Candidly reported that it managed to attract investment funds in the amount of $ 20.5 million following the results of the Series B financing round.
The company intends to use the received funding to reduce the amount of student debt. The firm is launching a platform to optimize student debt and savings into the digital experience of partners such as employers, retirees, and financial services companies.
The company’s press release, published on the occasion of attracting investment funds, states that this platform will help users to repay money debts related to studies faster and more economically.
The founder and CEO of Candidly, Laurel Taylor, stated that the firm’s constant goal is to provide hardworking residents of the United States with opportunities to ease the burdens of student debt and provide a more favorable financial condition. The head of the company also said that additional funding will allow it to respond more effectively to the corresponding need and turn reasonable decisions into practical actions that will have a positive impact on the well-being of millions of Americans.
At the end of the summer of 2022, student loans in the United States totaled $1.7 trillion. The debt burden applies to all groups of the population, where the ratio of student debt to income is in the range of high 30% for borrowers earning from 20 thousand to 60 thousand dollars a year, and increases to about 40% for borrowers whose annual income is from 90 thousand to 100 thousand dollars.
Thanks to Candidly’s new offer, embedded in the digital experience of partners, users can interact with the platform on which they work, in a bank, or use financial services. They can also use the platform to pay off student debts and accumulate wealth.
The Series B funding round was conducted by Altos Ventures and followed a year during which Candidly increased its revenue 10 times.
As we have reported earlier, German VC Firm La Famiglia Raises $264 Million.