ErudiFi, a startup providing affordable education financing in Southeast Asia, has recently raised $5 million in funding.

The Series A funding round was co-led by Monk's Hill Ventures and Qualgro.

Founded in 2017, ErudiFi is headquartered in Singapore with operations in Indonesia and Philippines.

The startup currently works with over 50 universities and vocational schools across both countries, providing access to financing options for students in the form of subsidized instalment plans, while using tech to optimize costs.

Traditionally, these students had to rely on friends and family to afford their education, many often dropping out due to having insufficient funds.

With ErudiFi, students are not just able to get the financing they need, there are flexible repayment terms with interest rates as low as 0%, payable within 12 to 24 months.

Moving forward, ErudiFi plans to use the fresh funds to expand across the markets the company is in, and accelerate product development.

“Access to affordable tertiary education remains a huge pain point in Southeast Asia where the cost is nearly double than the average GDP per capita. ErudiFi is tackling an underserved market that is plagued with high-interest rates by traditional financial institutions and limited reach from peer-to-peer lending companies,” mentioned Peng T. Ong, co-founder and Managing Partner of Monk’s Hill Ventures.