Leap Finance, a fintech platform for Indian students pursuing higher education overseas, has raised $17 million in its Series B round led by Singapore-based Jungle Ventures. Sequoia Capital India and Owl Ventures also participated in the round.
This fundraise comes a year after Leap raised $5.5 million led by Sequoia Capital India, taking the total capital raised by the startup to $22.5 million.
According to Leap, it will use the funds to expand its product portfolio and for strengthening the team across technology, business functions and to expand in different geographies. It will also establish global offices for institutional partnerships and other business functions.
Launched in 2019, Leap provides collateral-free education loan products to Indian students pursuing international education in the US. Since then, the startup has expanded the product suite to Canada, UK and Australia.
Leap also offers an international bank account where students get a working US bank account and debit card while in India with zero charges and the lowest forex rates. The company is planning to launch a credit card for international students.
“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,” said Arnav Kumar, co-founder of Leap, in a statement.
Leap says that its community of study abroad aspirants has grown to over 500,000 profiled members with 200,000 monthly active users. It further claims to have helped over 20,000 students in the past year and aims to serve 150,000 students in the current year.
According to the company’s website, it has a tie-up with over 230 universities that support more than 2300 courses. It has funded Rs 234 crore worth of loans to students to date.