Candidly, a student debt and savings optimization platform, has raised $20.5 million in a Series B round led by Altos Ventures and featuring participation from Cercano Management.
The company has seen significant growth, with 10x revenue growth and a 3,600% increase of payments flowing through its platform over the past year.
Candidly partners with employers, retirement recordkeepers, and financial services companies to enable users to pay down their debt faster and more cost-effectively.
The funding comes as nearly 47 million student loan borrowers prepare to enter repayment after a three-year pause on federal student loan payments, and a majority of Americans do not have even $400 to cover an unexpected emergency expense.
Candidly plans to use the funding to respond to this market need and build practical solutions to impact the financial wellbeing of millions of Americans.
