Education FinTech startup Financepeer has raised $31m in Series B funding to fuel its mission of bringing quality and accessible education across India.
Financepeer specialises in education fee financing that enables educational institutions to manage their funds efficiently by paying student’s entire year’s fees up front while the parents get the option to pay back in easy EMIs.
The investment round was led by US VC QED Investors and Mumbai-based Aavishkaar Capital. The other investors that participated in the round included US-based investor Ardent Ventures, DMI AIF – The Sparkle Fund, DMI, 9Unicorns, LC Nueva AIF, and Maxar.vc.
In an announcement of the round on LinkedIn, Financepeer said the company has seen tenfold growth in the past year, adding “We hope to take our educational ecosystem to new heights where access to education is given to the masses!”
According to a report by Money Control, Financepeer said it plans to utilise the funding 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 girls, to get easy access to quality education.
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