: City-based startup OpenTap today signed a partnership with ITI EdVest, promoted by financial services firm Investment Trust of India Ltd, to provide financial assistance to parents for paying the education fees of their children.
"The partnership will add loans worth Rs 25 crore over the next six months. To begin with, it will focus on lending to parents for payment of their children education fees", the company said in a statement.
OpenTap, promoted by former investment bankers, focuses on providing short term credit for individuals with a monthly income upto Rs 25,000.
The company has set a target to disburse Rs 100 crore loans and to add 40,000 customers by March 2019.
Currently, the company has an active base of 1,200 individuals with a loan book size of Rs three crore.
"The partnership with ITI EdVest is a huge milestone for us. ITI EdVest's focus on delivering customised financial solutions to catalyse growth for students will greatly help towards this. We are excited about what we can achieve together"", OpenTap CEO Senthil Natarajan said.
Commenting on the partnership with OpenTap, ITI EdVest founder Hersh Shah said, "the partnership will empower working parents with easy financing facility for quality education of their children".
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