Google-incubated edu-fintech start up Financepeer has raised $ 31 million in its Series B funding, led by QED Investors from Virginia, USA and Mumbai-based Aavishkaar Capital. Financepeer plans to utilize the fresh funds to enhance its technology platform and offerings, expand and strengthen its education-institution partnerships, while deepen its reach in rural areas to enable more students, especially the girl students so that they can get easy access to quality education.
This round also saw participation from US-based edu-tech investor Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorn, LC Nueva AIF and Maxar VC.
“Financepeer has processed more than $100 million of fees on its platform and helped hundreds of thousands of students get quality education. In line with the company’s vision for the next phase of growth, it is very important to join hands with sector-specific and the right set of leaders, partners and investors. Our mission is to bring revolution in the education space through neo banking and at the same time create an impact at the bottom of the pyramid, via increasing access to quality education. This mission is further strengthened and eased off with relevant industry stalwarts QED, Aavishkaar and Ardent Ventures joining us,” Rohit Gajbhiye, CEO, Financepeer, said.
The company claims to witnessed 10x growth in the last year. It has partnered with more than 10,000 educational institutions pan India, delivering affordable fee financing solutions, edu-tech content, and fee payment solutions. Financepeer caters to both offline and online education providers including pre-schools, K-12, colleges, universities, offline test prep, ed-tech, and skilling.