FutureFuel.io Reaches New Student Borrowers With Partnership With Fiserv | Business
NEW YORK – (BUSINESS WIRE) – October 12, 2021–
FutureFuel.io, a tech company that helps America’s 47.9 million borrowers reduce their student loan debt, today announced a new partnership with Fiserv. This partnership will allow banks and credit unions to bring the FutureFuel.io student loan repayment platform to consumers, delivering personalized and dynamic student debt management to millions of borrowers across the country.
Seventy percent of college graduates leave school with student loan debt. As a result, helping consumers manage this debt and build financial resilience has become an urgent opportunity for financial institutions looking to create value and build relationships with a younger population of bank customers.
Adding to this urgency is the impending expiration of the Federal Student Loan Emergency Payment Suspension, which is scheduled to end on January 31, 2022. FutureFuel.io is the only technology platform that addresses this need with solutions. of student debt that serve all student loan holders, from those hoping to lower their monthly payments through income-driven federal repayment plans, to borrowers aimed at paying off debt faster – and avoiding unnecessary interest – with tools that gamify additional contributions.
âOur team is focused on creating connections with fintechs as part of our overall commitment to open banking,â said Todd Horvath, Account Manager at Fiserv. âDebt is never an easy topic, but we believe our clients and their clients can benefit tremendously by making the elimination of debt management an integral 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 student debt while 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 set up savings accounts. and achieve other financial goals.
âFiserv is a global leader in financial services and payments, supporting thousands of financial institutions,â Laurel Taylor, CEO and Founder of FutureFuel.io. âWe’re excited to be working alongside their team to bring our platform to millions of Americans who want to build a stronger, brighter, and more resilient financial future. Fiserv is aggressively advancing its open banking strategies and it is a privilege to support this transformation.
FutureFuel.io recently completed a series of Series A1 equity financings backed by global leaders in the financial services and tech landscape, including UBS, Aflac, Fiserv and Salesforce, alongside iconic institutional investors at the intersection of fintech, social impact and the future of work, including Vulcan Capital, Rethink Impact, Breton, Impact Engine and Sixthirty, among others.
âPaying off student debt is a top priority for young clients and their parents in our market,â said Susan L. Shields, President and CEO of The Milford Bank. âFutureFuel.io and Fiserv provide our clients with an intuitive and efficient way to focus on financial well-being and reduce debt, and we are proud to achieve these goals with a first digital experience in collaboration with Fiserv. “
FutureFuel.io has generated an estimated savings of $ 38 million for its users to date. FutureFuel.io offers four categories of debt service solutions, across a range of non-integrated to integrated options, including API and widget-based experiences, single sign-on, and co-branded solutions configured: Benefit, Change, Crush and Learn.
FutureFuel.io is a platform that helps America’s 46 million borrowers pay off student debt as quickly and efficiently as possible. On average, FutureFuel.io saves users between $ 15,000 and $ 40,000 and half a decade on their student loan repayments through a personalized Student Debt FinHealth platform that optimizes federal repayment plan enrollment, automates the management of unruly student loans, gamifies currency, and allows users to discover free money from merchants while shopping online. FutureFuel.io’s comprehensive platform crushes student debt by allowing users to take small steps that have 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 fintech, the company helps clients achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuers processing and network services; Payments; e-commerce; acquisition and processing of traders; and the Clover Â® cloud point of sale solution. Fiserv is a member of the S&P 500 Â® Index and the FORTUNE Â® 500, and is one of the World’s Most Admired FORTUNE Â® Companies. Visit fiserv.com and follow social media for more information and the latest company news.
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CONTACT: KÃ©vin Solan
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL BANKING SERVICES
Copyright Business Wire 2021.
PUB: 12/10/2021 16:53 / DISC: 12/10/2021 16:53
Copyright Business Wire 2021.