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Feature Story
Singapore-Based EduFi Raises $6.1M for AI-Driven Study Now, Pay Later Platform
Nov 10, 2023 · techtimes.com
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.