Backer, a fintech company focused on tax-advantaged 529 savings plans, has announced its acquisition of Saving For College, a 529-related media property and education savings resource. Backer aims to modernize the 529 industry by combining Saving For College’s high-traffic web destination with its own product team. The acquisition comes alongside Backer’s successful $9.5 million Series A funding round.
529 plans have been a widely used college savings tool for years, with more than $450 billion in assets across 16 million accounts today. Backer has helped parents and children save over $250 million for education through its consumer savings app. The partnership with Saving For College aims to ensure that 529 plans continue to meet the needs of American families in the future.
WndrCo led the venture round for Backer. With the acquisition of Saving for College, Backer aims to use technology to reach a younger generation of parents and revolutionize how families discover, enroll in and engage with 529 plans.
