Owl Ventures and current investor Sequoia Capital India additionally participated within the spherical.
The brand new funding comes lower than a 12 months after Leap raised $ 5.5 million from Sequoia Capital India and others, bringing the overall capital raised thus far to $ 22.5 million.
Based by Vaibhav Singh and Arnav Kumar in 2019, the corporate gives greenback loans to Indian college students who want to research in america, Canada, United Kingdom and Australia with zero collateral.
It additionally gives companies equivalent to counseling, visa help, take a look at preparation and different monetary merchandise for college students who want to research overseas via Leap Finance and Leap Scholar.
About 20,000 college students used its merchandise final 12 months. The corporate plans to extend the quantity greater than seven instances this 12 months and exceed $ 10 million in income, he stated.
Leap will use the funds to broaden into new geographies, broaden its product capabilities, double its workforce to 200 staff, and broaden its companies to incorporate worldwide pupil insurance coverage and supply bank cards to worldwide college students via its hyperlinks. with banking companions overseas.
The Covid-19 pandemic has helped the corporate create offers to satisfy pent-up demand created final 12 months as overwhelming numbers of scholars postponed their worldwide schooling plans, co-founder Singh stated.
“Demand is like by no means earlier than within the section, which is actually useful to us. The interval allowed us to create all of this. Total, we’re very prepared for the hyper-scale within the subsequent 24 months, ”he added.
Leap competes with banks and non-banks within the schooling mortgage market, IDP Schooling within the advisory section and Remitly – a cross-border cash switch platform.
Amit Patel, Managing Director of San Fransicso-based Owl Ventures, whose Indian portfolio contains Byju’s unicorn edtech, stated the coed must work together with a number of entities of their research overseas journey. Leap’s answer ties all of it collectively.