Google-incubated education fintech startup Financepeer has raised $31 million in Series B funding round from US VC QED Investors and Aavishkaar Capital.
Other investors including Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorns, LC Nueva AIF, and Maxar VC participated in this round.
The startup plans to use the funds to grow its technology platform and offerings, expand and strengthen its education-institute partnership and deepen its reach in rural areas to provide quality access to more students, especially girl students.
Mumbai-based Financepeer was founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, It provides education space for both offline and online education providers including K-12, Colleges, Universities, Offline Test Preparation and Skilling.
“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”, said, Rohit Gajbhiye, CEO, Financepeer.
“Financepeer offers digital-enabled financing solutions through institutional partnerships to students seeking credit support for fee payment,” he added.
The startup claims that it has seen 10x growth in the last year.
Financepeer has partnered with over 10,000 educational institutions across India to provide affordable fee financing solutions, education-tech materials and fee payment solutions.
“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”, said, Sandeep Patil, Partner and Head of Asia, a fintech-focused venture capital firm QED.
They also claim to have a presence in 100+ cities in India and have collaborated with over 10,000 education institutions across all boards. In September 2020, Financepeer had raised $3 million from a Jaipur-based NBFC, MS Fincap.
Financepeer is a Google incubated and RBI governed NBFC. This IIT/IIM alumni founded company specializes in education Fee Financing that enables educational institutes to manage their funds efficiently by paying students’ entire year’s fees upfront while the parents get the option to pay back in easy EMIs.