Student Loan Genius, a loan support platform for employees, has changed its name to Vault.
The change of name comes after several months of success, including a $3.5m funding round led by Vestigo Ventures, the announcement of new products and the hiring of a new chief operating officer.
Vault recently launched Vault Match, a 401 (k) product which helps employers allocate unused 401 (k) dollars to student loan benefits. This service is fuelled by a recent IRS private letter which enables employers to contribute to employees’ 401 (k) funds on their behalf.
Loan Genius helps HR and recruiting teams to retain their millennial employees by supporting their student loan repayments. The company empowers employers to contribute to their team’s student debt by paying towards their loan each month.
Its solution also provides users with reports for various aspects of the business including activity updates, company-wide impact and average employee impact. Some of the clients implementing Student Loan Genius include New York Life, Ralph Lauren and Mastercard.
Vault CEO Matt Beecher said, “Vault was born out of the desire and ability to be more than a third-party financial technology service for organizations.
“We solve a very real and increasingly suffocating financial problem that affects a large number of employees: student loan debt. And, we are willing to get down into the trenches to create results that give our clients an advantage in the marketplace. We’ve changed our name to reflect that we’ve honed our focus, more than ever, on empowering financial freedom.”
American Family Insurance recently onboarded two of Vault’s products for its employees. Through Vault Pay it can contribute to employees’ student loan contributions, and Vault Advisor is an online tool that models customised payoff plans based on employees’ actual loans and offer 1:1 advising.
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