ErudiFi raises $5 million Series A to give students in Southeast Asia more education financing options – TechCrunch
Based in Singapore, ErudiFi wants to help more students in Southeast Asia stay in school by giving them affordable financing options. The startup announced today it has raised a $5 million Series A, co-led by Monk’s Hill Ventures and Qualgro. Co-founder and chief executive officer Naga Tan told TechCrunch that students in those countries have limited financing options, and often rely on friends or family, or informal payday lenders that charge high interest rates. To provide more accessible financing options, ErudiFi partners with accredited universities and schools to offer subsidized installment plans, using tech to scale up while keeping costs down. By providing their students with affordable financing plans, ErudiFi can increase retention rates at schools, helping them keep students who would otherwise be forced to drop out because of financial issues.