Leap Finance has raised $5.5 million in funding led by venture capital firm Sequoia Capital India Advisors.
The funding round also saw participation from angel investors, including Kunal Shah (Founder of Cred) and Bhupinder Singh (Founder of InCred).
Leap Finance is a fintech startup, founded in 2019. It provides loans and services to Indian students, pursuing overseas education.
As per Vaibhav Singh, Co-Founder of Leap Finance,
“Indian students make up for 25% of a class in many top graduate programmes in the US. These are smart, hard-working students who got in the best programmes and have a great future ahead. Yet, the education loans they avail of are at interest rates twice as high as their American peers.”
Currently, Leap Finance is accepting applications from students starting graduate studies in the US in the upcoming fall season (2020). Leap Finance is offering education loans that cover full study cost with no collateral, and with interest rates starting at 8%.
Presently, Leap Finance supports more than 150 American schools. The startup is looking to finance 1,000 students in the upcoming fall season.