Savi, co-founded by Aaron Smith and Tobin Van Ostern, is a social-impact startup that positions itself as an expert in student debt. The company develops financial-technology that identifies the best loan repayment and forgiveness programs based on a user’s unique financial picture and goals. Its platform can automate payments, monitor re-enrollment needs, and track newly applicable benefits for borrowers. Savi focuses on helping borrowers disproportionately affected by student debt, including those with debt but no degree, Black, Latinx, first-generation, and female borrowers. The company is partnering with WGU Labs on a two-phase collaboration that includes a nationally representative survey of borrowers and a pilot to connect users who reduce their payments through Savi to educational opportunities at WGU. The article does not disclose revenue, users, or other operating metrics. Savi provides a student-loan assessment platform that ingests borrowers' loan data, analyzes repayment and forgiveness options, and calculates the best paths to minimize total burden. The company offers its assessment free to users and charges a $5/month subscription to actively manage loans and automate paperwork only when it can save the borrower money. Savi says the average borrower sees $140 in savings per month and that its platform supports more than 150 forgiveness and repayment options. Organizations and employers offer Savi as a benefit to employees and members—one of its largest partners is the NEA, representing around 3 million members. Savi is organized as a public benefit corporation and was founded by Aaron Smith and Tobin Van Ostern, who built the company with an explicit mission to prioritize borrowers' interests. During the COVID-19 pandemic Savi launched a dedicated tool to help impacted workers and health professionals navigate new relief programs and their student-loan situations.

Total raised

$6M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2020