“The main area of interest for us right now is remittances, it fits perfectly into the product market with the student journey, fits perfectly with our app and has grown 100% month over year. other since the pilot a few months back. It gave us the confidence to apply for an FFMC license, ”said Akshay Chaturvedi, Founder and CEO of Leverage. Chaturvedi said the company had been in talks with the RBI for about two months. “We hope to receive the license in the next few weeks,” he said.
“We take a different approach to education loans and are just looking at easing the lowest interest rate possible so we can close the loop for students – this gives us the opportunity to work with them. major public sector banks and undermine the market. massively, to be able to offer the best interest rates! “. In a pilot project for his students in the latest class, he processed loans over Rs 75 crore and aims to achieve a loan portfolio of Rs 1,000 crore within the next 6 months, the company said in a statement. press release. The company saw a record 18% referrals upon admission in September.
“Most lenders don’t have the type of relationship we have with a student, and we use that to be able to fight on behalf of the student for the best rates and more personalized credit / credit decisions that take into account multiple external factors beyond simple financial records, “he added. 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, according to the release.
The team already has more than 30 people now and is looking to hire an additional 60 to 70 people next quarter in several roles. The company has also facilitated the opening of over 500 bank accounts, mostly for 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 takes off.
“This gives banks in foreign countries a chance to extend their services to leverage customers,” the company said.