Jodo, a fintech in the educational payments space, has raised its series A funding of $15 million led by Tiger Global.
The round also saw participation from existing investors, Elevation Capital and Matrix Partners India, from whom Jodo has previously raised $4 million.
The funding will be used to accelerate product innovation and sales, and further grow the Jodo team, the company said in a statement.
Jodo was founded in 2020 by Atulya Bhat, Raghav Nagarajan and Koustav Dey when they noticed that many households face difficulty when paying education fees due to the lack of flexible payment options available.
Jodo’s first set of offerings is a suite of specialised payment and lending products to make fee payments convenient and affordable for parents of students while making fee collection hassle-free for educational institutes. The company is currently focused on catering to the private education sector, a high-value $100 billion-plus annual spend category without the right financial products.
“Education fee payments, one of the most important and high-value spend categories, has seen little innovation and is lagging in digitization. At Jodo, we have built industry-first payment and lending products grounds-up keeping the requirements of parents, students and educational institutes in focus. With this capital, we will double down on the momentum and continue to bring innovative financial products to market. We are thrilled to have Tiger Global join us in the journey, and thank Matrix Partners India and Elevation Capital for their continued support,” said the Jodo founders.
Jodo’s products currently power fee collection for over 700 educational institutes and have facilitated fee payments for over 100K-plus students, the statement said.
“Jodo is modernising payments and credit for India’s education market by increasing convenience and affordability for parents and providing a better workflow for schools and institutions. We are very impressed with Jodo’s progress and are excited to partner with them as they expand the product suite and become available at more schools,” added Alex Cook, partner, Tiger Global.