Leap Finance, an international education loan provider, has reportedly secured $5.5m in a funding round led by Sequoia India.
The capital injection was raised to help the FinTech hire more staff across its Indian and US offices, according to a number of reports in the media.
A selection of angel investors also contributed to the round including InCred founder and CEO Bhupinder Singh and CRED founder and CEO Kunal Shah.
India-based Leap Finance creates financial products which help Indian students access higher education. A student does not need a credit history or collateral to access a loan, instead, Leap Finance aims to “understand and invest in your future potential, not your past,” it said.
Loan approvals take five minutes and are completed digitally, and a student can take out a loan for the entire cost of attending higher education including tuition fees, books and supplies, room renting, transportation, and personal expenses. Loan repayments are can be scheduled for up to ten years.
Copyright © 2020 FinTech Global
