Fintech site for students pursuing higher education abroad- Leap Finance, is looking to raise $70-100 million in a fresh funding round after its last Series D round in June 2022 where the San Francisco-incorporated fintech raised $75 million led by Owl Ventures, having other participants in the likes of Jungle Ventures, Peak XV, Steadview, and Paramark Ventures at a valuation of $850-900 million.
Sources suggest that the fintech platform can potentially become a unicorn as it is aiming to raise $100 million at a valuation of $1-1.2 billion in a Series E round from three investors. This new round will be a combination of primary and secondary capital, sources also suggest that some early investors and angel investors might be taking full or partial exit from the fintech.
The fintech firm offers overseas education services to Indian students with a focus on Canada, the US, Australia, and the UK. It provides test prep apps for IELTS, SAT, and TOEFL, financial assistance through LeapScholar, LeapFinance, and Yocke, admission and visa counseling, along with bank account, money remittance & credit card services. The platform claims to have catered to 3,000 students since 2021.
Up until the latest Series D funding round, the company has raised $175 million in funds. Leap along with its contenders namely Auxilo, Propelld, Eduvanz, Mpower Financing, Financepeer, Grayquest, and Avanse Financial have collectively raised nearly $500 million in the past year. The trends suggest a growing inclination for overseas education as Incred, a loan disbursal platform, has estimated overseas education loan to account for 21% of its total loans issued in the last 24 months.
