Bengaluru: Digital non-banking company Eduvanz has raised $5 million as part of its Series A round led by Sequoia India, along with existing investor Unitus Ventures.
The funds will be used to create technologies around AI-based risk management, and easier collections to support borrowers through their lending journey. The company will also look at creating new credit products and expand its reach to tier 2 and 3 geographies in India.
Eduvanz was founded in 2016 with the mission to empower students to make educated and informed decisions by providing free financial resources and unbiased advice.
The startup provides loan to students for upskilling as well as school fees, and leverages parameters like social media scores, education scores as well as taking guardians or parents as guarantors, to enhance its underwriting process.
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