Leap Finance, a fintech start-up that offers education loans and credit cards to Indian students studying overseas, has raised $17 million in Series B funding led by Jungle Ventures, with participation from Sequoia Capital India and Owl Ventures, Your Story has reported.
The start-up raised $5.5 million led by Sequoia Capital India last year, and its total funding totals $22.5 million.
Founded in 2019, Leap offers counselling services, visa services, education loans and other financial products tailored for international students. Leap stated it has helped more than 20,000 students to study abroad in the past year and aims to offer its services to 150,000 students in 2021. The company is headquartered in San Francisco with offices in Bengaluru.
Leap stated it will use proceeds from the latest funding round to increase its product portfolio, recruitment, geographical expansion, and also growing its student communities. The company will also establish global offices for institutional partnerships and other business functions.
Arnav Kumar, co-founder of Leap, said: “We are a one-stop solution for everything that a study-abroad aspirant needs. India has the largest pool of STEM-educated English-speaking graduates, and millions of them want global degrees and careers. This is a big decision and there’s a real need for accurate information and expert guidance. Our online community helps students evaluate career options, network with seniors, and shortlist the best courses. We then use this data to offer personalised test prep, professional counselling services, visa guidance and financial products.”
Vaibhav Singh, co-founder of Leap, added: “Our mission is to make global education and careers more accessible to meritorious Indian students. We are unlocking access to financial products and career services which international students are traditionally locked out of. You can think of us as a neobank offering tailored products to the international student community.”
Jungle Ventures founding partner Amit Anand commented: “Leap marks our first investment in the ed tech space. India is the second-largest market globally for overseas enrolment, and in just a decade, overseas higher education annual enrolments from India are up more than 300%. In addition, Southeast Asian markets such as Vietnam, Indonesia, Malaysia are also large contributors to overseas education.”
Date published: 18 March 2021