Thursday, March 2, 2023

Highway Benefits Picks Up $3.1M

Manhattan Beach-based Highway Benefits, a new fintech startup which offers up help with student loan repayments as an employee benefit, has raised $3.1M in a seed funding round. The funding was led by XYZ Venture Capital, and also included angel Roger Ferguson Jr. The company said its founders are Mick MacLaverty and Cory Michael, who were both graduate students at UCLA's Anderson School of Management in 2021. The company says the company helps employers attract talent through a student loan matching platform, which allows employers to contribute to their employees' student loans. The startup's benefits are linked into the CARES Act, which allows employers to make tax-free contributions of up to $5,250 per employee per year to help those employees pay off their student loans.