EduFi raises $6.1m to boost AI-powered student lending platform

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Credit penetration in Pakistan has historically been low, due in part to the country’s relatively subdued macroeconomic landscape. This can be seen in the student loans segment, which currently lacks firms that are focused on the vertical.

Aleena Nadeem, a former tech investor and MIT graduate, is changing this. In 2021, she founded EduFi, which employs the “study now, pay later” model.

The company recently raised new funds “after two years of tech development,” Nadeem announced in a LinkedIn post.

Tech in Asia has reached out to EduFi to learn more.

Funding details

• Funding amount: $6,100,000
• Lead investor: Zayn VC
• Other investors: Palm Drive Capital, Deem Ventures, Q Business
• Stage: Pre-seed

EduFi is an AI-powered platform headquartered in Singapore but operates in Pakistan. It has partnered with over a dozen colleges in Pakistan that have around 200,000 students in total.

Faisal Aftab, founder and general partner of Zayn VC – the round’s lead investor – noted that EduFi’s services will help increase financial inclusion in the South Asian country by serving middle- and low-income families.

The fundraise “is just the start of the impact we plan to make on both the literacy rates and credit penetration in Pakistan and beyond,” Nadeem wrote.

See also: Can Julo’s 2 million users help it succeed in Indonesia’s student financing industry?

More details