Founded in 2016, this company runs an online platform which provides simple financing solutions to help pay education fees. It was accepted into the H2 Ventures fintech accelerator cohort in mid-2016 and has since received A$1M in venture capital. Customers borrow money to pay for education fees and on average repay over a period of 2 years beyond graduation to better manage their cash flows. The company has raised several private debt funds to fund the loan book and recently closed a A$3M tranched securitisation which can be upsized to fund future growth.
The company controls all aspects of underwriting and origination and has partnered with 50+ schools. 800+ families with 1,700+ children have applied for funding since launch. The company has designed the platform to scale across education sectors, products and funding models.
Key Transaction Information
Raising A$1.5M-$2.5M to be deployed in the next 12-18 months – primarily for marketing and growth as well as ongoing development of the tech platform.