Summer, a student loan and education benefits platform, has acquired the assets of Vault (formerly Student Loan Genius), a student loan management platform, for an undisclosed sum.

Founded in 2013, Vault allows employers to pay employees' student loans, contribute to college savings plans, and facilitate student loan retirement matching. The platform serves over 3,000 employers and 401(k) recordkeepers, including New York Life, Ralph Lauren, and Mastercard.

Summer intends to increase its reach, expand its product offerings, and strengthen its position in the student loan and educational assistance benefits space through this acquisition. Summer plans to integrate Vault's technology and expertise, particularly its 529 Savings capabilities, to enhance its offerings and expand into adjacent markets such as credit card debt and mortgage refinance.