[Funding alert] Google incubated edu-fintech startup Financepeer raises $31M in Series B round

Google-incubated education fintech startup Financepeer on Wednesday announced that it has raised $31 million in Series B funding led by US VC QED Investorsand Mumbai-based Aavishkaar Capital. This round also saw participation from US-based edu-tech investor Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorns, LC Nueva AIF, and Maxar VC.

With a vision to make quality education accessible to all, Financepeer said it plans to utilise the funds to enhance its technology platform and offerings, expand and strengthen its education-institution partnerships and deepen its reach in rural areas to enable more students, especially the girl students, to get easy access to quality education. 

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Rohit Gajbhiye, CEO, Financepeer, said, 

“Financepeer has processed more than $100 million of fees on its platform and helped hundreds of thousands of students get quality education. Our mission is to bring revolution in the education space through neo banking and at the same time create an impact at the bottom of the pyramid, via increasing access to quality education.”

The startup claims that it has witnessed 10x growth in the last year. It has partnered with more than 10,000 educational institutions with a pan-India footprint, to deliver affordable fee financing solutions, edu-tech content, and fee payment solutions. 

Sandeep Patil, Partner and Head of Asia, a fintech-focused venture capital firm QED, said,

“FinancePeer's quest to leverage financial technology to deliver on important socio-economic and development objectives is more important today than ever. We were thrilled by the audacity of their vision, the energy, commitment and depth of the team, and the traction they are poised to drive in the marketplace.”

Founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, Mumbai-based Financepeer is a player in education space catering to both offline and online education providers including pre-schools, K-12, colleges, universities, offline test prep, edtech and skilling. 

“Financepeer offers digital-enabled financing solutions through institutional partnerships to students seeking credit support for fee payment,” Rohit added.

The startup also claims that it has a presence in more than 100 cities in India and has collaborated with 10,000 + education institutes across boards.

In September 2020, the startup raised $3 million, led by a Jaipur-based NBFC, MS Fincap.