The company innovative payment solution has helped provide fee collection services and solved the woes regarding working capital for institutes across the country, thereby enabling the industry to look at education finance from a new perspective.
Ever since its inception, the company has partnered with more than 10,000 institutions across India to deliver affordable fee financing solutions, edu-tech content and improve financial literacy.
During the pandemic, Financepeer witnessed 10x growth and emerged as India’s fastest growing edu-fin-tech company. Not only has it helped in arresting school dropout rates and enabled thousands of students to continue their education during the lockdown, but it was also instrumental in helping the education system avoid a collapse in the absence of working capital.
Financepeer has also aided the education system get a digital push by implementing systems like enterprise resource planning (ERP) and learning management system (LMS) without any charges.
“We are happy to partner with this fast-growing, innovative and progressive start-up. The goals of the company are in line with our commitments to invest in the nation’s growth ”- SUSHMA KAUSHIK
Empowering students, institutions Financepeer has empowered students to realize their higher education dreams. The company has processed more than $ 100 million worth of fees on its platform, assisting hundreds of thousands of students access quality education. All stakeholders recognize fee-financing as a significant catalyst in the education ecosystem today.
With Financepeer, parents do not have to worry about high-interest rates, collaterals or guarantors while applying for education finance for their children. The digital platform helps them avoid lengthy processes and paperwork.
Not only has Financepeer made education finance affordable but also less complicated and hassle-free. Additionally, it’s also been striving to improve financial literacy among students as part of its social commitment.
At a time when India’s education system is going through revolutionary changes, Financepeer has enabled institutes to acquire and install the required infrastructure to successfully achieve the transition from pre-Covid to post-Covid education. During the pandemic, Financepeer enabled more than 8,000 institutions to continue their operations by providing them with working capital.
Ever since the pandemic, more and more institutes across the country have acknowledged the need for fee payment solutions and have shown an interest in these services.
Founded in 2017 by Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy and Debi Prasad Baral – seasoned alumni from IIT, IIM and Stanford – Financepeer is one of the first players in this space to cater to both offline and online education providers, including pre-schools , K-12, colleges, universities, offline test prep, edu-tech and skilling.
Rohit Gajbhiye is an IIT Bombay alumnus and holds the Stanford Ignite Entrepreneurial Certi ficate from Stanford University. His competent and able leadership has made Financepeer a household name in the education sector in a very short span of time. Rohit’s efforts have been recognized by Forbes, which featured him in its ’30 under 30 Asia entrepreneurs’ list.
In the recent series B funding round, Financepeer raised $ 31 million from a group of investors led by US QED Investors and Avishkaar Capital. With a vision to make quality education accessible to all, Financepeer plans to utilize the funds to enhance its technology platform and offerings, expand and strengthen its partnerships, and deepen its reach in rural areas to enable more students, especially girls, access quality education.
“We are thrilled by the audacious vision set out by the founders to build the infrastructure around financing, payments, rewards, cross-sell and SaaS to better serve students, parents and educators” – SANDEEP PATIL
This investment is also evidence of the growing faith among investors in the mission and vision of the company. Not only are they seeing Financepeer as a profitable business avenue but also as a form of impact investment to solve the perennial issues that have ailed India’s education system for a very long time.
While talking about the investment in Financepeer, Sandeep Patil, Partner and Head of Asia, QED Investors, said, “We are thrilled by the audacious vision set out by the founders to build the infrastructure around financing, payments, rewards, cross-sell and SaaS to better serve students, parents and educators. The found energy, commitment and depth of talent set them apart and we can not wait to see what they will accomplish next. ”
Sushma Kaushik, Partner, Aavishkaar Capital, also expressed her enthusiasm upon partnering with Financepeer. “Financepeer is disrupting the education system in India, where finance is a major bottleneck for many students.
We are happy to partner with this fast-growing, innovative and progressive start-up. The goals of the company are in line with our commitments to invest in the socio-economic growth of the nation. This makes us natural partners, ”she said.
Financepeer’s impact on the system can be understood by the fact that today, fee financing has become the new norm. Various new players are venturing into the sector, start-ups as well as established ones. As one of the pioneers in the industry, Financepeer has emerged as a potent transforming force.
Encouraged by the success achieved in the past few years, Financepeer intends to keep the juggernaut of social transformation in education rolling, and help education reach the underserved, especially girls and children with special needs, by infrastructural interventions at the grassroots level.