Monday, June 1, 2020

Upromise Acquired By LA's Prodege

El Segundo-based consumer rewards program operator Prodege, led by longtime SoCal technology veteran Chuck Davis, said Monday morning that it has acquired Upromise, the popular college education-saving rewards business which was owned by SLM Corporation (Sallie Mae). Financial terms of the acquisition were not announced. According to Prodege, it will use the acquisition to offer up further earning and saving opportunities to Upromise. Upromise lets consumers earn cash-back rewards for spending with certain retailers, restaurants, and elsewhere, automatically depositing those fractional funds into tax advantaged 529 education plans. Those 529 plans allow for investments to grow, tax-free, to be used in the future for qualified education expenses, including tuition, fees, books, and room and board.