UBS has led a $10 million Series A1 funding round for San Francisco-based student loan repayment platform FutureFuel.io.
Aflac Ventures and existing investors Fiserv, and Salesforce Ventures joined the round.
FutureFuel.io's technology platform promises to address the full spectrum of student debt management and repayment needs of American borrowers, providing personalised tools to measure the impact of actions on the quantity and duration of debt repayment.
On average, FutureFuel.io users finish repaying loans half a decade faster, and their average savings on student loan repayment are between $15,000 and $40,000, claims the startup.
UBS, like Fiserv and Salesforce already uses the platform to address student debt as an employee benefit. The banking giant has also recently begun offering the technology to its corporate clients and their respective employees.
Laurel Taylor, CEO, FutureFuel.io, says: “Our newest institutional investors are enthusiastically partnering with FutureFuel.io, as both financial investors and commercial partners, due to our proven ability to securely and effectively scale student debt solutions across tens of thousands of employers, corporate customers, and millions of users.”