EduFi's platform, which offers financial assistance for undergraduate, master's, and doctoral programs, is accessible to approximately 200,000 students in Pakistan through partnerships with 15 universities. The company is awaiting official issuance of a lending license from the Securities and Exchange Commission of Pakistan. Investors including Zayn VC, Palm Drive Capital, and Deem Ventures support EduFi's mission and the potential of its AI-driven platform to improve financial inclusion in Pakistan.
Key takeaways:
- EduFi, a fintech startup based in Singapore, has raised $6.1 million in pre-seed funding to pioneer student loans in Pakistan through its mobile application and AI-driven "study now, pay later" lending platform.
- The company aims to alleviate poverty and improve literacy in Pakistan, where over half of the adult population lacks access to financial services and private schools register 40% of children due to public school quality issues.
- EduFi's app, which provides financial aid for undergraduate, master's, and doctoral programs, is available to an estimated 200,000 students across Pakistan, thanks to partnerships with 15 universities.
- The startup has received approval from the Securities and Exchange Commission of Pakistan for a lending license and plans to use the pre-seed funding to expand its reach, refine the platform, explore surrounding markets, and launch fintech products like student credit cards.