Student loan management program Tuition.io of Santa Monica announced Thursday it raised a $7 million Series B round.
Tuitition.io’s online platform gives companies a management program to help pay off their employees’ student loan debt. Its customers include Live Nation, Staples and Fidelity Investments. Student loan repayment programs have become an increasingly popular employee benefit as recent graduates enter the workforce with heavier debt loads.
The Series B financing round was led by Wildcat Venture Partners of San Mateo with participation from existing investors Mohr Davidow Ventures of Menlo Park and MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Co. of Springfield, Mass.
The company plans to use the capital to hire additional sales and customer service representatives, and expand its number of products.
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