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