EduFi Secures $6.1M in Funding for AI-powered Student Loan Platform

Singapore-based startup EduFi secures $6.1 million in a pre-seed round, attracting investments from Palm Drive Capital, Deem Ventures, Q Business, and angel investors. EduFi's mobile app and AI-powered study now, pay later (SNPL) lending platform aim to tackle education financing challenges in Pakistan, where traditional student loan products are scarce.

Founder Aleena Nadeem, an MIT alumna, observed the struggle for education funding in Pakistan and aims to bridge the gap between high school and university admission. EduFi has partnered with fifteen universities, making its app accessible to over 200,000 students, offering customizable loan terms and a streamlined application process.

With swift disbursement of funds within 48 hours, EduFi's credit model has been tested against 80,000 consumer finance loans. The Securities and Exchange Commission of Pakistan has approved EduFi's license application, expected to be granted in November.

With plans to expand its platform, enter new markets, and introduce student credit cards, EduFi aims to empower low- and middle-income families by revolutionizing education financing, easing financial burdens, and fostering positive social change.