Leverage, the study abroad platform that owns LeverageEdu.com, UniValley.com, and UniConnect, among other sites, announced its move into financial services today. The company will offer three services as part of this: overseas remittances, education loans, and international bank accounts.
Rachit Juneja, who formerly worked with Constellation Blu (a Blue Ventures partner firm) and KPMG’s Financial Services division, is building Leverage Finance. The team currently has a headcount of over 30 employees, and it plans to hire 60-70 more people in the coming quarter across a variety of roles.
Over the last two months, the organisation has assisted in the opening of over 500 bank accounts, particularly for students preparing to study in the United Kingdom and Canada. These are done in collaboration with banks in the student’s destination country, and the full procedure is finished in India before the student departs. This opens the door for banks in other countries to offer Leverage customers their services.
Speaking on the announcement, Founder & CEO Akshay Chaturvedi said,”topmost focus area for us is remittances right now, its got a great product-market fit with the student journey, plugs in beautifully with our app, and has grown a full 100% month-on-month ever since it’s pilot 3 months back. That gave us the confidence to apply for an FFMC license,”.