India-based Eduvanz said to collect $10m debt funding

India-based FinTech platform Eduvanz has reportedly netted $10m in debt funding to support its rapid growth over the past year.

The funds were supplied by InCred Financial Services, Vivriti Capital and Northern Arc Capital, according to a report from Higher Education Digest.

Eduvanz claims that between April 2020 and December 2020, it managed to grow its customer base by four-times and its monthly loans distribution by three-times.

The FinTech leverages technology to help students get credit scores based on their socio-economic and demographic backgrounds.

Eduvanz CEO and co-founder Varun Chopra told Higher Education Digest, “During the pandemic, we have found that learners in India focused on learning and upskilling themselves. We are moving towards becoming a leader in the financing-lending market for education. The debt we have raised further strengthens our position and will help us reach out to many more who are looking to fund their education”.

The FinTech previously raised a $3m funding round in August 2020 from Redwood Trust and QED Innovation Labs.

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