Based in Singapore ErudiFi We want to help more students in Southeast Asia stay in school by providing affordable funding options. The startup today announced that it has raised $ 5 million in Series A, co-led by Monk’s Hill Ventures and Qualgro.
ErudiFi currently works with more than 50 universities and vocational schools in Indonesia and the Philippines. Co-founder and CEO Naga Tan tells TechCrunch that students in these countries have limited funding options and often rely on friends and family, or informal payday loans that charge high interest rates. Said.
To provide more accessible financing options, ErudiFi has partnered with accredited universities and schools to offer subsidized installment plans using technology that scales up at a low cost. .. Interest rates and repayment terms vary by institution, but can be as low as 0% and the loan will be paid in 12-24 months.
By providing students with an affordable financial plan, ErudiFi helps increase retention rates in schools and keeps students out of school due to financial problems.
Mr. Tan said ErudiFi’s value proposition to educational institutions is “to be able to provide a data-driven funding solution that helps recruit and retain students. Our products are, if not the only, available to them. It’s one of the affordable funding options, so it’s a big benefit for students. “
PengT, co-founder and managing partner of Monk’s Hill Ventures. At a press conference, Ong said: ErudiFi is addressing a poorly serviced market that suffers from high interest rates by traditional financial institutions and limited reach from peer-to-peer lenders. “
ErudiFi Series A will be used to recruit product and engineering teams and expand in Indonesia and the Philippines.
ErudiFi raises $5 million Series A to give students in Southeast Asia more education financing options – TechCrunch Source link ErudiFi raises $5 million Series A to give students in Southeast Asia more education financing options – TechCrunch