Leverage announces foray into financial services, launches remittances, education loan, international bank accounts
The leverage is looking to compete with players like Raghunandan G run Zolve, who only focuses on the US at the moment. Revolut, one of the world’s leading fintechs, also recently announced an Indian foray and said it will deploy $ 25 million.
Study Abroad Platform Leverage, which operates LeverageEdu.com, UniValley.com, UniConnect, among others, today announced its foray into financial services. As part of this, the company is launching three different services: international remittances, education loans and international bank accounts.
Speaking on the announcement, Founder and CEO Akshay Chaturvedi said, “The priority area of focus for us right now is remittances, it fits perfectly into the product market with the student journey, s’ integrates seamlessly with our app and has experienced full 100% growth. month after month since he was a pilot 3 months ago. This gave us the confidence to apply for an FFMC license ”.
The company said it has been in talks with the RBI for the past 1-2 months, which have been extremely supportive, and hopes to receive the license in the coming weeks.
Akshay Chatutvedi added: “We have a different approach to education loans and at the moment we are only looking to facilitate the lowest possible interest rate so that we can close the loop for students – this gives us the chance to work with major public sector banks. and massively undermine the market, by being able to give the best interest rates! “.
The company said that in a pilot project for its students in the last promotion, it processed loans over 75 crore and aimed to achieve a loan book of 1000 Cr in the next 6 months. Today he has a
API-level relationship with several banks and gives them access to an additional application based on the student dashboard. “Leverage Edu is all about trust, and that takes precedence over everything else for us. We had a record 18% of referrals in September. Students trust us to help with the right country, the right program, and how they lead to the right job results from step zero! Most lenders don’t have the type of relationship we have with a student, and we use that to be able to fight on behalf of the student for the best rates and more personalized pricing / credit decisions that hold. take into account several external factors. outside of simple financial records, ”Akshay added.
Leverage Finance is built by Rachit Juneja, who previously worked with Constellation Blu (partner company of Blume Ventures), and KPMG in its financial services division. The team already has more than 30 people now and is looking to hire an additional 60 to 70 people next quarter in several roles.
The company has also made it easier to open over 500 bank accounts in the past 1-2 months, mostly for students going to study in the UK and Canada. These are done in partnership with banks in the destination country, and the whole process is completed in India, before the student takes off. This gives banks in foreign countries a chance to extend their services to Leverage customers.
With the move, Leverage is looking to compete with players like Raghunandan G run Zolve, who only focuses on the United States at the moment. Revolut, one of the world’s leading fintechs, also recently announced an Indian foray and said it will deploy $ 25 million. Having started as a travel oriented service for low cost foreign exchange transactions, Revolut is also considering acquiring the forex license in India.