EduFi, a Singapore-based fintech startup offering student loans via a Study Now Pay Later solution, raised $6.1m in pre seed funding.
The round was led by Zayn VC with participation from Palm Drive Capital, Deem Ventures Ltd, Q Business, Abhi, AdalFi, Techlogix and other angel investors.
The company intends to use the funds to expand operations and its development efforts.
Led by Aleena Nadeem, Founder and CEO, EduFi is a “Study Now, Pay Later” student loan platform, helping students finance and plan for their education. It streamlines the borrowing process, making it easy for students to apply for loans and access funds quickly. The platform is underpinned by a proprietary education sector focused credit scoring model using machine learning algorithms and artificial intelligence.
The team has created a full tech stack that provides visibility to liquidity providers on their capital performance and enables schools to capture student performance metrics such as attendance, overdue fees, drop out rates and academic performance of the students. In addition, the EduFi App UX offers a pathway for users to access student loans.
Pakistan is the company’s first market. Through its partnerships with 15 colleges across the country, EduFi is now available to over 200,000 students to pay their school fees.
FinSMEs
10/11/2023