ErudiFi, a startup offering tech-enabled education financing solutions in Southeast Asia, has secured a debt facility of US$15 million from Singapore-based fintech company Helicap.
The startup will use the funding to support the needs of students across the Philippines and Indonesia by offering them affordable tuition instalment plans.
This round comes close to a year after ErudiFi bagged US$5 million in Series A capital, co-led by Monk’s Hill Ventures and Qualgro in February 2021.
Launched in 2018, ErudiFi helps students secure funding for higher education through partnerships with leading universities and vocational schools. It operates as Danacita in Indonesia and Bukas in the Philippines.
As of December 2021, ErudiFi claims to have served more than 12,000 students and partnered with over a hundred educational institutions in Indonesia and the Philippines.
“Our partnership with Helicap enables us to further our mission of expanding access to education in Southeast Asia. The need for an affordable financing solution is greater than ever, with the ongoing pandemic leading to an increasing number of Filipino and Indonesian youths deferring further studies due to financial constraints,” said Naga Tan, CEO and Co-Founder of ErudiFi.
David Z. Wang, Co-Founder and CEO of Helicap (the parent company of Helicap Investments and Helicap Securities), said: “Education financing is a huge opportunity in Southeast Asia, and ErudiFi continues to shape and expand its trusted relationships with universities and partner institutions.”
Since 2018, Helicap has facilitated more than US$100 million in investments that improve access to financing for underbanked populations in Southeast Asia. As a signatory of the United Nations-supported Principles for Responsible Investment (PRI), Helicap Investments uses its proprietary credit analytics technology to make high-impact investments and bridge the US$500 billion financing gap in Southeast Asia.
According to HolonIQ, edutech is a growing sector in Southeast Asia, and the region has managed to raise a total of US$480 million in investment for startups operating in this sector over the last five years.
In Southeast Asia, there are many edutech startups such as Topica (Vietnam), Taamkru (Thailand), Ruangguru (Indonesia), and Classruum (Malaysia) that are helping plug the educational gap by increasing the quality or access to education.
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