Lorien Finance Raises $1.8 Mn In Seed Funding
Lorien Finance, an education loan provider, has raised seed funding of $1.8 million (around Rs 14.8 crore) led by Venture Catalysts.
TSM Ventures and a host of angel investors, including Kunal Shah (Cred), Suhail Sameer (Ex-BharatPe), Aman Gupta and Sameer Mehta (boAt), among others, also participated in the funding round.
As per the startup, the raised funds will be used for geographical expansion and to boost the product stack. The startup plans to expand its services across Southeast Asia, South America and Africa.
Lorien Finance | Affordable Student Loans & Retail Banking To Students
Founded by Nikhil Mudgal in 2021, Lorien Finance is a fintech platform providing affordable student loans & retail banking to Indian students looking to pursue education in the US. The fintech platform claims to offer education loans at lower and collateral-free interest rates as low as 8.5%.
Speaking about the development, Nikhil Mudgal, Founder of Lorien Finance, said,
“I want to express my heartfelt gratitude to our investors for their continued support and trust in Lorien’s vision. As we look ahead, our focus is on diversifying our product offerings and entering new markets to ensure sustainable growth and to fulfil the vision of empowering Indian students financially across North America and Europe.”
As per the fintech startup, it does not impose forex conversion fees, prepayment penalties or hidden charges, making it easier for students to take up loans for pursuing higher education.
Commenting on the development, Dr Apoorva Ranjan Sharma, Founder of Venture Catalysts, said,
“Pursuing education abroad has become a common aspiration amongst today’s youth, but more often than not, students face critical hindrances in achieving the objective of studying abroad. By providing opportunities for students to open accounts in US banks and enabling easy access to credit for immigrants, Lorien Finance is delivering a novel impact to the future development of millions of students. We are enthralled to partner with them in this journey and look forward to leveraging our network to help the team grow and succeed.”
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