UK-based education loan platform Knoma has reportedly raised £21m in a funding round comprised of both debt and equity.
The funds were supplied by Global Founders Capital, Rocket Internet, Fasanara Capital and Seedrs, according to a report from Tech.eu. Contributions also came from angel backers including LendInvest chairman Christian Faes.
Knoma enables people to pay for courses and spread the payments over a maximum of 12 months at 0% interest. There are a variety of online courses to pick from ranging from cybersecurity to coding and software development.
Users can borrow up to £10,000 to spend on digital courses on the company’s education marketplace.
Knoma founder and CEO Brett Shanley told Tech.eu, “The future of work in the digital economy means continuous learning from 16-65 years old, or as the American’s say K to grey. We are looking to democratise funding of tech and coding courses by removing barriers for upfront payment or having to take out high interest loans.
“We don’t believe in charging our users and have instead opted to build a business model that charges a merchant fee to our partners and is free to the end-user (the student).”
Initially, the company will focus on the UK market before looking towards global expansion in the near future.
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