Backer's fintech-powered gifting features will be available for over 160K 529 accounts, debuting a new model of collaboration with state-run 529 programs
SAN FRANCISCO, Dec. 6, 2022 /PRNewswire-PRWeb/ -- Today, Backer, the leading fintech company focused on 529 plans, has partnered with the State of North Carolina to bring its best-in-class gifting features to over 160,000 North Carolina 529 accounts with the goal of helping them maximize their contributions.
"Our partnership with North Carolina represents an important milestone for Backer," said Jordan Lee, Founder & CEO of Backer. "After years spent perfecting our consumer savings product, we are excited to be able to bring a modern, fintech-powered gifting experience to the country's ninth-largest state."
The 529 has existed as a powerful education savings tool for decades, growing to over $400 billion in assets across 16 million accounts. Backer was created to simplify the mechanics of saving, helping modern families not only tap into tax-free accounts with ease, but also invite friends, family, and extended networks to support their kids' dreams of a bright, unburdened future.
Backer has a lengthy track record and reputation for innovation within the 529 industry. Since its 2017 debut, Backer's consumer savings app has helped over 180,000 parents and kids avoid more than $500 million in future student debt, with 40 percent of the money families have saved coming in the form of gifts from family and friends. Making its gifting functionality available to participants in the NC 529 Plan is a logical next step. In North Carolina, Backer has found a partner with a deep, longstanding commitment to higher education and eagerness to push the industry forward through novel fintech partnerships.
The Backer Difference
Backer's social savings platform enables one-time or recurring gifts (monthly, biweekly, or annual) from family and friends – the perfect gift for holidays, birthdays, graduations, back-to-school season, and more. Account owners (i.e., the child's backer) can set up and customize a gifting page with an easy-to-remember URL, and can return to Backer to view their transaction history, manage their recurring gifts, and give to another family.
"We know that planning for the cost of education often involves extended family and friends. The NC 529 Plan's collaboration with Backer makes it that much easier for those loved ones to support the important children in their lives," said Laura Morgan, the Vice President of Legal Affairs, Communications, and Savings at College Foundation, Inc., which administers the NC 529 Plan. "Collaborations like these should help move the needle on education savings and further our efforts to make education truly accessible to everyone in North Carolina. This is just the first phase of collaboration between Backer and our 529 program, and we're excited to bring other enhancements to our NC 529 investors over time."
To promote the addition of the new Backer gifting features, the NC 529 Plan is sponsoring a giveaway that will offer $100 in seed funding for the first thirty NC 529 Participants who link their accounts to Backer as well as a chance to win $5,529 in education funding.
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About Backer
Backer is the leading fintech company focused on 529 plans. It makes saving for college simple, helping modern families not only tap into tax-free accounts but also invite family, friends, and extended networks to support their kids' dreams of a bright, unburdened future. Backer is headquartered in San Francisco, CA. Visit backer.com or follow @backer529 on Twitter for more information.
Media Contact:
Tisha Ferraro
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(775) 848-8231
Media Contact
Tisha Ferraro, The Key PR, 7758488231, [email protected]
SOURCE Backer
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