Since time immemorial education has been treated as a process of growth with the aim to inculcate a sense of duty towards self, family, and society among the students. However, with the evolution of human needs, access to education has witnessed a mounting challenge in terms of financial hurdles. As the pace of innovation disrupts the interconnected cycle of societal needs and technological advancements, where each propels the progress of the other, unique interventions have now become a prerequisite to offset the disruption.
Inspired by personal difficulties, Rohit Gajbhiye, an IIT and Stanford alumnus, came to his breakthrough moment when he realised that technology and financial innovation could be harnessed to revolutionise education finance. During his academic journey, Rohit was struck by a striking paradox- an overwhelming demand for education juxtaposed against an archaic financial infrastructure that was throttling the growth of institutions and individuals such as students and their parents. Many years down the line Gajbhiye didn’t see a substantial change. Educational institutions continue to grapple with obsolete fee collection methods- paperwork, in-person transactions, and administrative hassles. Simultaneously, students face challenges in securing tailored financial support, which hinders their educational pursuits.
Gajbhiye’s astute recognition of technology’s potential to untangle these financial bottlenecks gave rise to a visionary mission- to establish an Edu-fintech startup that embodied the essence of being an ‘education bank in the making’. In 2017, this vision materialised in creating LEO1 (formerly Financepeer). LEO1 emerged with a groundbreaking cloud-based, AI-powered platform that centralized fee management, offering a comprehensive suite of automated fee reminders, detailed repayment analytics, and flexible options like EMIs and credits- a boon for both institutions and parents alike. The impact of LEO1’s intervention rippled through educational institutions. The platform’s robust software is gradually replacing manual processes in education institutions across the country and is empowering them with liquidity while reducing dropouts and channeling resources toward infrastructure enhancements.
The platform’s transformative influence, however, extends beyond financial management. By leveraging LEO1’s technology, educational institutions can now introduce co-branded smart ID-cum-debit cards to their students, streamlining in-campus payments nurturing a sense of trust and engagement among parents, and effectively enhancing the overall educational experience. For parents, LEO1’s embedded EMI financing schemes alleviated the burden of lump-sum payments, offering tailored repayment schedules aligned with their financial capacities. Transparent communication regarding fee payments empowered better budgeting and minimised defaults, garnering praise from parents. With partnerships spanning over 13,000 educational institutions and servicing 3 million students, LEO1 today stands as a testament to its immense value.
