ErudiFi, which is helping improve access to educational loans to students in Southeast Asia, has reportedly raised $5m in its Series A.
The investment was co-led by Monk’s Hill Ventures and Qualgro, according to a report from TechCrunch.
Funds will be utilised to hire staff for its product and engineering teams, and support its growth in the Philippines and Indonesia.
ErudiFi leverages technology to help youths get access to affordable tuition financing.
The company is currently engaged with over 50 universities and vocational schools across Indonesia and the Philippines. These include Far Eastern University, Mapúa University, National Teachers College, and Lyceum of the Philippines University.
ErudiFi co-founder and CEO Naga Tan told TechCrunch that there are limited loan options in these countries for students, meaning they typically have to rely on friends and family to get higher education.
Monk’s Hill Ventures co-founder and managing partner Peng Ong told TechCrunch, “Access to affordable tertiary education remains a huge pain point in Southeast Asia where the cost is nearly double than the average GDP per capita.
“ErudiFi is tackling an underserved market that is plagued with high interest rates by traditional financial institutions and limited reach from peer-to-peer lending companies.”
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