NEW YORK--(BUSINESS WIRE)--FutureFuel.io, a technology firm that helps America’s 47.9 million borrowers crush their student loan debt, announced today a new partnership with Fiserv. This partnership will enable banks and credit unions to bring the FutureFuel.io student loan repayment platform to consumers, providing personalized, dynamic student debt management to millions of borrowers nationwide.
Seventy percent of college graduates leave school with student loan debt. As a result, helping consumers manage that debt—and build financial resilience—has become an urgent opportunity for financial institutions who seek to deliver value and build relationships with a younger demographic of banking customers.
Adding to this urgency is the impending expiration of emergency federal student loan payment suspension, which is scheduled to end on January 31, 2022. FutureFuel.io is the only technology platform that responds to this need with student debt solutions that serve all student loan holders, from those hoping to lower their monthly payments via federal income driven repayment plans to borrowers aiming to pay their debt down faster—and avoid unnecessary interest—with tools that gamify extra contributions.
“Our team is focused on creating connections to fintechs as a part of our overall commitment to open banking,” said Todd Horvath, head of Account Processing at Fiserv. “Debt is never an easy topic, but we are confident that our clients and their customers can benefit substantially by making debt management elimination a seamless part of the experience with their financial institution.”
FutureFuel.io uses machine learning technology rooted in behavioral economics to help users decide how to pay off their student debt while also saving for the future. On average, borrowers who use FutureFuel.io to enroll in federal repayment plans reduce their monthly payments by $326, which in turn can redirect cash flow to help borrowers build savings accounts and work toward other financial goals.
“Fiserv is a global leader within the financial services and payments space, supporting thousands of financial institutions,” Laurel Taylor, CEO and founder of FutureFuel.io. “We are thrilled to work alongside their team to bring our platform to millions of Americans who are eager to build stronger, brighter, and more resilient financial futures. Fiserv is aggressively advancing its open banking strategies and it is a privilege to support this transformation.”
FutureFuel.io recently completed a Series A1 round of equity funding backed by global leaders across the financial services and technology landscape including UBS, Aflac, Fiserv, and Salesforce, alongside iconic institutional investors who sit at the intersection of fintech, social impact, and the future of work, including Vulcan Capital, Rethink Impact, Breton, Impact Engine, and Sixthirty among others.
“Paying down student debt is one of the number-one priorities of young customers, and their parents, in our market,” said Susan L. Shields, President and CEO at The Milford Bank. “FutureFuel.io and Fiserv are providing our customers with an intuitive and effective way to focus on financial wellness and reduce debt, and we’re proud to enable those goals with a digital-first experience in collaboration with Fiserv.”
FutureFuel.io has generated an estimated $38 million in savings for its users to date. FutureFuel.io offers four categories of debt-repayment solutions, across a range of non-integrated to integrated options, including API- and widget-powered experiences, SSO, and configured co-branded solutions: Benefit, Change, Crush, and Learn.
FutureFuel.io is a platform that supports America’s 46 million borrowers in paying off their student debt as quickly and efficiently as possible. On average, FutureFuel.io saves users between $15,000 to $40,000 and half a decade off of their student loan payments through a personalized Student Debt FinHealth platform that optimizes federal repayment plan enrollment, automates the management of unruly student loans, gamifies spare change, and enables users to discover free money from merchants while shopping online. FutureFuel.io's comprehensive platform crushes student debt by empowering users to take small actions that make a big impact.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among the FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.