Vestwell to Acquire Gradifi Solutions, Provider of Workplace Education Solutions
New York, New York (PRWEB) July 28, 2023 -- Vestwell, the leading savings platform for small businesses and individuals, today announced it has entered into an agreement to acquire Gradifi Solutions, a student loan benefits provider. The acquisition adds several new products to the Vestwell platform, including programs to help employees manage and pay down student debt, contribute to education savings accounts, and refinance student loans.
The strategic acquisition solidifies Vestwell’s commitment to offering best-in-class workplace financial benefits. In addition to its state savings programs, Vestwell now powers both workplace retirement and education benefits, providing employees with a modern and holistic approach to saving.
Gradifi Solutions offers workplace education solutions including financial literacy and student loan refinancing tools, as well as student loan repayment programs. Focused on financial wellness, these tools enable employees to access resources designed to help them achieve their holistic financial goals through the workplace.
“We’re delighted to bring Gradifi Solutions onto the Vestwell platform and offer a full suite of financial wellness programs to meet the needs of our clients,” said Aaron Schumm, Founder and CEO of Vestwell. “As millions of Americans carry student loan debt, it’s essential for employers to provide accessible tools and programs that enable individuals to pay down their student debt while saving for retirement simultaneously. Bringing Gradifi Solutions into Vestwell accelerates our product roadmap initiative alongside a top-tier client base. Through this acquisition, Vestwell is realizing its vision of enabling all savings in the workplace and beyond, with more offerings coming soon.”
An estimated 43.5 million individuals carry federal student loans in the United States. After the recent passing of the SECURE 2.0 Act, students don't have to sacrifice their retirement future for their loan obligations today. In their workplace retirement plan, an employer can recognize an employee’s student loan payments towards their matching formula. This allows employees to build retirement savings while also making their student loan payments. Both Morgan Stanley and Vestwell are focused on providing the best workplace savings and wellness solutions to mutual clients.
Vestwell acquired Gradifi Solutions from Morgan Stanley, which inherited the business as part of its acquisition of E*TRADE Financial.
“We’ve partnered with Vestwell for white label recordkeeping, and we’re thrilled to extend that relationship through their acquisition of Gradifi,” said Brian McDonald, Head of Morgan Stanley at Work. “We look forward to bringing our clients and participants a more robust and comprehensive education savings offering as part of this deal.”
The terms of the deal were not disclosed, but will include the technology, clients, and team members.
About Vestwell
Vestwell is the modern fintech engine powering savings programs for small businesses and individual savers across the country. We’re helping to close the savings gap by offering a flexible, cost-effective, modern solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers nearly 30,000 small businesses, over a million savers, and $27 billion in assets in all 50 states. To learn more visit vestwell.com.
Nicole Wood, Vestwell, http://Vestwell, 1 5302773951, [email protected]
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