Indian fintech Financepeer raises $31m in Series B round

Mumbai-based fintech Financepeer has raised $31 million in a Series B funding round.

Financepeer lands $31 million Series B round

The round was led by US venture capital firm QED Investors and Mumbai-based Aavishkaar Capital.

Other investors participating in the round included US-based edtech investor Ardent Ventures, DMI AIF – The Sparkle Fund, 9Unicorns, LC Nueva AIF and Maxar.vc.

Financepeer specialises in education financing for students. The company pays fees to the institute upfront on the student’s behalf which can then be paid back in monthly instalments.

The firm says the funding will be used to accelerate its “mission of bringing quality and accessible education across India”.

“We have partnered with over 10,000 educational institutions across the country and provide them with financing solutions, edtech content, and fee payment solutions,” Financepeer says.

The company claims to have achieved 10x growth in the past year, with its staff headcount growing from 150 to almost 400 employees.