A Mumbai based Indian fintech firm, Lead Finance, seeks to sponsor 1,000 students for the upcoming fall session enabling international students to apply for international higher education loans in less than 10 minutes with the use of their platform.
Lead Finance raises $5.5 million for higher education loans
With the cooperation of Sequoia Capital India Advisors, the firm has raised $5.5 million. Other philanthropic organizations that participated include Kunal Shah, Bhupinder Singh, and Angel investors. The firm’s founder, Vaibhav Singh, alumni of IIT Kharagpur, reiterated the objective of the firm was to offer higher education loan services for Indian international students studying abroad.
Currently, the company is accepting applications from graduate students for the Fall 2020 program. The loans cover the full cost of the study with an 8% interest rate and no collateral.
25% of students in the top postgraduate students in America are of Indian origin. This group comprises hard-working smart students with bright futures. Unfortunately, the existing higher education loans offered to them are twice higher than their American counterparts.
The difference is brought about efficient systems and adequate innovation
To counter the disparity, Leap Finance chief executive officer says the firm has initiated the innovative front towards finding a solution that is technological in order to lower the interest rates significantly.
At the moment, the fintech start-up supports more than 150 institutions in America with a target of financing 1,000 learners with higher education loans in the upcoming fall session.
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