Social Finance (SoFi) is expanding its offering to include employee benefits and financial wellness programme SoFi at Work.
The company says the programme will reach 600 participating businesses and allow them to help employees reduce the impact of their student debt.
SoFi co-founder and CEO Mike Cagney said, “When it comes to employee benefits, we believe student loan help is the next 401(k).”
“This is especially true for the Millennial generation, now the largest percentage of the workforce, who are starting their careers with record-setting student loan debt and deferring important priorities like retirement savings or buying their first home.”
The programme will initially offer student loan contributions, where companies make regular contributions to employees’ student loans and student loan refinancing where companies offer SoFi’ student loan refinancing to employees.
The service’s launch follows reports that the California-based company is seeking to raise half a billion dollars in new funding.
It would take the total funding raised by SoFi, which was valued at $4bn last year, to more than $2bn to date.
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