[Funding alert] Education fintech startup Financepeer raises $3M in Pre-Series A round
Google-incubated education fintech startup Financepeer announced the closure of a fresh funding round of $3 million, led by a Jaipur-based NBFC, MS Fincap.
The other key investors in the round were Danube (UAE’s largest conglomerate), Aar Em Ventures, Angelbay Holdings, JITO Angel Network, and HEM Angels.
The Mumbai-based startup said the investment will be used to bolster its partnerships with educational institutions from the existing 1,800 schools to 5,000 schools in the next 12 months, to enhance its edu-fintech product offerings, accelerate product development, and enable organic growth in India.
“Raising funds during the COVID-19 pandemic depicts our strength, positivity and our commitment. During this phase, we are glad we created a positive impact in the lives of thousands of parents who were affected financially. With these fresh funding, we expect our market leading revenues to see sustainable high growth,” said Rohit Gajbhiye, CEO of Financepeer.
“The hockey-stick growth story of Financepeer is phenomenal and is maturing in every region of the country. The visionary team at Financepeer is not only ensuring quality education but also addressing the nation-wide issue of education loans,” said Shridhar Modi, Director MS Fincap.
Founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, Financepeer focuses on financing education fees and providing other education technologies.
It provides education fee loans at zero percent interest rates and the applicant gets insurance protection for a child’s lifetime education fees in case of any adverse incidents. Including the latest round, Financepeer has raised a total of $4 million in the last two years.
The startup claims to have impacted almost nine lakh students across India through education loans while more than 1,800 schools have collaborated with the startup to provide these facilities to the parents. It has a presence in more than 50 cities of India.
Edited by Saheli Sen Gupta