The leading most fintech platform helping students achieve their goal of global higher education; LEAP recently made headlines because it was successful in raising $ 17 million in funding. To find out where, how and who is the main contributor, let’s get into the details.
BACKGROUND TO LEAP
Leap was launched in 2019 by Arnav and Vaibhav Singh in collaboration with the mission of providing greater global opportunities for Indians to cross geographic borders and access the best quality education. The company basically highlighted its services as follows:
- Provide holistic products to develop a career
- Help choose the right university
- Provides a list of accessible financial options.
- Professional advisory services as needed.
Initially; the company was engaged in providing unsecured education loan products and services to pursue a smooth educational career in the United States. Now they have expanded their business to Canada, UK and Australia. The product list includes services such as education loan, visa services, and US bank account
Profile members 5lakh
The total amount of loans financed is Rs. 234 crores.
More than 230 universities supported to have access to more than 2300 courses.
It provides a flexible bad credit loans process anytime that takes just 10 minutes of your schedule for approval and sanction. The interest rates are also much lower than those of other NBFC and international lenders.
FUNDING AND EXISTING SAFEGUARDS
The company is already backed by companies such as Sequoia Capital, InCred, Cred, Oyo and Soft Bank India. The platform has already raised nearly $ 5.5 million in first round funds through Sequoia Capital. This round is the Series B which grossed $ 17 million to the company donated by Singapore-based Jungle Ventures.
The other investors also participated in the process mainly Owl Capital. The total assessment now stands at $ 22.5 million.
The intended use of this amount will be to enter unreached markets with the motto of making global education just a click away for aspirants. The company is also in the mood for credit cards for international students. Thus, holistic diversification would remain the focus of attention.
What is interesting and surprising is that studies show that; 91% of Indians still show strong interest in studying abroad despite the pandemic phase. The country’s preferences are undoubtedly changed, but not the idea.
India is said to be the largest crowd of individuals who yearn to admire global courses and degrees. It’s not as easy as it sounds. it takes a tremendous amount of research and funding which is the major factor that people take back in their journey. They resort to admissions to less worthy institutes, thus making a compromise with education as a whole.
LEAP, according to its name, has targeted the right sentiment as they know the pandemic has put an end to the educational process and activities. This is the best time to provide effective and practical solutions to its market segment in different geographies so that they bring together their dreams and move towards a sustainable future in the most suitable way.