Financial help to students for better tomorrow

The partnership will conservatively add loans worth Rs 25 crore over the next 6 months. To begin with, the partnership will focus on lending to parents for payment of their children’s education and related fees. OpenTap and ITI will then foray into other segments to infuse liquidity in the lives of the blue-collared workforce. The partnership is looking at building a portfolio of about 150 crores over the next 24 months.

OpenTap aims to reach Rs 100 crore by the yearend, adding 40,000 customers by March, 2019. OpenTap currently has an active borrower base of over 1,200 individuals and a loan book size of over Rs 3 crore.

Senthil Natarajan, CEO, OpenTap, commented, “The partnership with ITI EdVest is a huge milestone for us. Our vision of financial inclusion begins with building a better tomorrow, together for our customers. And we strongly believe that their tomorrow starts with a good educational foundation. ITI EdVest’s focus on delivering customised financial solutions to catalyse growth for students and educational institutions will greatly help towards this. We’re excited about what we can achieve together.”

Hersh Shah, Founder, ITI EdVest, said, “We are seeing a paradigm shift in the demand for school, graduate and vocational education especially on account of private sector’s contribution through investment in infrastructure, experiential learning and industry and research partnerships. Having said this, affordability for such education still remains a challenge.

The partnership with OpenTap will empower working parents with easy financing facility for quality education of their children.”