Leap Finance, a FinTech platform focused on Indian students planning to study abroad, has raised $17 million in a Series B funding round led by Singapore-based Jungle Ventures.
The round also saw participation from Owl Ventures and existing investor Sequoia Capital India.
The new funding comes less than a year after the startup raised $5.5 million from Sequoia Capital India and others. With this round, Leap had raised a total funding of $22.5 million to date.
Founded by Arnav Kumar and Vaibhav Singh in 2019, Leap Finance provides a one-stop platform for study abroad aspirants and international students. It provides collateral-free education loan products to Indian students looking to study in the United States, Canada, UK and Australia. The platform also offers counseling services, visa assistance, test preparation, and other financial products tailored for international students through Leap Finance and Leap Scholar.
The San Francisco-headquartered startup, with offices in Bengaluru, claimed to have helped over 20,000 students in their study abroad journey last year. It aims to grow the number by over seven times this year and cross $10 million in revenue.
Speaking about the company, Arnav Kumar, Co-founder of Leap, said in a press statement shared by the company,
“We are a one-stop solution for everything that a study abroad aspirant needs. 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 personalized test prep, professional counseling services, visa guidance and financial products.”
The company plans to utilize the funds to expand into new geographies, build its product capabilities, double its team, and expand its services to include international student insurance as well as offer international students credit card through its tie-ups with banking partners abroad.
Amit Anand, Founding Partner at Jungle Ventures, commented on the funding,
“Leap marks our first investment in the EdTech 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 percent. This presents a huge opportunity in an otherwise fragmented landscape. Leap is addressing this huge opportunity through its end-to-end tech platform and a community-first approach. We are proud to partner with Vaibhav and Arnav in their growth journey as they become the default destination for outbound students pursuing international education.”
Leap Finance 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 tailored to the needs of international students.
According to the company’s website, Leap has a tie-up with over 230 universities that support more than 2300 courses. It claimed to have funded Rs 234 crore worth of loans to students to date.