SavvyFi offers a platform that provides employers with education financial benefits, including student loan repayment assistance and 529 education savings plans, to enhance employee financial wellness. By enabling organizations to support their workforce in managing student debt and saving for future education, SavvyFi addresses the growing financial burden of education costs on employees.
Funding
$5.7M 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
Employees face increasing financial strain due to the burden of student loan debt and the challenge of saving for future education expenses, impacting their overall financial wellness and ability to save for retirement. Employers struggle to attract and retain talent while employees are concerned about their financial futures.
Solution
SavvyFi provides an all-inclusive education financial benefits platform that enables employers to support employees in managing student loan debt and saving for future education. The platform offers solutions such as student loan repayment assistance, 529 education savings plans, student loan retirement match programs (enabled by the SECURE 2.0 Act), and tuition reimbursement. By offering these benefits, employers can improve employee financial wellness, attract and retain talent, and receive corporate tax benefits on contributions. SavvyFi streamlines the administration of these programs, eliminating paperwork and automating enrollment, allowing employees to easily enroll and receive impactful benefits.
Target Audience
SavvyFi targets employers looking to enhance their employee benefits packages and improve employee financial wellness, as well as brokers seeking to offer comprehensive education financial solutions to their clients.
Features
- Student Loan Retirement Match: Allows student loan payments to count as retirement contributions.
- 529 Education Savings Plans: Facilitates saving and crowdfunding for future education expenses.
- Student Loan Repayment Assistance: Helps employees repay existing student loan debt.
- Tuition Reimbursement: Enables employers to invest in talent through reimbursements for continuing education.
- Gifting Link: A unique link employees can share with friends and family to contribute to their 529 plan or student loan payoff.
- Cashback Rewards: Provides opportunities for employees to earn cashback on everyday purchases that can be applied to education savings or debt.
- Automated Enrollment: Streamlines the enrollment process for employees.