The company also announced it has hired Leigh Gross as Chief Revenue Officer to help put the company’s financial wellness tools in the hands of more individuals and the enterprises that support them.

Student loan debt in the United States now stands at $1.75 trillion, according to the Federal Reserve, exceeding credit card and auto debt. It is often the first meaningful debt that young people incur, and can lead to a domino effect on their financial life-making it harder to save for retirement or buy a home years after graduating. Summer works with leading financial institutions, employers, and unions to provide a high impact, comprehensive digital solution that helps individuals plan for college costs, reduce the burden of student loan debt, and optimize retirement savings. To date, the company has delivered more than $1 billion in total projected savings for borrowers across the United States, offering assistance on every leg of the personal finance journey.

“We’re thrilled to announce this new funding, especially at a time when the need for better college planning and student loan solutions has never been more acute,” said CEO and co-founder Will Sealy. “As student loan forgiveness hangs in the balance and payments are set to resume for the first time in years, we’re excited to share our solution with more people to enable them to unlock financial freedom.”

Summer’s funding comes at an exciting time for the business as it continues to expand partnerships with retirement recordkeepers and payroll providers on the heels of its partnership with Fidelity Investments in 2022. Due to the recent passage of the SECURE 2.0 Act, many institutions are turning to Summer to support their employer clients with student loan retirement matching, leveraging Summer’s API suite and its expertise with operationalizing complex student loan policies into high-adoption solutions.

In a recent survey, 91% of employees with student debt said they would save more money for retirement if their employer offered a student loan repayment program. By ensuring that an employee’s student loan payments count toward the retirement match provided by their employer, Summer’s workplace solution can relieve student loan borrowers from having to make an impossible decision between paying down their debt or saving for retirement.

Summer was founded in 2017 by Sealy, a former Policy Analyst and Assistant to Sen. Elizabeth Warren and a veteran of the Consumer Financial Protection Bureau, COO Paul Joo, with previous experience at the US Attorneys’ Office and the Boston Consulting Group, and Chief Product Officer Vincent Tran, who previously led product at Pave and Orchard and was an investor at the Partnership Fund for NYC.

Summer’s recent partnership milestones include a student loan benefit launched with Intuit’s personal finance subsidiary, Credit Karma, and an expanded partnership with the American Federation of Teachers to support their 1.7 million teachers, government employees, and healthcare workers. Summer will use the new funding to expand the platform to help even more borrowers with a holistic approach to financial well-being.