Brookfield-based financial services technology company Fiserv Inc. is increasing its investment in a New York City company that developed a student loan repayment platform to help borrowers pay down their debt.
Specific details of Fiserv's new investment in FutureFuel.io was not disclosed. FutureFuel.io recently closed on a $10 million, Series A1 round of funding that was led by Swiss-based wealth management firm UBS. Other investors in the round included Aflac Ventures, Salesforce Ventures, Rethink Impact, Vulcan Capital, Breton, SixThirty, and the Impact Engine.
Fiserv, Salesforce, and UBS are customers of FutureFuel.io, using the platform to address student debt within their workplace as an employee benefit, according to the company. Fiserv has roughly 40,000 employees.
FutureFuel.io says its users finish repaying loans half a decade faster, and their average savings on student loan repayment are between $15,000 and $40,000. The company has raised $21.6 million to date.
“As a B2B2C fintech provider that exists to crush student debt, we are incredibly excited to announce the confidence and trust that some of the largest and most discerning financial services companies in the world have placed in FutureFuel.io,” said Laurel Taylor, CEO and founder of FutureFuel.io, in a statement.
Fiserv reported full-year 2020 revenue of $14.85 billion.
