Financepeer, a Google-incubated fintech player, which provides interest-free tuition fees to parents of school and college-going students, has raised around $38 million in its Series B round led by QED Fund.
The round also saw participation from other investors, including Atlanta US, and Avishkar Capital.
According to the regulatory filings with the Registrar of Companies (RoC), Financepeer has issued 35,805 CCPS having a face value of Rs 10 per share at a premium of Rs 80,578 per share to raise Rs 288.5 crore or close to $38 million.
Founded in 2017 by IIT, IIM alumni, Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, Financepeer offers education loans at 0% interest rate. The platform also provides EMI options for students to pay fees with a 10 percent discount. The startup covers the entire education fee in case of any unfortunate incident in life. It also helps students with a discounted price for Apple products.
Since its inception, Financepeer claims to have helped over 2.2 million students and has operations across 60 cities. It also claims to be working with over 6,000 educational institutes.
The education-focused lending platform also offers digital content for students, covering language, mathematics, science, coding, acting, music, among others. It provides a debit card UVA in partnership with VISA to enable hassle free payments for students. The company helps educational institutes to transform into digital classrooms.
The Mumbai-based firm enables parents to repay tuition fees to Financepeer in monthly installments and provides ancillary services. Some of the notable schools on the platform include Delhi Public School, GEMS Education, Birla Open Minds and Orchids, Khan Academy and Fliplearn among others.
In 2020, Financekeeper had raised $3 million in its pre-Series A funding round led by a Jaipur-based NBFC MS Fincap. The other key investors in the round were Danube, (UAE’s largest conglomerate), Aar Em Ventures, Angelbay Holdings, JITO Angel Network, and HEM Angels.