Paidly Secures $2 Million in Series A Funding to Enhance Student Loan Benefit Platform for Employers and Employees

After examining the provided sources, it appears that there are two different companies named Paidly, each with distinct focuses and operations. The first Paidly, based in Japan, is a fintech startup that provides payment services via smartphones, turning phones into credit card-like services[1]. The second Paidly, based in Rochester, New York, is a financial technology company that helps employers set up supplemental student loan benefits for employees through its cloud-based Student Loan Benefits platform[2][4][5].

Given the context of the query, the relevant news articles covering the funding type for the second Paidly, which focuses on student loan assistance, are found in sources [2], [4], and [5]. Here is a rewritten version of the news articles to avoid plagiarism while maintaining all the facts:

Paidly, a Rochester-based financial technology company, has successfully closed its Series A funding round with a $2 million investment from S30Build, LLC, a technology consulting and investment firm based in Wilmington, North Carolina. This funding will strengthen Paidly’s mission to alleviate the burden of student loan debt and provide groundbreaking HR benefit solutions to employers.

Paidly’s cloud-based platform offers employers a streamlined way to establish and manage student loan benefit plans, supporting employees as they pay off their student loans and addressing key workforce needs within their business. The platform aims to empower individuals to efficiently manage their student loan payments while focusing on other life milestones, such as buying a home, starting a family, and saving for retirement.

The investment from S30Build will enable Paidly to enhance its platform and expand its reach, delivering greater value to both employers and employees. Paidly CEO John Scully expressed his commitment to driving positive change, stating that the investment from S30Build will help the company achieve its goal of improving financial wellness and increasing job satisfaction.

Student loan debt in the United States is a significant economic concern, with Americans carrying and struggling to pay back more than $1.7 trillion in federal and private loans. A survey by WGU Labs found that 44% of young workers stress about how they will pay back their student loans, while 86% of employees indicated they would commit to their employer for five years if they received help paying off their student loans, according to American Student Assistance survey findings.

In 2020, the federal government passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, which allows employers to contribute up to $5,250 tax-free to student loans each year, making the money paid tax-exempt for both the employee and the employer. Paidly’s platform represents a unique, forward-looking approach to alleviating student loan debt and reducing financial stress caused by student loans, already making an impact on the workforce.

John Andrews, S30Build managing partner and chief investment officer, emphasized that student loan debt is not just an economic concern for borrowers but also a recruiting, retention, and productivity concern for employers. Paidly’s platform addresses these concerns by providing a streamlined solution for employers to support their employees in managing student loan debt.

Paidly offers simple pricing with no contract, scaling with the business through starter, enterprise, and custom packages. The company’s mission is to drive positive change by helping employers and employees navigate the complexities of student loan debt, resulting in improved financial wellness and increased job satisfaction. With the support from S30Build, Paidly is well-positioned to make a meaningful impact in addressing the challenges posed by student loan debt.