Startup

Financepeer raises $3 million strategic investment in pre series A funding round

Updated : September 29, 2020 04:14 PM IST

The funds will be used to bolster education institution partnerships from existing 1,800 schools to 5,000 schools over the next 12 months.

Education fintech company Financepeer that focuses on financing education fees and providing other education technologies has raised $3 million in a Pre Series A funding round.

Key investors include Jaipur-based NBFC MS Fincap, UAE-based conglomerate Danube, Aar Em Ventures, Angelbay Holdings, JITO Angel Network and HEM Angels.

Financepeer has raised a total of $4 million in the last two years and the new investment will be used to bolster education institution partnerships from existing 1,800 schools to 5,000 schools over the next 12 months. The funds will also be used to enhance edu-fintech product offerings, accelerate product development and enable organic growth in India.

Rohit Gajbhiye, CEO of Financepeer said, "Raising funds during the Covid-19 pandemic depicts our strength, positivity and our commitment. During this phase, we are glad we created a positive impact in the lives of thousands of parents who were affected financially. We are extremely glad and proud to be associated with such key strategic investors, who have strengthened our growth. With these fresh funding, we expect our market leading revenues to see sustainable high growth."

Shridhar Modi, Director MS Fincap said, "We are delighted to partner with Financepeer. We share a similar mission of empowering parents to pay the education fees with utmost convenience. The hockey-stick growth story of Financepeer is phenomenal and is maturing in every region of the country. The visionary team at Financepeer is not only ensuring quality education but also addressing the nation-wide issue of education loans."

Founded in 2017 by IIT, IIM entrepreneurs, Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, Financepeer provides education fee loans at zero percent interest rates and the applicant gets insurance protection for child's lifetime education fees in case of any adverse incident.

With the aim of ensuring quality education accessible for the masses, the venture has impacted the lives of close to 9 lakh students and over 1,800 schools in India have collaborated with Financepeer to provide its facilities to parents.

Financepeer raises $3 million strategic investment in pre series A funding round

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