StudentFinance was founded into 2019, although the official launch was not until early 2020. As of May 2021, the company is avidly hiring new people since there is only around 1-10 employees not counting the founding members. Now the big kicker is that even though this Fintech vc firm is incredibly new, 17 investors have already showed interest and ended up funding the $6.6 Million total to launch StudentFinance even further. The lead investors were Giant Ventures and Armilar Venture Capital.
What does StudentFinance do?
On StudentFinance’s website there are 3 separate sections divided out as “Student, Employers, and School.”
The just for Students section says this:
- Just focus on your education. We take care of your tuition fee and you will pay a percentage of your future salary.
- We evaluate you based on your potential to succeed, not only on your current financial situation.
- Pay nothing until you make it. You only start making payments after you’re employed, but only if you´re making above the minimum income threshold.
- We partner with some of the best companies to help you launch your new career.
While the School section describes what they can provide:
- Increase enrolment and student satisfaction.
- Focus on what you do best, provide excellent education programs.
- Reduce the rate of drop off due to the cost of the tuition.
- Benefit from a scalable financing solution through a dedicated partner.
And the Employers sections states this:
- First-hand access to a diverse pool of talent in areas of high demand.
- Dedicated partnership model to cherry-pick the right talent.
- Work hand in hand with StudentFinance and our partner schools to plan your future recruitment demand.
- We select the schools and students through a rigorous selection process, designed to invest only in the students who can become outstanding professionals.
StudentFinance started out in the country Spain, and then rapidly grew to locations such as Finland, Germany, and the United Kingdom. Along with over 35 education providers who have signed up already, this number has been indicated to increase rapidly in 2021.
VC Fintech co-founder Mariano Kostelec said in a recent press release from May 18, 2021 that:
“StudentFinance is the only platform in this space providing the full end-to-end, cross-border infrastructure to deliver ISAs for students whilst helping to plug the growing skills gap. Not only do we provide the infrastructure to support the ISA financing model, but we also provide data intelligence on the employment market and a career-as-a-service platform that focuses on placing students in the right job. We are creating an equilibrium between supply and demand.”
Now this is what we want to hear from a new Fintech company, especially one dedicated to the back ends of the digital educational world.
However, who are StudentFinance’s competitors? They are Eduvanz, Student Loan Hero, Edbridg, and Defynance. When it comes to competition there is a handful of companies, however, there are more although they offer different services which allow those companies to not solely become competitors, since they operate within a different lane of the educational route.
But who are the co-founders and why did they create StudentFinance? Actuality, they all know each other because they built Uniplaces, which is a student housing company that runs throughout Europe. However, when it comes to tuition costs, co-founders Mariano Kostelec, Marta Palmeiro, Sergio Pereira and Miguel Santo Amaro thought about offering up ISAs as an alternative to the upfront cost.
Traditionally, school loans have been a sole way to pay for any higher education, StudentFinance is changing that payment window. Keep an eye out for StudentFinance since 2021 is adding up to be a major breakthrough year for the fintech company.
Company website: https://www.studentfinance.com/
Follow Mariano Kostelec on Twitter: https://twitter.com/marianokostelec