Highway Benefits raises seed round to scale adoption of student loan repayment as a benefit

Highway's co-founders, Mick MacLaverty and Cory Micheel, share their thoughts on Highway's seed round.
Mick MacLaverty
Mick MacLaverty
Updated
Published
March 3, 2023

Post Summary

We’re quite happy to announce that Highway has raised $3.1M to continue to tackle the national crisis that is student loan debt. It’s been a lot of hard work, and we’re excited to continue positively impacting lives through modernized employee benefits.

At Highway, we’ve set out to provide accessible and easy to launch, impactful benefits starting with student loan repayment. With ⅓ of employees currently saddled with student debt and even more entering the workforce each year, student loan repayment is an easy way for employers to bolster their benefits package to retain and attract talent. With Highway, companies can design and administer custom benefit plans to contribute to their employees' student loans tax-free. Our platform automatically verifies employee eligibility, loan eligibility, and executes tax-free contributions on a regular basis on behalf of employers.  

We’re even more excited to continue to grow alongside our great investors XYZ Venture Capital and Roger Ferguson Jr.. With this investment, we’re lucky enough to bring XYZ’s Chauncey Hamilton to our board to continue to guide us along the way. They share our passion in changing how the world views compensation and we feel lucky to have them on our bench.

In a short time we've created the best in breed repayment solution. It's been a thrill growing our customer base and witnessing them help pay off employees' loans years earlier. While millions still have a long way to go on their student debt journey, it feels empowering to have witnessed how impactful our company is on people's financial wellbeing. As Highway continues to grow, we look forward to seeing more companies demonstrate their commitment to employees’ financial wellness through adoption of student loan repayment..

When we started Highway, we knew that if we could find a way to help employees and HR teams alike we would find success. Regardless of what happens with the Supreme Court cases, which commenced earlier this week, we exist to do our part in solving the problem. Forgiveness or not, student loan payments will resume in 2023 and we are poised to help as many employers as we can use the tools at their disposal to make sure their employees are prepared.

We will continue to work relentlessly and are excited to add fuel to grow our business and help more and more People teams reach their talent goals through benefits that actually make a difference.

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UPDATE: View additional coverage of our raise in Business Wire, Fortune, TechCrunch, Dot.LA, FinSMEs, SocalTech, Silicon Valley Journals, and 401k Specialist Magazine.

Mick MacLaverty

Mick is the CEO & Co-Founder of Highway Benefits.

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Footer illustration for student loan repayments