Jodo, a fintech in the educational payments space, has raised $15 million in Series A funding round led by Tiger Global. The round also saw participation from existing investors, Elevation Capital and Matrix Partners India, from whom Jodo has previously raised $ million. The fund will be utilized to accelerate product innovation and sales, and further grow the Jodo team.
Company handout
"At Jodo, we have built industry-first payment and lending products grounds-up keeping the requirements of parents, students and educational institutes in focus. With this capital, we will double down on the momentum and continue to bring innovative financial products to market. We are thrilled to have Tiger Global join us in the journey, and thank Matrix Partners India and Elevation Capital for their continued support," said the founders of Jodo in a joint statement.
Jodo's products currently power fee collection for more than 700 educational institutes and have facilitated fee payments for over 1 lakh students. The company is currently focused on catering to the private education sector, a high-value of over $100 billion annual spend category without the right financial products. Jodo is poised to be a leader in the educational payments space having grown 10 times year-on-year since its founding with its products being adopted at a rapid pace, claimed by the company in a statement.
"Jodo is modernizing payments and credit for India's education market by increasing convenience and affordability for parents and providing a better workflow for schools and institutions. We are very impressed with Jodo's progress and are excited to partner with them as they expand the product suite and become available at more schools," said Alex Cook, partner, Tiger Global.
Jodo is a mission-oriented high-growth fintech startup building payment and lending products to simplify education payments. Jodo's suite of products makes education payments convenient and affordable for parents while simplifying and streamlining fee collections for educational institutes.