Backer acquires Saving For College and raises Series A
Backer , a San Francisco-based fintech company focused on tax-advantaged 529 Savings Plans, announced its $9.5 million Series A round of financing and the acquisition of Saving For College , a media property and education savings resource.
“From day one, our mission has been to use technology to help the 529 industry reach a younger generation of parents. As we enter a new era of AI-powered tech, we see an exciting opportunity to combine the industry’s highest-traffic web destination with the industry’s top product team to modernize the way American families discover, enroll in, and engage with 529 plans.” – Jordan Lee, Backer’s founder and CEO.
Founded in 2017, Backer’s consumer savings app has aided over 200,000 parents and children in saving an estimated $250 million for education purposes. Notably, 40% of these savings have been contributed by family and friends. The success of Backer can be attributed to its efficient enrollment process, user-friendly gifting platform, and the introduction of a unique mobile app. These features have established Backer as a valuable technological ally for numerous 529 programs across the country.
Backer’s venture round was led by WndrCo. “We are thrilled to partner with Backer to transform how families across America save for college. We believe high-quality educational content and intuitive consumer experiences are the keys to improving financial literacy.” – WndrCo General Partner ChenLi Wang.