ErudiFi, a FinTech startup that provides affordable education financing in Southeast Asia, has raised $5 million in Series A funding round, the company has announced recently.
The round was co-led by Monk’s Hill Ventures and Qualgro.
The Singapore-based startup, which has its operations in Indonesia and the Philippines, plans to use the capital to make key hires across product and engineering, marketing and operations, business development, and data functions. The company also plans to scale its services and deepen its footprints in its existing markets Indonesia and the Philippines.
ErudiFi is on a mission to build better future for youths in Southeast Asia by giving them affordable education financing options. It believes that by improving access to education, they can drive generational transformation and build a better tomorrow. The company claims to have helped secure funding for thousands of financially underserved students through tech-enabled partnerships with leading universities and vocational schools across Southeast Asian region.
Speaking on the development, Naga Tan, Co-founder and Chief Executive Officer, ErudiFi, said,
“We are humbled and honoured 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 enrol in higher education due to a 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.”
According to the co-founder, ErudiFi has to date onboarded over 50 universities and vocational schools in Indonesia and the Philippines to the platform.
Peng T. Ong, Co-founder and Managing Partner, Monk’s Hill Ventures, said in a statement,
“Access to affordable tertiary education remains a huge pain point in Southeast Asia where the cost is nearly double than the average GDP per capita. ErudiFi is tackling an underserved market that is plagued with high-interest rates by traditional financial institutions and limited reach from peer-to-peer lending companies. By taking a first-principles approach, Naga and his team have been laser-focused on bringing a tech-enabled and data-driven solution that provides students with access to education. We are excited to partner with Naga and his team and believe they have the conviction and strength to bring access to education to millions of people.”
ErudiFi offers data-driven financing solutions that support student recruitment and retention, which allows students the opportunity to achieve their aspirations by overcoming financial constraints in paying for educational programs, a statement said.
Heang Chhor, Founder and Managing Partner, Qualgro, also commented, “Education financing is a huge opportunity in Southeast Asia. ErudiFi provides a tech and data-driven platform to make access to financing easier for more students while enabling universities and schools to manage and monitor their student pipeline more effectively. ErudiFi aims to shape trusted relationships with universities and partner institutions as they expand in the region and the Qualgro team is excited to work closely with them to scale their reach.”
ErudiFi operates as Danacita in Indonesia and Bukas in the Philippines.