.
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- Source Link: https://zephyrnet.com/summer-raises-9m-to-make-student-loan-assistance-from-employers-a-workplace-benefit/