Financepeer: A zero-cost EMI-based school fee financing platform
The Mumbai-based startup with its technology centre in Hyderabad's T-Hub has supported one million students so far and has tied up with 2,000 educational institutions in the country
Hyderabad: As days go by, education is becoming a costly affair and many financing options are emerging in order to help parents with their children’s school and college fee, Google Launchpad-incubated startup Financepeer was born four years ago. The Mumbai-based startup with its technology centre in Hyderabad’s T-Hub has supported one million students so far and has tied up with 2,000 educational institutions in the country.
The startup offers zero-cost EMI-based school fee financing platform with no processing fee and no middlemen charges. On top of it, it also provides free insurance to the student which can be availed in case of calamity in the family. In addition, the platform also provides a technology platform for parents and students which provides access to content through its various partners. Spread across 52 cities, the startup has been witnessing a growing traction towards its platform during the pandemic even as education is shifting online.
“We started off by developing a platform on credit ratings, however, overtime we realised that the cost of education was going up and parents are feeling the pinch even though they have some kind of savings set aside. That is how Financepeer came into being. We partner with educational institutions who recommend our platform to the parents and students and we provide fee financing from Rs 75,000 onwards. We have our own NBFC that comes under the RBI and have also tied up with partners to provide finance to parents,” said Rohit Gajbhiye, founder, Financepeer.
For Hyderabad region, the company has its technology centre in T-Hub and according to Gajbhiye large piece of the technology work happens from this centre. Out of the one million applicants registered on its platform, the company has about two lakh applications from this region with about 600-800 schools. Going ahead, the company plans to expand its presence to 4,000 schools and institutions and aims to reach two million applicants in the near future.
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