back Back

StepEx raised £1.1 mn in funding with BBVA Anthemis Venture Partnership

By Joy Dumasia

July 06, 2021

Share

StepEx has raised £1.1 million in pre-initial funding, with the venture studio BBVA Anthemis Venture Partnership being the lead investor. This startup from the UK offers an alternative system of student finance based on the estimation of their future income to democratize access to postgraduate qualifications.

Through StepEx’s Future Earnings Agreements, students do not pay an upfront university fee, instead of paying their university a percentage of their income for a fixed period after they graduate, and only once they earn above a minimum salary.

In the UK, StepEx is partnering with the London Business School and the prestigious universities of Cambridge and Cranfield, among others, and several providers of courses focused on in-demand technical skills such as coding and Artificial Intelligence.

An alternative to the traditional system of financing postgraduate studies, with access to lending based on past income. StepEx believes that this type of loan limits the opportunities for younger and less wealthy people to access postgraduate and technical qualifications, limiting their upward social mobility.

Christhi Theiss, Head of BBVA & Anthemis’ Venture Partnership at BBVA, says: “StepEx has created a solution that benefits students and educational institutions in equal measure. But it’s also an attractive investment for lenders – combining strong returns with genuine social impact. We have every confidence in the team’s ability to make this a mainstream option that transforms student finance,”

Recently, IBS Intelligence reported that BBVA has collaborated with Google Cloud to transform its security strategy with the optimisation of its security infrastructure. BBVA stated that it would utilise the partnership for developing new AI and ML models for predicting and preventing cyberattacks against its banking infrastructure. The Bank is expected to implement Google Cloud’s AI capabilities into its security strategy.

Previous Article

July 06, 2021

Amazon Pay ICICI Bank credit card on-boards over two million customers

Read More
Next Article

July 06, 2021

Bitpanda appoints former Revolut exec as its new Chief of Growth

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 15, 2024

4 Cloud-based Banking platforms driving transformation in Europe

Read More

May 15, 2024

Temenos unveils financial processing solution, Temenos Positions

Read More

May 14, 2024

Temenos launches secure Generative AI solutions for core banking

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023