Fintech App Zenda Raises $9.4 Million In Seed Funding
Zenda, a Bengaluru and Dubai-based fintech app, has raised $9.4 million oversubscribed seed funding, with participation from STV, COTU, Global Founders Capital, and VentureSouq.
As per the startup, the raised funds will be used for product development and market expansion in India.
Zenda | Pay School Bills With Pay-now And Pay-later Option
Founded by Raman Thiagarajan and Haseeb Ahmed, alumni of McKinsey & Company, in June 2021, Zenda is a fintech app that enables families to pay school bills with pay-now and pay-later options, unlocking rewards whenever they pay.
Zenda integrates with schools through its proprietary data model and APIs and eliminates last-mile reconciliation challenges and delays.
Speaking about the development, Raman Thiagarajan said,
“Since our launch, feedback from the market, especially from our users, has been terrific. Over the past months in India, we have built a pipeline of more than 1000+ institutions and are immensely grateful for their trust. It is gratifying to see the response from parents and seeing how they have embraced our service. zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team, and I feel privileged to have such a passionate group with us on this journey.”
Zenda is on a mission to help families thrive. The Bengaluru and Dubai-based fintech app aims to make it easier for families to manage money and enable their financial wellness through tailored banking and financial experiences.
After its initial launch in UAE, the fintech platform started operating in India in Q3 2021. Working with more than 40 team members now, with 2/3rd in India, Zenda’s team has scaled rapidly, operating out of Bengaluru, Kochi, Delhi and Dubai.
Witnessing strong market traction with schools and families, Zenda has grown its user base 20X since June 2021. Additionally, the fintech app crossed the $100 million+ in annual contracted total payments volume (TPV) by Q4 2021 across both markets.
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