ErudiFi, a tech-enabled company providing access to affordable education financing in Southeast Asia, has secured $5 million debt facility from Helicap, a Singapore-based fintech firm.
With the latest round of funding, the Singapore headquartered Erudifi plans to provide affordable tuition installment plans to students.
Founded in 2018 by Ketty Lie, Naga Tan, Riche Lim, and Susli Lie, ErudiFi aims to partner with universities and vocational schools to help underserved families find funding for higher education. It operates education financing platforms Danacita and Bukas in Indonesia and the Philippines, respectively.
Working with accredited schools and universities, ErudiFi offers data-driven financing solutions that support student recruitment and retention, which allows students the opportunity to achieve their aspirations by overcoming financial constraints in paying for educational programs.
ErudiFi is on a mission to work with the best and brightest across the region to deliver innovative education financing solutions.
Talking about the platform, Co-founder and CEO of ErudiFi, Naga Tan, said in a statement, "The need for an affordable financing solution is greater than ever, with the ongoing pandemic leading to an increasing number of Filipino and Indonesian youths deferring further studies due to financial constraints."
The company claims to have served more than 12,000 students and partnered with over 100 educational institutions in the two countries.
ErudiFi has partnered with Universities like President University, UNTAR, IT PLN, and Wall Street English in Indonesia, and PHINMA Education, Far Eastern University, Adamson University, and Mapua University in the Philippines.
Last year in February, ErudiFi had raised $5 million as a part of its Series A round co-led by Monk's Hill Ventures and Qualgro.