Student Loan Genius has raised $3.5 million in venture capital.

Vestigo Ventures, based in Cambridge, Mass., led the round which included CMFG Ventures, Prudential Financial and Rubicon Venture Capital also participated in the round. The Austin-based startup, founded in 2013, has raised more than $7 million to date.

The company plans to use the funds for sales and marketing, product development and hiring new employees.

“SLG is driving innovation in employee benefits that hasn’t been seen since the emergence of the 401K decades ago. With 70 percent of the emerging workforce saddled with student loans, it is incumbent on employers to empower the current and future workforce generations to succeed in the market, unencumbered by the high cost and burden of debt,” Michael Nugent, Managing Director, Vestigo Ventures, said in a news release. “SLG fits within Vestigo’s mission to finance fintech companies focused on worksite management. We are especially impressed with the management team and its actionable go-to-market strategy to bring SLG’s products and services to major companies nationwide.”

Student Loan Genius is an employee benefits platform that gives employers a way to help their employees pay back their student loans quicker and with employer contributions. Its customers include New York Life, Ralph Lauren and Mastercard.

“In an environment made up of the most educated workforce to-date with the current high employment rate, organizations are becoming keenly aware of the difficulty retaining their best people,” Matt Beecher, CEO of Student Loan Genius, said in a news release. “This new funding validates Student Loan Genius’ mission and efforts to enable companies to retain their top talent in an increasingly competitive workforce through unique benefits, like student loan payments, that meet their employee’s needs.”