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Financepeer raises US$ 31 mn in its Series B funding

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Financepeer, an Indian edu-fintech startup, has raised US$ 31 million in Series B funding round led by U.S. VC QED Investors and Mumbai-based Aavishkaar Capital. With a vision to make quality education accessible to all, Financepeer plans to utilize the funds to enhance its technology platform and offerings, expand and strengthen its education-institution partnerships, and deepen its reach in rural areas to enable more students, especially the girl students, to get easy access to quality education. This round also saw participation from U.S.-based edu-tech investor Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorn, LC Nueva AIF and Maxar VC.

Financepeer has witnessed 10x growth in the last year. The company has partnered with more than 10,000 educational institutions with a Pan-India footprint, to deliver affordable fee financing solutions, Edu-tech content, and fee payment solutions. Founded in 2017 by seasoned alumni from IIT/IIM/Stanford, Rohit Gajbhiye, Sunit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, Financepeer is one of the first players in this space catering to both offline and online education providers including pre-schools, K-12, colleges, universities, offline test prep, ed-tech, and skilling.

Rohit Gajbhiye, CEO, Financepeer said, “Financepeer has processed more than US$ 100 million of fees on its platform and helped hundreds of thousands of students get quality education. In line with the company’s vision for the next phase of growth, it is very important to join hands with sector-specific and the right set of leaders, partners and investors. Our mission is to bring revolution in the education space through neo banking and at the same time create an impact at the bottom of the pyramid, via increasing access to quality education. This mission is further strengthened and eased off with relevant industry stalwarts QED, Aavishkaar and Ardent Ventures joining us.”

Sandeep Patil, Partner and Head, Asia, QED said, “We are thrilled to back Rohit, Naveesh, Debi, Sunit and the team. FinancePeer’s quest to leverage financial technology to deliver on important socio-economic and development objectives is more important today than ever. We were thrilled by the audacity of their vision, the energy, commitment and depth of the team, and the traction they are poised to drive in the marketplace. We can’t wait to see what they will achieve next.”

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