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Summer
End-to-end student loan solution
- 21-100 employees
- Fintech
- B2B
- Banking
- Personal finance
- Union Square, New York, NY
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Company mission
To make it simple to implement student loan and education assistance benefits.
Our take
In the USA, federal student loan debt comprises about $1.6 trillion across 43 million borrowers. The majority of this is owed to the US government. Many in the USA are still in debt into their 40s, and Summer wants to help minimise the load for both borrowers and, ultimately, the country’s financial system.
Summer works with companies and organisations to create tailor-made benefits packages that help employees lighten their student debt faster. In an industry that has at times purposely missold student loan packages, Summer combines innovative technology and policy expertise to help borrowers gain a 360-degree view of their student loan situation.
With debt in general being a global pressure in the 2020s, it’s no surprise that Summer’s public benefit work has led to it gaining B Corp status. It has enjoyed several rounds of impressive funding from the likes of the Partnership Fund for New York City and General Catalyst Partners. It’s using its funding to expand its leadership and Advisory teams and will further enhance its fintech solutions.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Significant equity allocations
- Healthcare coverage
- 401(k) plans with an employer match
- Contribution toward student loan repayment
- Flexible vacation/PTO
Funding (last 2 of 8 rounds)
Apr 2024
$9m
EARLY VC
Apr 2023
$6m
SERIES A
Total funding: $32.8m
This company has top investors
Leadership
Will Sealy
(CEO)Previously Business Operations at SoFi, a Student Loan Policy Expert at Consumer Financial Protection Bureau, was a Special Assistant to Elizabeth Warren and was an Advisor to the Director of External Affairs at Consumer Financial Protection Bureau.
Vincent Tran
(CPO)Previously an Investment Associate at Partnership Fund for New York City, Director of Product at Pave, Inc, Product Manager at Orchard Platform and was a Fixed Income Analyst at the Loews Corporation.
Paul Joo
(COO)Previously an Associate at Davis Polk & Wardwell LLP, Law Clerk at United States Attorney's Office, Associate at The Boston Consulting Group and a Consultant at TechnoServe.