The Indian FinTech sector witnessed interesting funding announcements this February 2021. Digital payments in the country have been instrumental and the growth over the past few years have skyrocketed especially during the COVID-19 pandemic. According to the India FinTech Report 2020 by IBS Intelligence, total digital payment transactions (mwallet, UPI and Prepaid Payment Instruments) in India stood at approximately $270 billion in 2019 and is forecasted to reach approximately $950 billion by 2023, recording a CAGR of 41.1 per cent.
Startup EduFund raised ₹25 million as part of its pre-seed investment round from ViewTrade, a US-based holding corporation, as mentioned in media reports. ViewTrade was the main investor along with other angel investors from a private syndicate through Angel List.
EduFund provides parents with the means to build an education fund for the child higher studies. The company plans on using the raised funds for product expansion by incorporating more policies to fulfil the financial and educational goals of students.
To keep with the trends of the FinTech industry, the company is aggressively working on its growth trajectory. With the newly acquired funds, the company aims to invest in market acquisition and impactful marketing campaigns which have a greater outreach to parents and students interested in overseas education.
Regulated by SEBI, EduFund is a Registered Investment Advisor in India. The company is said to ensure 100% privacy and confidentiality when it comes to storing personal information of users.
To read the full article, click here.