ErudiFi secured Debt Facility of $15 million from Helicap

ErudiFi, a tech startup in Southeast Asia, has announced that it secured a debt facility of $15 million from Helicap, a Singapore-based fintech company. ErudiFi is a company that aims to expand access to education in the SEA region by offering student loans. In the Philippines, ErudiFi operates under the name Bukas.

Bukas saw a near-ninefold increase in applications since its establishment in 2019. It has assisted students with enrolling in partner institutions. Recently, Bacolod’s Riverside College and the University of East Caloocan and Manila were added to Bukas’ list of partners.

“Our partnership with Helicap enables us to further our mission of expanding access to education in Southeast Asia,” said Naga Tan, chief executive officer (CEO) and co-founder of ErudiFi, in a press statement. “The need for an affordable financing solution is greater than ever, with the ongoing pandemic leading to an increasing number of Filipino and Indonesian youths deferring further studies due to financial constraints.”

This last funding round supports ErudiFi as it offers tuition installment plans to students. Last December, the company has assisted over 12,000 students and partnered with over a hundred educational institutions.

Helicap is responsible for connecting global investors to private investment opportunities in SEA. The company has a proprietary Credit Analytics Platform that it uses for investment evaluations, due diligence, and portfolio management processes.

“[The platform] enables Helicap Investments to make data-driven investment decisions and provide scalable lending capital to top-performing alternative lending institutions,” a spokesperson for the company added.

Since 2018, Helicap oversaw over $100 million in investments that improve financing access for SEA’s underbanked populations.

“Helicap, since its founding, has always aimed to break down traditional barriers for those who need capital and those who can provide it,” said David Z. Wang, co-founder, and CEO of parent firm Helicap Pte. Ltd., in the same press statement.

Source: Business World