EduFi has launched the digital student loan platform in Pakistan, on a mission “to empower more students to achieve their academic pursuits.”
Education is a lever of economic growth and social development “in any country but poor quality state school provision often drives many families to fee-paying schools.”
Helping these families manage the financial challenges of school fees, EduFi is announcing a $6.1m funding round “for its Study Now, Pay Later lending platform.”
It has launched in Pakistan, a country “where 40% of students are attending a fee-paying school and spending over $14 billion for their education every year.”
The pre-seed investment round was “led by Zayn VC with participation from Palm Drive Capital, Deem Ventures Ltd, Q Business, Abhi, Adalfi, Techlogix and other angel investors. EduFi is a fintech platform and mobile app that enables students to secure loans for their school fees.”
EduFi works with liquidity providers and schools “to drive successful student loans.”
The platform is underpinned “by a proprietary education sector focused credit scoring model using advanced machine learning algorithms and artificial intelligence.”
Aleena Nadeem, Founder & CEO of EduFi commented:
“We conceived and built this product to serve markets that have low credit penetration. Pakistan presented an ideal opportunity to launch because the need is the greatest and we had a first-mover advantage. Firstly, banks don’t offer student loans, instead users take personal...
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