leverage: the study abroad platform Leverage enters the field of financial services

Study abroad platform Leverage, which operates LeverageEdu.com, UniValley.com, UniConnect, among others, has ventured into financial services and has rolled out three different services: international remittances, loans studies and international bank accounts.

“The highest priority area for us is remittances at the moment, it fits perfectly into the product market with the student journey, connects perfectly to our app and has grown 100% month over month. “other since the pilot a few months back. It gave us the confidence to apply for an FFMC license,” said Leverage founder and CEO Akshay Chaturvedi.Chaturvedi said the company has been in talks with the RBI for about two months.”We hope to receive the license in the next few weeks,” he said.

“We have a different approach on student loans, and at the moment we are only aiming to facilitate the lowest possible interest rate to be able to close the loop for students – it gives us a chance to work with major public sector banks and undermining the market massively, being able to give the best interest rates!” In a pilot project for his students in the last intake, he handled loans of over Rs 75 crore and aims to achieve a lending book of Rs 1,000 crore in the next 6 months, the company said in a press release.The company scored a record 18% referrals during September admission.

“Most lenders don’t have the kind of relationship we have with a student, and we use the same so we can fight on the student’s behalf for the best rates and more personalized pricing/credit decisions. which take into account several external factors apart from simple financial records,” he added. Leverage Finance is built by Rachit Juneja, who previously worked with Constellation Blu (Blume Ventures partner firm) and KPMG in its division financial services, according to the release.

The team already has more than 30 people at present and plans to hire 60-70 more people in the 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 flies away.

“This gives banks in foreign countries a chance to extend their services to Leverage customers,” according to the company’s statement.