Parent company Bukas.ph raises $ 5 million
Southeast Asian educational financial technology firm ErudiFi has raised a $ 5 million Series A funding round co-led by Monk’s Hill Ventures and Qualgro to further expand its operations and services across the region, including the Philippines.
As a growing organization, the company said it plans to use the fund to make key recruitments in the areas of products and engineering, marketing and operations, business development and functions. of data.
It also intends to strengthen its education finance services, invest in product innovation to deepen its engagement and relationships with schools and students, and expand its presence in existing markets. in Indonesia and the Philippines with partner academic institutions.
Established in 2017, ErudiFi’s technology platform has helped secure funding for thousands of financially underserved students and has grown threefold in 2020.
Through its Study Now model, Pay Later, it makes it easier to finance education for students in the region, starting with the Philippines and Indonesia. “Our partnership with Monk’s Hill Ventures and Qualgro gives us a greater opportunity to continue our mission of making education more affordable in Southeast Asia,” said Riche Lim, Co-Founder, CFO and Chief Strategy Officer from ErudiFi. According to him, nearly two-thirds of young Filipinos and Indonesians do not have access to higher education due to lack of funding.
He said student retention is also a challenge in the region, with many schools experiencing dropout rates of 10-15% per year, mainly due to financial hardship faced by students and their families.
“It is our dream to be able to close this gap. With this partnership, we are grateful that we can pursue our goal of helping students build a better future, ”he said.
According to the company, a persistent focus on product innovation is essential for ErudiFi. Its technology-based customer and partner onboarding process provides a reliable and accessible solution for students and schools.
The company also launched a value-added service providing partner schools with a way to track disbursements and provide real-time analytics, supporting school partners in recruitment and retention efforts.
“ErudiFi aims to build trusting relationships with universities and partner institutions as they grow in the region and the Qualgro team is delighted to work closely with them to expand their reach,” said Heang Chhor , founder and managing partner of Qualgro. Its local affiliate, Bukas.ph, is an education finance platform that offers affordable student loans. It works closely with top colleges and universities to provide students with a simple, secure, and integrated tuition payment plan.
“With our network of partner schools, we hope to reach as many students as possible across the country,” said Jon Robert Emlano, Bukas Country Director for the Philippines. “At Bukas, we believe that making education more affordable will provide a better future for Filipino families.
To date, Bukas has integrated partner institutions nationwide like Mapua University, University of the Far East, Adamson University, Our Lady of Fatima University, PHINMA Education Network, the ‘University of Nueva Caceres, Centro Escolar University (CEU) and Eskwelabs, among others.
“We are grateful for the funding option offered by Bukas.ph as it has been of great help to our students and their families. Through this partnership with Bukas.ph, we can enable more students to continue their education, especially in these difficult times. We hope to see more students take advantage and continue to pursue higher education in the years to come, ”said Jericho P. Orlina, Assistant Vice President of Business Affairs at CEU.