Fintech app Zenda mops up USD 9.4 million in seed round
Bengaluru and Dubai-based fintech app zenda on Monday announced that it has secured $9.4 million in a seed round that was oversubscribed. The financing round saw the participation from STV, COTU, Global Founders Capital, and VentureSouq.
The fintech platform enables parents to settle school fees with pay-now and pay-later options, while unlocking rewards for paying on time. It addressed the pain points around the payment of school fees – in particular, the lack of convenience and flexibility in payment options for parents and the poor collection of payments for schools. The funds will be used for product development and market expansion in India.
Commentinng on the funding, CEO and Founder of zenda, Raman Thiagarajan said: “Since our launch, feedback from the market, especially from our users, has been terrific. Over the past months in India we have built a pipeline of more than 1000+ institutions and are immensely grateful for their trust. It is gratifying to see the response from parents and seeing how they have embraced our service. zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey.”
Through its app, Zenda allows parents to pay fees directly to schools, all while streamlining collections by enabling schools to accept and manage payments online.
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Founded in June 2021 by Raman Thiagarajan and Haseeb Ahmed, Zenda integrates with schools through its proprietary data model and APIs (much like zapier) and eliminates last mile reconciliation challenges and delays.