Study-abroad startup Leap raises $75 million in the Series D round of funding led by Owl Ventures
- ByStartupStory | June 23, 2022
Leap, a fintech platform for Indian students seeking higher education abroad, has secured $75 million in its Series D round, which was managed by current investor Owl Ventures. New investors Steadview Capital and Paramark Ventures joined current investors Jungle Ventures and Sequoia India in the round.
The Bengaluru and San Francisco-based firm raised $55 million in a Series C round headed by Owl Ventures nine months prior. Including a $17 million Series B in March of last year, the firm has so far received $150 million. The additional funding will be put to use scaling the product, developing its current products, and introducing new ones in the months to come.
When it comes to funding higher education overseas, Leap competes with companies like MPower Financing and Credenc. For students interested in attending institutions abroad, Leap, which operates LeapScholar, LeapFinance, and Yocket, is a full-stack platform. In addition to financial services including foreign student loans, international bank accounts, credit cards, and money remittance services, the organisation also provides international test preparation services for the IELTS, TOEFL, SAT, admissions, and visa counselling.
Leap, founded by Arnav and Vaibhav Singh, offers entry to universities in the US, Canada, UK, and Australia. Over 175,000 students have benefited from the company’s assistance in the previous 12 months as they go to study abroad. With an interest rate ranging from 8.25% to 10.25%, Leap asserts to offer collateral-free student loans through Leap Finance Inc. At the time of money disbursement, the firm assesses a processing fee of 2% on loans.
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