Social Leverage Portfolio Company Payitoff Raises $8.5M in Seed Funding!

The round was led by Lightspeed Venture Partners. Social Leverage, along with Sound Venture and Struck Capital, participated.

The new capital will assist Payitoff in meeting the growing demands from financial service providers as they get ready for the resumption of student loan payments on February 1, 2022.

Payitoff’s API and low-code solutions deploy quickly, allowing partners to embed on student loan repayment immediately. Notably, the Payitoff system saves the average borrower $2,800 per year. In addition, Payitoff is the first and only provider to automate federal loan assistance programs, resulting in quick approvals for key programs in an average of 10 days versus the 6-week industry standard.

The company was founded in 2017 by Bobby Matson, and while headquartered in New York, they operate with a remote-first team dispersed across the country. This round brings the total raised to $11M, and Social Leverage is proud to be a part of it. For an in depth look at the coming “student loan tsunami”, check out this recent blog post from founder Bobby Matson: We Raised $8.5M to Prepare the Financial Services Industry for the Student Loan Tsunami.