With an aim to provide aid to students in schools in Southeast Asia, ErudiFi raised a $5 million Series. This has been done to help students with affordable financing options. ErudiFi is based out of Singapore and has its operations wings in Philippines and Indonesia. The announcement to raise a $5 million series has been made along with ErudiFi co-investors Monk’s Hill Ventures and Qualgro.
Currently, ErudiFi works with approximately 50 vocational schools and universities in the Philippines and Indonesia. Naga Tan, CEO, and CO-founder of ErudiFi said that, with this initiative, they aim to help students with limited options for finance. He believes that students from the Philippines and Indonesia often depend on their families and sometimes lend money from lenders who charge high-interest rates. Naga Tan firmly believes that with this initiative, they will be able to help these students.
Over the years, ErudiFi has partnered with various schools and universities while leveraging technology to offer subsidized installment plans for students’ education. The repayment conditions vary, however, the interest rates are sometimes as low as 0%, payable within 24 months.
By helping students with affordable plans of financing, ErudiFi is trying to increase the retention rates at schools and help students continue their studies without worrying about the financial issues. ErudiFi offers data-based financing solutions that help schools to recruit and retain students. Tan believes that with their work, students are able to choose the best financing options so they can complete their education.
Peng T. Ong, managing partner and Co-founder of Monk’s Hill Ventures said that access to affordable education is a huge problem in Southeast Asia because the cost is almost double the average per capita GDP.