Capital India to Invest USD 25 million in Credenc For Education Finance
Hyderabad/New Delhi : Capital India, a finance conglomerate has added another business to its portfolio through a strategic investment of USD 25 Million in mixed equity & debt in Credenc, an education lending fin-tech platform. This is in line with Capital India’s vision to enable digital financial products and services to Indian customers. With this investment Credenc is looking to build a book of INR 3000 Cr by 2025.
Credenc is a Delhi based fintech founded by Avinash Kumar and Mayank Batheja in 2017 and is a technology led education loans platform, working as the digital finance desk of 1000+ colleges across 17 cities in India.
What makes Credenc unique is that it undertakes a rigorous evaluation process using a proprietary artificial intelligence (AI) model, which tracks 15 million data points to predict the future income of students applying for loans. They provide financial assistance based on student potential and future income instead of the existing financial capability of the family which is typically the primary factor considered by traditional education lenders.
Credenc offers education loans covering K-12 school fee, online upskilling courses, higher education as well as study abroad courses at the click of a button and will soon launch India’s first student focused neo bank. It is currently developing the entire student education ecosystem helping students & parents with, Credit, Accommodation, Employability, Savings, Forex, and Investments on a mobile app.