Finwego, which is a financial technology startup, has now secured $1.7 Million from the SAIF Partners along with some other investors in the funding round of Seed.
The startup which has been incubated at the Harvard Innovation Labs, Finwego works to deliver the tech-enabled lending products to all the stakeholders of the school ecosystem which even includes the vendors, teachers, management, and parents.
The startup as of now, which is operational across some of the key markets in Tamil Naidu will be going to use the funds to strengthen their technology platform and data infrastructure. The company also has an intention to expand operations to some other states and build a valuable book.
“Our aim is to deliver customized lending products for the rapidly growing private school education space in India. With the infusion of new funds, we are looking to build a high calibre team and digital infrastructure to support our robust growth plans,” said Shiv Vadivelalagan, Co-Founder and CEO, Finwego.
The startup has also onboarded more than 200 schools in the past six months and has a target to reach more than 1000 schools in the current financial year. Over the couple of next five years, the company also has plans to reach out to PAN India.