Leverage Edu launches financial services
Study abroad platform Leverage Edu has continued its expansion, launching three new services as part of its foray into financial solutions.
The services, provided on Leverage Finance, will focus on international remittances, education loans and international bank accounts.
“Our biggest focus at the moment is remittances – it’s got a great product-market fit with the student journey, plugging in beautifully with our app, and has grown a full 100% month-on-month since its pilot three months ago,” said Akshay Chaturvedi, Leverage’s founder and CEO.
In the pilot, Leverage processed loans of over “₹75 Crores” (£7.5m), and is “aiming to hit a ₹1000 Cr (£868.5m) loan book in the next six months”.
The company already has an “API-level relationship” with multiple banks, which has reportedly allowed access to an additional app “built on the Leverage Student Dashboard”.
Leverage Finance’s interest rates for loans in education are 8% p.a., an “industry best”.
The company has also applied for an FFMC license with the RBI, awaiting approvals before the end of January.
“We have a different approach on education loans, and are currently only aiming to facilitate the lowest possible interest rate to be able to complete the loop for students,” Chaturvedi said.
“This gives us a chance to work with leading public sector banks and undercut the market massively, being able to give out the best interest rates.”
The services are being built under the umbrella of Leverage Finance by Rachit Juneja, who has worked with KPMG in financial services and Blume Ventures’ partner firm Consellation Blu.
“We have a different approach on education loans”
The team, which is already 30-strong, aims to hire up to 70 more staff in the next quarter.
“Students trust us to help with the right country, right program, and how they lead into the right-fit employment outcomes right from step zero,” Charturvedi said.
“Most lenders don’t have the kind of relationship we have with a student – we use that be able to fight on behalf of the student for best rates, more customised pricing and credit decisions that take into account multiple external factors outside just the plain financial records,” he added.