Backer is a mobile‑first platform that lets parents open and manage a top‑tier 529 college savings plan in minutes, with paperless setup, curated investment options, and real‑time projected growth. It provides a shareable gifting link so family and friends can make one‑time or recurring tax‑free contributions via card or bank transfer, all tracked through a secure app.
Funding
$9.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many families find it difficult to start and maintain tax‑advantaged college savings because 529 plans are complex, require paperwork, and lack easy ways for extended family and friends to contribute.
Solution
Backer offers a mobile‑first platform that simplifies opening a top‑tier 529 college savings plan in minutes and provides a shared gifting page for parents, grandparents, aunts, uncles and friends to make one‑time or recurring contributions. The service handles plan selection, investment recommendations, and automated contributions, while displaying real‑time projected savings and tax‑free growth. Contributions are processed through a low, transparent fee structure, and all account activity can be managed from a phone or web dashboard. By turning college savings into a collaborative, social experience, Backer helps families build larger education funds faster and reduces future student‑debt risk.
Target Audience
Parents who want to start a college fund for their child, and extended family members or friends who wish to contribute financially to that fund.
Features
- Paperless 5‑minute setup of a government‑backed 529 plan with curated investment options
- Customizable fund link that lets any “backer” contribute via credit/debit card, Apple Pay, Google Pay or bank transfer
- Automated recurring contributions and milestone reminders to keep saving on track
- Real‑time dashboard showing projected tax‑free growth, contribution history, and beneficiary balance
- Mobile apps for iOS and Android with secure, bank‑level encryption and 24/7 monitoring
- Low, flat $1.99 platform fee per external contribution (no percentage‑of‑assets fees)
- Ability to connect an existing 529 plan and continue using Backer’s gifting and management tools