Chipper raised $5.6M Seed Funding, a company in Austin, Texas that offers an app to pay off student loans.
The round was led by Freestyle Capital, Slauson & Co., and Propel Venture. Investors from the Cap Table Coalition, Slauson & Co., and Propel Venture were also backers.
The company plans to use these funds to expand its user base of more than 80,000 users, team, marketing and product expansions such as the launch of Chipper Rewards.
Chipper, the founder and CEO of the app, was created by Tony Aguilar. It helps student loan borrowers pay off their debts more quickly. The app offers student loan repayment solutions that support borrowers at all stages of their journey. The app’s algorithm determines the best options for repayment, management, and loan forgiveness, according to each user. Chipper helps users to navigate their preferred plans, reduce paperwork, and offers 1-on-1 advice from its student loan experts.
A tiered membership program can generate revenue. It’s completely free to sync loans from a servicer and explore forgiveness and repayment options. Chipper+ users can sign up for support and auto-enrollment to forgiveness or repayment programs. Round-ups are available for $4/month. For $2/month, users can access round-ups on their own.