ImpactAlpha, March 6 – FutureFuel.io’s aims to make student debt benefits a standard offering in employer-sponsored benefits plans. Rethink Impact, a female-led impact investor that backs women-led companies, led the firm’s $11.2 million Series A funding round. Rethink was joined by a host of impact, traditional, and corporate venture funds including Breton Capital, First Data, G9 Ventures, The Impact Engine, Reach Capital, Salesforce Ventures, SixThirty, and Vulcan Capital.
Some 44 million people hold about $1.5 trillion in student debt. FutureFuel.io partners with employers to help firms help their employees address and reduce their student debt, and ultimately shorten the length of users’ debt load by three to five years.
FutureFuel.io’s Student Debt FinHealth Platform enables employers to contribute directly to employees’ student loans, roll-up employees’ loans and drive competition among lenders. That support, in turn, helps firms attract and retain talent, boost diversity and unlock productivity from debt-strapped employees.
“Employers are acutely aware that the war for talent is real and are motivated to offer benefits that inspire employee longevity and loyalty,” says founder Laurel Taylor. As part of the found Rethink Impact’s Jenny Abramson joined the company’s board.