Highway Benefits, which increases retention and employee financial wellness through modernized benefits, announced it has closed a $3.1 million seed round led by XYZ Venture Capital, with participation from angel investor Roger Ferguson Jr.

The company is focused on scaling its platform to address the $1.8 trillion in student loan debt that saddles 45 million borrowers with an average loan balance of $38,000 and monthly payments of $400. Highway is also announcing its integration with Rippling and availability in the company's app store, making it even easier for companies on Rippling to offer student loan repayment benefits.