FinTech startup?Study Loans has reportedly secured a $50m finance facility from an ASX200 finance company.
The company, which looks to help students finance their tertiary education, has also launched a $5m capital raise according to Startup daily.
It gives us capacity to lend more and to more popular courses as it looks to make more dreams of Australian students become a reality
Founded by Brett Shanley, Mark McCoach, and Rhett Simonds, the startup launched with an initial focus on vocational education. It works with educational institutions to have tuition paid to the organisation as a student progresses through their studies.
It claims to be one of Australia first student loans providers, employing strict eligibility criteria that leverages responsible data and is in accordance with the consumer credit laws.
The company claims this ensures students are undertaking relevant studies delivered by trusted education partners with manageable loan amounts.
In March, Australia-based payments app for university students QPay has picked up $570,000 from Sydney Angels, weeks after launching its QPay MasterCard. Investments to the round also came from Sydney Angels Sidecar Fund 2. QPay offers students with a mobile app and MasterCard to purchase products such as merchandise, tickets, club memberships and textbooks, among others.
The funding came a month after Texas-based student financing platform Meritize netted $6.8m in its Seed funding round. Colchis Capital, Chicago Ventures and Cube Financial Holdings led the investment. Other participants to the round included ECMC, College Loan Corporation, University Ventures, City Light Capital, PC Squared and Meritize management.
Student Loan Genius, a loan support platform for employees,?also recently?collected $3.5m in a funding round led by Vestigo Ventures. Other participants to the round included CMFG Ventures, Prudential Financial and Rubicon Venture Capital.
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