Singapore-based fintech startup EduFi has raised $6.1 million in pre-seed funding for its innovative “Study Now, Pay Later” student loan solution.
The funding round was spearheaded by Zayn VC, and saw significant participation from Palm Drive Capital, Deem Ventures Ltd, Q Business, Abhi, AdalFi, Techlogix, and various angel investors.
EduFi, under the leadership of Founder and CEO Aleena Nadeem, is reshaping the student loan landscape. Its platform simplifies the loan application process, enabling students to access funds swiftly and efficiently.
The fintech startup’s unique approach is supported by a proprietary credit scoring model focused on the education sector. This model utilizes advanced machine learning algorithms and artificial intelligence to assess creditworthiness.
The startup’s full tech stack stands out in its sector. It not only gives liquidity providers clear visibility on their capital performance but also enables educational institutions to track important student metrics, including attendance, overdue fees, dropout rates, and academic performance.
The EduFi App UX further streamlines the process, offering an accessible pathway for students seeking loans.
EduFi has chosen Pakistan as its inaugural market. Through partnerships with 15 colleges across Pakistan, the platform is now accessible to over 200,000 students, assisting them in managing their educational expenses.
This funding is earmarked to expand EduFi’s operations and further develop its offerings, signaling a significant leap forward in making education more accessible through financial technology.