Student loan benefit provider Summer acquires Vault

Hot on the heels of Mimecast’s acquisition of Code42, student loan and education benefits platform Summer has completed the asset acquisition of Vault, formerly known as Student Loan Genius.

Vault, which was founded in 2013, serves more than 3,000 industry-leading employers, including New York Life, Ralph Lauren and Mastercard. 

The acquisition will therefore allow Summer to utilize this offering to further bolster HR leaders ability to creatively respond to recruiting and retention challenges by paying employees’ student loans, contributing to employees’ college savings plans, and facilitating student loan retirement matching.

Talking exclusively to UNLEASH, Will Sealy, Co-Founder & CEO of Summer, says: “The acquisition of Vault positions Summer as the foremost leader in the student loan and educational assistance benefits space. 

“It significantly expands our customer base, triples our reach, and strengthens our capabilities to deliver innovative solutions that address the growing demand for financial wellness benefits among employers and employees alike.”

In his exclusive UNLEASH interview Sealy expands on why this acquisition is so important to Summer, the key benefits it will provide Summer, as well as what to expect from the combined company in the near future.

Utilizing Vault’s technology to secure a stronger future

Marking a significant milestone in Summer’s seven-year history, the acquisition will allow Summer to integrate Vault’s technology and expertise to enhance its current product suite for HR leaders.

Affirming this, Sealy highlights that the acquisition will provide “invaluable assets” authorizing Summer to further innovate and expand its offerings. 

He adds: “Integrating Vault’s 529 Savings capabilities will enable us to enhance our product suite, improve client service delivery, and accelerate our growth trajectory in the financial wellness space.”

By buying Vault, Summer will also be acquiring assets including intellectual property and select client contracts.

What’s more, Sealy claims this acquisition aligns with Summer’s strategic goals of enhancing its product suite and scaling its operations to better serve clients.

Expanding on this, Sealy adds: “Vault brings with it a wealth of experience and a talented team that complements our existing strengths in student loan repayment and college savings programs.”

Looking ahead, Summer is focused on integrating Vault seamlessly into its platform and leveraging its combined strengths to develop new financial wellness solutions.

“We are also exploring opportunities to expand into adjacent markets and enhance our offerings beyond student loan benefits, potentially addressing areas such as credit card debt, mortgage refinance, and more,” Sealy concludes.

“We are excited about the possibilities this acquisition brings and remain dedicated to empowering employers and employees with the tools they need to navigate the complexities of student debt and achieve their financial goals.”