Leap Finance, a fintech platform for Indian students pursuing international higher education, has raised $17 million in a Series B funding round by Singapore-based Jungle Ventures, per a company announcement.
The latest funding comes less than a year after Leap Finance raised $5.5 million led by Sequoia Capital India, taking the total capital raised to $22.5 million.
Launched by IIT Kharagpur graduates Arnav Kumar and Vaibhav Singh in 2019, Leap plans to use the new capital to expand its product portfolio. It plans to further strengthen its team across technology and business functions, and expand geographically and grow its student communities aggressively. The company will also establish global offices for institutional partnerships and other business functions.
“India has the largest pool of STEM-educated, English-speaking graduates, and millions of them want global degrees and careers. This is a big decision and there is a real need for accurate information and expert guidance. Our online community helps students evaluate career options, network with seniors, and shortlist the best courses. We then use this data to offer personalised test prep, professional counselling services, visa guidance, and financial products,” Kumar said.
Leap Finance claims to offer zero collateral, full cost of study, dollar loans to Indian students pursuing international education in the US. It is building a one-stop platform for study abroad aspirants and international students.
Since inception, Leap has already expanded its product suite to Canada, UK, and Australia. The startup claims to have helped over 20,000 students in their study abroad journey in the past year and aims to serve 150,000 students in the current year.
“Leap marks our first investment in the edu-tech space. India is the second-largest market globally for overseas enrolment, and in just a decade overseas higher education annual enrolments from India are up more than 300%. In addition, South East Asian markets such as Vietnam, Indonesia, Malaysia are also large contributors to overseas education. This presents a huge opportunity in an otherwise fragmented landscape,” said Jungle Ventures founding partner Amit Anand.