AUSTIN, Texas--(BUSINESS WIRE)--Student Loan Genius (SLG), a leading student loan benefits platform, today announced it will now be known as Vault. The company’s new brand comes on the heels of several recent significant successes, including key customer wins, new product announcements, $3.5 million in funding and a new chief operating officer.
American Family Insurance has chosen to offer two key Vault programs to its employees: Vault Pay, which powers employer student loan contributions to help drive employee engagement, and Vault Advisor, an online tool that models customized payoff plans based on employees’ actual loans and offer 1:1 advising for employees.
Vault also recently launched Vault Match, a new 401(k) product that can help employers allocate unused 401(k) dollars to student loan benefits. Vault Match is fueled by a recent IRS private letter ruling that allows employers to contribute to an employees’ 401(k) funds on behalf of those employees who are actively making student loan payments.
Other key Vault achievements include the following:
- Vault closed a $3.5 million Seed Series Prime financing round in May 2018 with Vestigo Ventures, an early-stage venture capital firm focused on transformative tech investments.
- Vault appointed Romy F. Parzick as Chief Operating Officer (COO) to lead operational excellence with a focus on scaling backbone operations, including client relationships, customer success, new customer implementation, and end-user adoption.
“Vault was born out of the desire and ability to be more than a third-party financial technology service for organizations,” said Matt Beecher, CEO of Vault. “We solve a very real and increasingly suffocating financial problem that affects a large number of employees: student loan debt. And, we are willing to get down into the trenches to create results that give our clients an advantage in the marketplace. We’ve changed our name to reflect that we’ve honed our focus, more than ever, on empowering financial freedom.”
More than 44 million Americans collectively carry $1.5 trillion in student debt as of the first quarter of 2018, according to the Federal Reserve. By 2027, 75 million Americans will have $3 trillion in student loan debt. Vault puts leading employers in a position to help solve this challenge, through a workplace benefit that helps employees eliminate their student loan debt. As a result, employers gain a crucial advantage in hiring and retaining top talent, and employees attain financial freedom.
Today, major companies like New York Life, Ralph Lauren and Mastercard offer Vault to differentiate themselves in an increasingly competitive marketplace.
Vault is a leading student loan benefits platform, equipping employers to make it achievable for employees to more quickly eliminate student loans and attain financial freedom. Companies of all sizes including New York Life, Ralph Lauren, Mastercard, and Pinterest offer Vault benefits to differentiate themselves in a competitive marketplace. Vault is on a mission to foster enduring relationships between employers and employees that benefit both parties. For more information, visit vault.co or follow us at @vaultbenefit.