US student debt fintech Candidly raises $20.5m in Series B funding
US-based student debt and savings optimisation platform Candidly, formerly known as FutureFuel, has raised $20.5 million in a Series B funding round led by Altos Ventures, with existing investor Cercano Management also participating.
Candidly raises $20.5m Series B. Image source: Candidly
Founded in 2016 and based in New York, Candidly provides tools that enable users to keep track of the full lifecycle of education expenses and manage their finances to simultaneously pay down student debt and build wealth.
Candidly partners with employers, financial institutions, 401(k) and 403(b) record-keepers, retirement advisors, wealth management firms and core banking providers to embed its solution within their own digital offerings. Its current clients include financial services heavyweights UBS, Fiserv and Salesforce.
The firm claims to have seen 10x revenue growth and a 3,600% increase in payments flowing through the Candidly platform over the last year.
Laurel Taylor, founder and CEO of Candidly, says the new financing places the firm in a position of “opportunity and responsibility” as it aims to help businesses boost the “financial wellness and retirement readiness” of customers paying off student debt.
The company has also developed new solutions in response to the SECURE Act 2.0 recently passed by the US Congress, which allows employers to match employees’ student loan payments, emergency savings and tax-advantaged retirement contributions.
