The prime most fintech platform helping students in achieving their objective of global higher education; LEAP has recently been in news as it has managed to get a funding of $ 17 million. To know Where, How & Who is the major contributor let’s get into the details of it.
LEAP BACKGROUND
Leap was launched in 2019 by Arnav and Vaibhav Singh collaboratively with a mission to provide greater global opportunities for the Indian individuals to cross the geographical borders and access the best quality education. The company has basically underlined its services as:
- Providing holistic products to develop a career
- Helps in picking up the right university
- Gives a list of financial options that can be accessed.
- Professional Counselling services as & when needed.
Initially; the company was engaged in providing collateral free education loan products & services to pursue a smooth educational career in the United States. Now they have expanded their business to Canada, UK & Australia. The product list comprises of services like education loan, visa services and US Bank account
5lakh profiled members
The total amount of loans funded stand at Rs. 234 crores.
More than 230 universities supported in order to get access to 2300 plus courses.
It provides an all-time flexible loan process that demands just 10 minutes of your schedule for approval & sanction. The interest rates are also quite less as compared to other NBFC’s and international lenders.
FUNDING & EXISTING BACK UP
The company is already supported by ventures like Sequoia Capital, InCred, Cred, Oyo and Soft Bank India. The platform already raised funding in the first round of close to $ 5.5 million by Sequoia Capital. This round is the series B which brought $ 17 million to the company given by a Singapore based Jungle Ventures.
The other investors also participated in the process majorly Owl Capital. The total valuation now stands at $ 22.5 million.
The expected usage of this amount will be to get into the unreached markets with a motto to make global education just a click away for aspiring individuals. The company is also in mood to go for credit cards for the international students. So holistic diversification would be kept at the focus point.
What’s interesting & surprising is that studies show that ;91% of Indians still show a keen interest in studying abroad despite the pandemic phase. The country preferences are undoubtedly changed but not the idea.
India is supposedly the largest crowd of individuals who aspire to look up to global courses & degrees. It’s not as easy as it seems. it demands a hell lot of research & funding which the major factor people take a step back in their journey. They resort to taking admissions in less worthy institutes thereby making a compromise with education at large.
LEAP as per its name has targeted the right sentiment as they know that pandemic brought a halt to the educational process & activities. It is the best time to provide effective & convenient solutions to its market segment to different geographies so that they gather their dreams and march forward towards a sustainable future in the most appropriate manner.
