ErudiFi raises US$5M Series A funding

Indonesia: ErudiFi, a startup that provides access to affordable education financing in Southeast Asia, has raised US$5 million in Series B capital, co-led by Monk’s Hill Ventures and Qualgro.

The Indonesia-based startup will use the capital to make key hires across product and engineering, marketing and operations, business development, and data functions.

The company also has plans to scale its services, deepen its footprint in its existing markets (Indonesia and the Philippines), and accelerate product innovation.

Founded in 2017, ErudiFi is a tech-enabled platform that helps financially underserved students get access to quality education centers with its “Study Now, Pay Later model”.

Aside from not being able to enroll in higher learning, student retention is also a challenge in Southeast Asia. Many schools experience a 10-15 percent dropout rate annually, largely due to financial difficulties faced by families.

To address these challenges, ErudiFi has launched a service that provides partner schools with a way to track disbursements and provide real-time analytics for dropped students.

So far, the startup claims to have onboarded over 50 leading universities and vocational schools in Indonesia and the Philippines, including President University, UNTAR, IT PLN, Wall Street English, PHINMA Education, Far Eastern University, Adamson University, and Mapua University.