Leverage Launches Remittances, Education Loans, International Bank Accounts
Study Abroad Platform Leverage, which operates LeverageEdu.com, UniValley.com, UniConnect, among others, today announced its foray into financial services. As part of this, the company is launching three different services: international remittances, education loans and international bank accounts.
Founder and CEO Akshay Chaturvedi said, “The priority area for us right now is remittances. It fits perfectly into the product market with the student journey, fits perfectly into our app, and has seen 100% month-over-month growth since launching 3 months ago. This gave us the confidence to apply for an FFMC license ”.
The company said it has been in talks with the RBI for the past 1-2 months, which have been extremely supportive, and expects to receive the license in the coming weeks.
Chatutvedi added: “We have a different approach to student loans and at the moment we only aim to facilitate the lowest possible interest rate so that we can close the loop for students – it gives us the chance to work. with the main public sector banks and massively depreciate the market, being able to offer the best interest rates! “.
The company said that in a pilot project for its students during the last promotion, it processed loans over Rs 75 crore and aimed to achieve a loan book of Rs 1,000 crore within the next 6 months. Today, it maintains an API-level relationship with several banks and gives them access to an additional application based on the Leverage student dashboard.
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. 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 made it easier to open over 500 bank accounts in the past 1-2 months, 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 clients, he said in a press release.
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Posted on: Monday, January 10, 2022, 4:00 p.m. IST