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Edu-fintech startup Financepeer raises $31 million from QED, Aavishkaar Capital

Edu-fintech startup Financepeer

Edu-fintech startup Financepeer raises $31 mn

Edu-fintech startup Financepeer – Fintech start-up in the field of education Financepeer announced on Wednesday that it has raised $31 million in its newest investment round (Series B funding), sponsored by QED Investors of the United States and Aavishkaar Capital of Mumbai. Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorn, LC Nueva AIF, and Maxar VC were among the investors in this round. 
 
Financepeer provides student loans to help them pay for school and college expenses. The funds will be used 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, particularly girl students, to have easy access to quality education,” according to a statement from the company. 
 
According to the company, it has grown by tenfold in the last year and has worked with over 10,000 educational institutions around the country to provide cheap fee financing, Edu-tech content, and fee payment options. 
 
To be sure, MS Fincap, Danube, Aar Em Ventures, Angelbay Holdings, JITO Angel Network, and HEM Angels each contributed $3 million to Financepeer’s pre-series A capital round in 2020. 
 
Financepeer was founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, all of whom graduated from IIT/IIM/Stanford. It caters to both offline and online education providers, including pre-schools, K-12, colleges, universities, offline test prep, edtech, and skilling.

Edu-fintech startup Financepeer

Financepeer has handled more than $100 million in fees on its platform and helped hundreds of thousands of students access quality education,” CEO Rohi Gajbhiye stated in response to the investment round. It is critical to join forces with sector-specific and the correct group of leaders, partners, and investors in order to achieve the company’s vision for the next phase of growth. Our objective is to use neo banking to revolutionize the education market while also making an effect at the bottom of the pyramid by improving access to high-quality education…” 
 
According to the business statement, India has over 362 million students who spend over $216 billion on education each year. Over the last few years, average Indian household spending on education and skilling has increased significantly.

About Financepeer

“However, this section is unable to obtain credit from established banking institutions. “Through institutional collaborations, Financepeer provides new digital-enabled financing alternatives to students seeking credit support for fee payment,” Rohit added. 
 
“We are happy to support Rohit, Naveesh, Debi, Sunit, and the team,” Sandeep Patil, Partner & Head of Asia, QED, remarked. The mission of Financepeer to use financial technology to achieve major socioeconomic and development goals is more vital than ever…” 
 
“Through our first investment from the new fund, we are pleased to collaborate with Financepeer as they are fulfilling a big unmet need in the aspiring Indian edtech industry, generating a substantial effect in Tier-2 and beyond cities,” Sushma Kaushik, Partner, Aavishkaar Capital, stated. We’ve also discovered that financial assistance enhances access to school, particularly for female students seeking higher education. The huge number of female students in Financepeer’s network attests to this.” 

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