BOSTON, June 21, 2016 /PRNewswire/ -- Gradifi, the industry's first provider of the Employer SLP Plan™ (Student Loan Paydown), today announced an exclusive partnership with Radius Bank to offer the only debit card to help pay down student loans - the Gradifi MasterCard® Debit Card with Apple Pay™. Cardholders will earn 1% unlimited rewards on all debit card purchases. These rewards will be applied directly toward any student loan via Gradifi's secure payment processing platform. The card is offered through a Radius FDIC-insured free checking account which can be opened online in minutes and provides additional convenient features, including unlimited ATM rebates. The partnership with Radius is an extension of Gradifi's free integrated Member Paydown Rewards™ platform. The card will be available in the fall of this year.
The Gradifi-managed SLP Plan™ gives employers the ability to make extra monthly contributions towards any student loan for new and existing employees.
"Our partnership with Radius enables Gradifi members to earn rewards on everyday purchases simply by using their debit cards, giving them the potential to shave years off of a student loan," said Gradifi Founder and CEO Tim DeMello. "With Radius, we are able to provide our Members another innovative way to get out of debt faster, offering them a best-in-class program from a technology-driven partner who shares our focus of delivering a state-of-the-art customer experience."
"In partnering with Gradifi, we saw an opportunity to offer an innovative deposit product to be part of their solution to help pay down student debt while improving consumers' overall financial management," said Mike Butler, Radius President & CEO. "We are excited to have partnered with Gradifi to offer this one-of-a-kind service to their Members. Additionally, Radius is furthering their involvement by offering Gradifi's SLP Plan™ benefit to all of its employees, helping them pay down their own student debt. "We are excited to offer our employees with student loan debt this cutting-edge employee benefit."
Gradifi is a Boston-based student loan pay down provider with the first innovative solution to the nation's $1.3 trillion student loan debt problem. The company was founded in 2014 and is led by a management team that brings decades of combined experience in consumer financial services and entrepreneurial ventures. By partnering with companies such as PricewaterhouseCoopers to develop employer SLP Plans™ (Student Loan Paydown), rewards programs and brand loyalty programs, Gradifi is shifting the focus on student loan debt – from burden to empowerment. To learn more about Gradifi, visit www.gradifi.com or twitter.com/gradifi.
About Radius Bank
With assets of approximately $800 million as of March 31, 2016, Radius Bank is a forward-thinking community bank offering a full complement of convenient, leading-edge personal and business products and services. The Bank serves consumers, small and middle market businesses, unions, government entities and non-profit organizations as its core clients. The Bank offers anytime/anywhere banking via mobile device, 24-hour ATM service, provides additional services such as treasury management capabilities, and partners with innovative organizations including mobile payments leader LevelUp, online investment firm Aspiration, and online marketplace lender Prosper. Customers can readily access traditional, personalized branch banking at the Bank's Boston, MA financial center. Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank's website at www.radiusbank.com.
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