Leverage announces foray into Financial Services

By Leandra Monteiro

Study Abroad Platform Leverage, which operates LeverageEdu.com, UniValley.com, UniConnect, among others – announced its foray into financial services. Within this, the company is launching three different services: international remittances, education loans, and international bank accounts.

Speaking on the announcement, Founder & CEO Akshay Chaturvedi said, “Topmost focus area for us is remittances right now, its got a great product-market fit with the student journey, plugs in beautifully with our app, and has grown a full 100% month-on-month ever since it’s pilot 3 months back. That gave us the confidence to apply for an FFMC license”.

Chatutvedi added, “We have a different approach on education loans, and are at the moment only aiming to facilitate the lowest possible interest rate to be able to complete the loop for students – that gives us a chance to work with leading public sector banks and undercut the market massively, being able to give out the best interest rates!”.

The company said that in a pilot for its students in the last intake, it processed loans over ₹75 Crores, and is aiming to hit a ₹1000 Cr loan book in the next 6 months. Today, it has an API-level relationship with multiple banks and gives them access to an additional app built on the Leverage Student Dashboard.

“Leverage Edu stands for trust, and that takes precedence over all else for us. We had a record 18% referral in the September intake. Students trust us to help with the right country, right program, and how they lead into the right-fit employment outcomes right from step zero! Most lenders don’t have the kind of relationship we have with a student, and we are using the same to be able to fight on behalf of the student for best rates, and more customized pricing / credit decisions that take into account multiple external factors outside just the plain financial records,” Chatutvedi added.