Start-up LeverageEdu gets RBI approval for financial services unit

Company raised $22 million in funding in March earlier this year at a valuation of $120 million

LeverageEdu, the study abroad platform, has got the Reserve Bank of India’s licence for its financial services vertical for student remittances and education loans.

The company said it recorded transactions processed value of Rs 135 crore on foreign exchange, facilitating education loans worth more than Rs 280 crore and it aims to close FY 2023 at $150 million annualised TPV.

“We have been building finance ground-up not as a business but as a student need that can enhance our customer’s experience--first starting with ‘Scholarships’ that became a massive hit, and then formally launching lending and forex this year,” said Akshay