Candidly, an American student debt and saving optimization platform, has successfully raised more than $20 million in a Series B funding round. The platform anticipates using the secured funds to help American students pay their debt arrears and start saving.
In a March 7 press release, the market’s most comprehensive student debt and savings optimization platform Candidly confirmed raising $20.5 million in a Series B funding round led by venture capital firm Altos. While commenting about the recent funding, Laurel Taylor, the Founder and CEO of Candidly, remarked:
“Our Series B round of financing places us in a unique position of opportunity and responsibility, empowering the largest financial services companies in the world to engage and transform the financial wellness and retirement readiness of those who believe that education – past, present, and future – is part of their path to prosperity.”
Candidly Raises $20.5M To Help Vulnerable Students
Established in 2016, Candidly is a fintech platform focusing on helping students settle their education fees and help them to make savings. The firm envisioned making trusted, intelligent, and all-inclusive solutions that enable Americans to reap the rewards of that investment to build financial wellness and wealth.
For the past eight years, Candidly has partnered with employers, retirement record keepers, and financial services companies to close a critical gap in workplace financial wellness and enable users to repay their debt faster and more effectively.
Last year, Candidly partnered with notable distribution partners, including Guild, Empower, Lincoln Financial Group, and Vanguard, joining existing partners, including UBS and Fiserv, positioning Candidly to serve more than 35 million Americans.
What Does Candidly Eyes For?
Based on the announcement, Candidly intends to use the secured funds to help students cover their entire education expenses and empower people to make simultaneous progress on paying down student debt and building wealth.
It’s worth noting that the recent funding comes at a time when most students are in debt and savings crisis. Today, nearly 47 million student loan borrowers owe a collective $1.8 trillion and are preparing to enter repayment after a three-year pause on federal student loan payments.
Moreover, most of them need help since they can’t even afford $400 to cover an unexpected emergency expense. But interestingly, the recent round of financing will enable Candidly to better respond to this massive market need, translating smart policy into practical solutions that will impact the financial well-being of millions of Americans.
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