Zinc Raises $25.5 Million in Seed Funding to Transform Edu-Wealth Services
- ByStartupStory | October 29, 2024
Edu-wealth start-up Zinc has successfully raised $25.5 million in seed funding, with the round led by Nexus Venture Partners and supported by Quona Capital, EDBI, Global Ventures, and Saison Capital. The company, founded by Prashanth Ranganathan, former Chief Executive of PayU Credit and founder of PaySense, aims to leverage this capital to enhance product innovation and broaden its service offerings.
Zinc is tackling a pressing challenge faced by many Indian families: the escalating costs associated with international education. As financial landscapes evolve, the need for innovative solutions becomes paramount. Prashanth Ranganathan, Founder & CEO of Zinc, stated, “At Zinc, we are addressing one of the most pressing challenges faced by Indian families—navigating the rising costs of international education. In today’s rapidly changing financial landscape, it’s crucial to move beyond traditional rupee-based savings and adopt global strategies that protect against currency fluctuations and inflation.”
The funds will be directed towards developing global investment tools, AI-powered university counselling, and cross-border payment solutions. Zinc’s core offerings focus on the unique financial needs of families planning for overseas education. A standout product, Ada, serves as an AI-powered counsellor that assists students and families with international education planning, available both online and through partnered counsellors in various cities.
Zinc’s vision is to become a full-stack cross-border financial services platform for Indian families, providing a comprehensive suite of solutions to manage the financial complexities of global education. The company has secured approval for the RIA (Registered Investment Advisor) licence from SEBI and has also received in-principle approval for the PSP (Payment Service Provider).
In addition to these licenses, Zinc has applied for a brokerage licence from the International Financial Services Centres Authority (IFSCA) in GIFT City, further solidifying its commitment to providing robust financial services for families investing in education abroad.
Follow Startup Story
Related Posts
