Ascensus Invests in Nonprofitly to Enhance Education Savings for All

Ascensus Strengthens Partnership with Nonprofitly to Support Education Savings

In a significant move to enhance educational savings initiatives, Ascensus, a key player in the American savings ecosystem, has unveiled a strategic investment in Nonprofitly. This nonprofit technology provider is known for its flagship software platform, Outcome Tracker, which supports Child Savings Account (CSA) programs across various states. This investment marks a deepening of a partnership that has lasted over a decade and aims to facilitate wider access to education savings for families in need.

Currently, Nonprofitly's Outcome Tracker is instrumental in managing over 6.5 million Child Savings Accounts, collectively holding more than $3.5 billion across 14 states. The investment allows Ascensus to further harness Nonprofitly’s technological capabilities, combining them with its prominent position in 529 education savings plan administration. Peg Creonte, President of Ascensus Government Savings, expressed excitement over the expanded collaboration, emphasizing the shared commitment to broadening access to education savings.

Creonte noted, "The combination of our expertise and resources will empower states to deliver efficient and impactful CSA programs. These initiatives not only incentivize early savings for education but also serve as gateways for families to engage in broader savings plans, such as 529 plans."

Matt Schubert, Founder and CEO of Nonprofitly, echoed this sentiment, highlighting that the partnership is built on a foundation of mutual trust and shared objectives. He stated, "Our focused efforts will leverage the best technologies and program expertise available, with the goal of enhancing education savings options at a greater scale."

The implications of this investment reach far beyond mere numbers. The integrated approach brings together the robust program administration capabilities of Ascensus with Nonprofitly's innovative technology. By combining these strengths, states will be better positioned to launch and scale CSA programs, making it easier for families to initiate savings for their children's future education.

From the perspective of families, these programs will provide not just starter contributions but a clear pathway for long-term savings that can bridge the financial gap to higher education. States will benefit by being able to visibly expand access to these valuable resources, leading to better financial outcomes for families.

As part of this strategic collaboration, Peg Creonte will join Nonprofitly's Board of Directors alongside Raghav Nandagopal, Ascensus's Chief Corporate Development Officer, who will come on board as a Board Advisor. The cohesive integration of both organizations is expected to pave the way for innovative strategies that can reshape the education savings landscape.

Ascensus is recognized as a leader in 529 plan administration, serving 49 plans across 31 states and the District of Columbia. Their role has been pivotal in launching CSA programs that introduce families to the importance of starting educational savings early.

Moreover, Gentry Locke Attorneys facilitated this strategic partnership and investment, with the team led by partners Wythe Michael and Mike Moro, further underscoring the collaborative efforts necessary to achieve such impactful goals.

As education savings continue to evolve, the partnership between Ascensus and Nonprofitly is a promising development for enhancing opportunities for families to save for the future. The aspirations set forth by these two organizations signify a dedicated focus on creating pathways to financial stability and educational access for all communities.

For more information on Ascensus, visit ascensus.com, and for details about Nonprofitly, check out nonprofitly.com.