New Delhi: Digital non-banking firm Eduvanz Tuesday said it has raised $10 million in debt funding from multiple financial institutions including InCred Financial Services, Vivriti Capital, and Northern Arc Capital. The five-year-old education loan firm said the fresh funds will be utilized to expand their reach among potential customers. The firm provides loans to students to fund their school, coaching and test prep fees and salaried and self-employed to fund their up-skilling expenses. We appreciate the company’s effort…by providing access to finance and counseling," said Irfan Mohammed, chief business officer of Vivriti CapitalFounded in 2016, the education loan firm had raised $5 Million Series A funding from Sequoia Capital and Unitus Ventures in August 2020. The company had then said that itb will utilize the $5 million fund to create technologies around artificial intelligence-based risk management, and easier collections to support borrowers through their lending journey.

Source: Mint February 09, 2021 15:31 UTC