The Study Abroad Platform Leverage, which operates LeverageEdu.com, UniValley.com, UniConnect, among others, announced today that it has ventured into financial services. The company is introducing three different services: international transfers, educational loans and international bank accounts.
Founder and CEO Akshay Chaturvedi said, âThe biggest focus for us right now is wire transfers. It fits perfectly with the product market, fits perfectly with the student trip, can be wonderfully integrated into our app and has grown by a full 100 percent from month to month since the pilot phase 3 months ago. That gave us the confidence to apply for an FFMC license. “
The company said it had had conversations with RBI for the past 1-2 months, which it has been extremely supportive of, and hopes to get the license in the next few weeks.
Chatutvedi added, “We have a different approach to student loans and for now we are only aiming to enable the lowest possible interest rate to close the loop for students – this gives us the chance to work with leading public banks and” undercut the market massively to be able to spend the best interest! â.
The company said it piloted loans over Rs 75 billion in recent admission for its students and plans to hit a Rs 1000 billion loan book over the next 6 months. Today there is an API-level relationship with several banks, giving them access to an additional app based on the Leverage Student Dashboard.
Leverage Finance is built by Rachit Juneja, who previously worked with Constellation Blu (Blume Ventures’ partner company), and KPMG in the Financial Services division. The team currently has more than 30 employees and would like to hire 60 to 70 more employees in various functions in the next quarter.
The company has also opened over 500 bank accounts in the past 1-2 months, mostly for students looking to study in the UK and Canada. These are done in collaboration with the destination country’s banks and the whole process is completed in India before the student departs. This gives banks abroad the opportunity to expand their services to leverage customers, according to a press release.
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Posted on: Monday January 10, 2022 4:00 p.m. IST