Zenda, a fintech app has raised $9.4 million in seed funding round from STV, COTU, Global Founders Capital, and VentureSouq.
The startup said the funds will be used for product development and market expansion in India.
The startup currently addresses the pain points surrounding payment of school fees, lack of convenience and flexibility in payment options for parents, and poor collection of payments for schools.
Bengaluru and Dubai-based Zenda was founded in June 2021 by Raman Thiagarajan and Haseeb Ahmed, alumni of McKinsey & Company, through its app it allows parents to pay fees directly to schools, while streamlining collections by enabling all schools to accept and manage online payments.
“Since our launch, feedback from the market, especially from our users, has been terrific. Over the past months in India we have built a pipeline of more than 1000+ institutions and are immensely grateful for their trust. It is gratifying to see the response from parents and seeing how they have embraced our service. Zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey”, said, Raman Thiagarajan, founder and CEO of Zenda.
After its initial launch in UAE, the startup entered India and started operations in the third quarter of 2021. The startup has seen strong market traction with schools and families.
It has grown its user base 20 times since June 2021 and crossed over $100 million in annual contracted total payment volume (TPV) by Q4 2021 in both markets.
“Seeing their strong traction over the past several months, we couldn’t be more excited about zenda. India and the GCC are a $100+ billion market for private education fees. They have built an outstanding team and we look forward to working with them in helping zenda achieve its mission”, said, Ihsan Jawad, General Partner at STV.
The startup mission is to help families thrive. In future, the company aims to enable families to manage wealth and their financial well-being through their tailored banking and financial experiences.
Zenda is a fintech app for families. It enables families to pay school bills with pay-now and pay-later options, unlocking rewards when ever they pay. Its mission is to help families thrive. They aim to make it easier for families to manage money and enable their financial wellness. Banking and financial experiences built from the ground up, designed for families.