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ZeeFi launches BNPL option for the educational sector

Thursday 3 March 2022 14:30 CET | News

Australia-based fintech ZeeFi has announced that it specialises in payments for education providers, with an offering called ‘Study Now, Pay Later’.

Harnessing its experience making loans for vocational and higher education and leveraging the data gained from its outsourced management of instalment payment plans for vocational education providers, ZeeFi officials said the startup aims to break the financial barriers that impeded both education providers and students in reaching their potential.

If an Australian selects a non-government funded course, he has limited options to finance his studies. He could apply for a non-bank financial institution loan usually at high-interest rates. In 2019, there were three million full fee-paying vocational students who were ineligible for government support, with numbers continuing to rise, according to ZeeFi.

This is where the company comes in to fill the funding gap, enabling education providers of all sizes, to help students pursue their goals. Study Now Pay Later (SNPL) was purpose-built to remove the financial barriers that stand in the way of education providers to enroll students who want to study. When approved, ZeeFi onboards the student and manages the entire payment process.

Available for courses valued between USD 500 to USD 20,000, SNPL allows providers to get paid upfront, while students spread their course cost, interest-free, with regular repayments for up to 36 months. This means increased cash flow for providers while students receive stress-free funding with high acceptance rates.


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Keywords: startup, BNPL, product launch, instalment payments, financial inclusion
Categories: Payments & Commerce
Companies:
Countries: Australia
This article is part of category

Payments & Commerce