Leverage Edu, which offers platforms for students in India looking to study in other countries, recently launched Leverage Finance, a unit facilitating loans to pay for tuition, cross-border remittances, and remote opening of bank accounts in countries to which students will travel for their education. During the pilot phase of the service, Leverage Finance customers accessed loans totaling INR 750 million (USD 10 million) and opened approximately 500 accounts at banks in Canada and the UK. Going forward, the firm plans to: (1) increase its number of finance employees from 30 to 90 or more by March 2022; and (2) facilitate loans worth a total of INR 10 billion (USD 134 million) by July 2022.
Akshay Chaturvedi, the Founder and CEO of Leverage Edu, reportedly said the “topmost focus area for us is remittances right now. It has a great product-market fit with the student journey, plugs in beautifully with our app, and has grown a full 100 percent month-on-month ever since its pilot three months back.” The firm is in talks with the Reserve Bank of India as part of attaining a “full fledged money changer” license to allow it to perform foreign exchange transactions.
Leverage Edu, based in the city of New Delhi, reports 350 university partners and 28 million users. It provides services such as admission guidance, scholarships and financial services. It does this via websites including UniValley, in addition to the Leverage Edu and Leverage Finance websites.
By Sheen Gupta, Research Associate
Sources and Additional Resources
Free Press Journal article
https://www.freepressjournal.in/business/leverage-launches-remittances-education-loans-international-bank-accounts
Leverage Edu homepage
https://leverageedu.com/
Leverage Finance homepage
https://leveragefinance.co/
Apple App Store listing of Leverage Edu app
https://apps.apple.com/in/app/leverage-edu/id1590845967
Google Play listing of Leverage Edu app
https://play.google.com/store/apps/details?id=com.leverageedu.leverageedu
UniValley homepage
https://univalley.com/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
- MICROCAPITAL BRIEF: Banco de Credito del Peru (BCP) Launches iO Banking App with Support from i2C
- MICROCAPITAL BRIEF: Fintech Kacha Gets Regulator Approval to Roll Out Mobile Money App in Ethiopia
- MICROCAPITAL BRIEF: Ualá App Offers Saving Account Paying 9% Interest in Mexico
- MICROCAPITAL BRIEF: Lipa Later Acquires Fellow E-commerce, DFS, Merchant Services Platform Sky.Garden of Kenya for $1.6m
