Scholly Founder Sues Sallie Mae — Dispute Over Student Data Sales and Dismissal

Friends, sharing from the tech world: Scholly's founder has sued Sallie Mae following the acquisition.

- Brief: Chris Gray alleges that after the 2023 acquisition he was dismissed for raising privacy concerns, and that Scholly users were sold via SLM/Sallie.com.
- Findings: He claims personal data — including age, gender, race, and indicators of financial need — was transferred, and the product was moved into an insecure corporate structure.
- Company response: Sallie Mae denies the allegations and says it will defend itself.

Why it matters: it concerns user trust and regulatory risk for fintech M&A.

What steps should startups and acquirers take to protect data?

#privacy #fintech #startups #dataprivacy