 "bank, credit, growth, loans, funding, capital, cash, m&a, payment")
Fintech app for school fees, Zenda, announced that it has secured a $9.4 million in a seed round with participation from STV, COTU, Global Founders Capital, and VentureSouq. Zenda currently addresses the payment issues 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.
With about $70 billion processed annually in fee payments to private educational institutions in India, $37 billion in the GCC, and $34 billion in the rest of Middle East and Africa, the market is sizable, yet largely untapped. Fee payments in schools (nurseries - K12 - tertiary) are significantly non-digital,
