Fintech Startup Eduvanz Raises US$500K Funding From Blinc Advisors, Secures RBI’s NBFC License
Education Fintech startup which provides education loan to the students for skill development, Eduvanz Financing Pvt Ltd., has been granted the NBFC Licence by the RBI to start providing Loans in the multi-billion skill development sector. Along this the startup has also raised US $500K investment led by venture capital firm Blinc Advisors.
The education fintech startup Eduvanz will utilize the funds for strengthening it AI based Lending technology for loan appraisal and expands its operation pan India.
This fintech startup was founded in 2016 by Varun Chopra, Raheel Shah and Atul Sashittal which facilitates education loans to deserving and needy candidates at zero percent interest rate.
It has won the the Judges Award at the Wharton Indian Economic Forum’s Startup Challenge where it competed with over 500 other startups.
Eduvanz is using proprietary AI-based algorithms and complex predictive analytics to collate financial & socio-economic data from conventional and non-conventional sources to make lending easier for skill development.
“We are solving problems that are directly linked with nation building and growth of Indian Industry. Over the next four years, more than 200 million Indians will undergo some form of skill training before they enter the work force. At Eduvanz, our mission is to financially empower every individual to chose the vocation, skills and career of their choice,” said Varun Chopra, co-founder, Eduvanz Financing Pvt Ltd.
“With this approval from RBI, Eduvanz has moved one step closer to becoming India’s leading lender for vocational courses, on-job training programs and certifications programs,” Mr Chopra added.
Other startups in the same sphere like Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners. Prior to this, an another Artificial intelligence-powered fintech startup Active.Ai raised $8.25 million in Series A funding led by Vertex Ventures, Creditease Holdings and Dream Incubator.
To recall, according to a NASSCOM report published in November 2017 Fintech and healthcare are most funded segments of startups in India, in past one year. The total number of startups in the fintech space has gone up to 360 from 275 in 2016, thus registering 31% growth in the number of startups.