Leverage launches remittances, student loans, international bank accounts

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, student loans and international bank accounts.

Founder and CEO Akshay Chaturvedi said, “The most important area of ​​focus for us right now is remittances. It fits perfectly into the product market with the student journey, connects seamlessly to our app, and has grown 100% month-over-month since its pilot launch 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 1-2 months, which have been extremely supportive, and expects to receive the license within the next few weeks.

Chatutvedi added: “We have a different approach to education loans and at the moment we are only aiming to facilitate the lowest possible interest rate to be able to close the loop for students – this gives us a chance to work with major public sector banks and massively crack the market, be able to offer the best interest rates! “.

The company said that during a pilot project for its students last term, it had processed loans of over Rs 75 crore and was aiming to achieve a loan book of Rs 1,000 crore in the next 6 month. Today, it maintains an API level relationship with several banks and gives them access to an additional application based on the Leverage Student dashboard.

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 at present and plans to hire 60-70 more people in the next quarter in several roles.

The company has also facilitated the opening of over 500 bank accounts in the last 1-2 months, mostly from 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 flies away. This gives banks in foreign countries a chance to extend their services to Leverage customers, he said in a press release.

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Posted: Monday, January 10, 2022, 4:00 PM IST

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