Jodo, a Bangalore-based FinTech that helps families pay tuition fees, has raised $15m in Series A funding.
Jodo’s founders Atulya Bhat, Raghav Nagarajan, and Koustav Dey founded the company when they noticed that many households face difficulties paying tuition fees due to the lack of flexible payment options available.
According to a report by India Startup News, the round was led by Tiger Global, with participation from existing investors Elevation Capital and Matrix Partners India.
The FinTech offers a suite of payment and lending products with the aim of making fee payments more convenient and affordable for parents and students while making fee collection hassle-free for education institutions.
The founders said in a statement, “Education fee payments, one of the most important and high-value spend categories, has seen little innovation and is lagging in digitisation… At Jodo, we have built industry-first payment and lending products grounds-up, keeping the requirements of parents, students, and educational institutes in focus.”
With this Series A round, Jodo said it will accelerate product innovation and sales and scale its team. It also plans to scale up its education partnerships to 5,000 institutes in the next 18 months and help 1.5 million students with their fee payments.
At present, the company said it has partnered with over 700 education institutes, facilitated over Rs 1,000 crore worth of fee payments and has catered to over 100,000 students on its platform.
Alex Cook, Partner at Tiger Global said, “Jodo is modernising payments and credit for India’s education market by increasing convenience and affordability for parents and providing a better workflow for schools and institutions. We are very impressed with Jodo’s progress and are excited to partner with them as they expand the product suite and become available at more schools.”
Jodo is not alone in the FinTech world in wanting to making the lives of students easier. Student banking solution Mos recently raised $40m from a Series B funding round also headed by Tiger Global.
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