Consumer bank Sallie Mae acquires key assets of leading scholarship search app ‘Scholly’

According to a press announcement, consumer bank, Sallie Mae Corporation, recently bought “several key assets” from scholarship web and app search platform, Scholly. The consumer bank also plans to purchase Scholly Offers, “a platform that matches users with strategic partners to help them earn cash back,” as well as its scholarship management software.

The corporation will make Scholly accessible to all students, families, and other users at no cost; giving them the opportunity to browse and apply for millions of dollars worth of scholarships, Business Wire reported.

Over the course of time, Scholly has assisted millions of users in obtaining more than $100 million in scholarships.

Scholly’s founder and CEO, Christopher Gray, told AfroTech in 2022 that the company’s goal has always been to “assist as many students as possible to access financial freedom,” adding that “Since launching in 2015 and helping families across the country receive scholarship opportunities, we realized that there were still many ways to help students throughout their journey to pursue higher education and pay for it.”

A portion of Scholly’s technology, intellectual property, and skilled personnel are also included in the deal. This comes after Sallie Mae’s 2022 acquisition of the assets of education technology company Nitro College.

Regarding the acquisition, Gray expressed, “Sallie Mae shares that same goal, and by making access to Scholly free, together, we are further investing in higher education access and affordability for students and families from all backgrounds.”

Sallie Mae CEO, Jon Witter, also stated that the acquisition of Scholly’s major assets aligns “ with our mission to power confidence in students and families and further solidifies Sallie Mae as an education solutions company.”

He revealed that the organization can now take advantage of Scholly’s ground-breaking technology and expand on it to seize new prospects for strategic growth.