The Big One
A breakdown on the day’s biggest Inno story.
Lucy: FutureFuel.io, a three-year-old fintech startup based in Back Bay, raised a $11.2M Series A round to add sales and marketing employees to its team of 12 and expand the features of its student debt employer benefits SaaS platform.
Rethink Impact, a female-led venture capital firm with offices in Washington, D.C., New York, and San Francisco, led the round, which brings the total funding to date to $15.7M.
The company’s platform helps employees not only manage, but also understand where they are in the process of paying back their student debt, and develop strategies and monthly goals linked to their income and spending habits.
“Our users describe their student debt in stages of grief,” said Laurel Taylor, CEO of FutureFuel.io. “Users, honestly, have no idea how many loans they have, what the interest rates are on their many loans, or when their student loan debt will be simply paid off.”
As the average student debt for college graduates continues to climb, many employees who are new to the workforce start their career with financial setbacks on their shoulders.
Nationally, about two in three college seniors who graduated from public and private nonprofit colleges in 2017 had student loan debt, owing an average of $28,650.
Read more: FutureFuel.io Raises $11.2M to Help Employees Pay Back Their Student Debt