EL SEGUNDO, Calif., June 1, 2020 /PRNewswire/ -- Prodege, a leading online consumer-rewards platform, announced today that it has acquired Upromise, Inc., a leading college education-savings rewards business, from SLM Corporation (Sallie Mae). This acquisition furthers Prodege's mission to "Create Rewarding Moments" for its over 120 million registered members worldwide.
Upromise provides unique opportunities for consumers to earn cash-back rewards for spending, shopping, dining out, and other activities, and then automatically deposit those rewards as contributions to any linked 529 Plan education savings account. Those contributions can be invested and will grow tax-free over the years, and then can be withdrawn tax-free for qualified education expenses, including tuition, fees, books and room, and board.
The Upromise acquisition will offer additional reward earning opportunities to families across America who are committed to saving for their children's education. Nationally there are over 14 million 529 Plan accounts, that hold more than $371B in total assets. Most states sponsor at least one plan, many with the benefit of state tax deductions for contributions up to $10,000 per year. Upromise supports those 529 Plan accounts so that parents and other education-savers reach their savings goals more quickly.
Following the acquisition, online retailers, brands, and advertisers working with Prodege will also be able to access the Upromise audience of over 500,000 active rewards members to drive additional sales and marketing performance. Upromise members drive over $3.2 billion in annual Gross Merchandise Value (GMV) through activities like shopping, dining, and using the Upromise Mastercard, earning cash-back for every purchase.
"In addition to welcoming another brand to our family of rewards platforms, we are excited to offer further earning and saving opportunities for our Upromise members who are proactively contributing to college education savings plans," says Chuck Davis, CEO & Chairman. "Our partners will also benefit greatly from access to another consumer audience with the exceptional quality and service that they are accustomed to from Prodege."
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