Education Financing Startup ErudiFi Raises US$5 Million in Series A Funding Roundby Fintech News Philippines February 24, 2021
ErudiFi, a tech-enabled company providing access to affordable education financing in Southeast Asia, announced the close of a US$5 million Series A funding round co-led by Monk’s Hill Ventures and Qualgro.
The company plans to scale ErudiFi’s education financing services to deepen its footprint in existing markets in Indonesia and the Philippines with educational institution partners, and invest in product innovation to deepen ErudiFi’s engagement and relationship with students and schools.
ErudiFi added that the funding will also be used to make key hires across product and engineering, marketing and operations, business development, and data functions.
With its “Study Now, Pay Later” model, ErudiFi facilitates education financing for students in Southeast Asia, beginning with Indonesia and the Philippines.
Working with accredited schools and universities, ErudiFi offers data-driven financing solutions that support student recruitment and retention, which allows students the opportunity to overcome the financial constraints of paying for educational programmes.
To date, ErudiFi said it has onboarded over 50 leading universities and vocational schools in Indonesia and the Philippines to the platform.
This includes President University, UNTAR, IT PLN, and Wall Street English in Indonesia, and PHINMA Education, Far Eastern University, Adamson University, and Mapua University in the Philippines.
“We are humbled and honored to partner with Monk’s Hill Ventures and Qualgro on our mission to make education affordable and create intergenerational impact for millions across Southeast Asia.
At present, nearly two-thirds of Indonesian and Filipino youths are unable to enroll in higher education due to lack of affordable financing. We are excited to further our goal of expanding access to quality education in the region, and help build a better tomorrow,”
said Naga Tan, CEO and Co-founder of ErudiFi.
Featured image: ErudiFi team