Snapchat CEO Evan Spiegel and his wife, model and entrepreneur Miranda Kerr, have backed one of California's biggest medical debt relief efforts. Their donation will help erase more than $550 million in unpaid medical bills for over 261,000 residents.

Undue Medical Debt Announces $550 Million of Medical Debt Erased for Over 260,000 Californians

The Snap co-founder's donation to Undue Medical Debt is the latest sign that high-leverage debt relief philanthropy is becoming a defining cause.