Edufintech firm ErudiFi announced it has raised US$5 million in its series A financing round led by Monk’s Hill Ventures and Qualgro.
Founded in 2017, the company helps underserved families in the region secure funding for education through partnerships with leading universities and vocational schools. It operates as Danacita in Indonesia and Bukas in the Philippines.
ErudiFi said it plans to use the newly raised funds to hire employees for its product and engineering, marketing and operations, business development, and data functions.
The company also plans to scale its education financing services, increase its footprint in its existing markets through new partnerships, and invest in product innovation.
ErudiFi claims to have grown 3x in 2020 and has onboarded over 50 universities and vocational schools in Indonesia and the Philippines. Academic institutions that have joined the platform include President University, Untar, IT PLN, and Wall Street English in Indonesia and Phinma Education, Far Eastern University, Adamson University, and Mapua University in the Philippines.
“At present, nearly two-thirds of Indonesian and Filipino youths are unable to enroll in higher education due to lack of affordable financing,” said Naga Tan, CEO of ErudiFi.