UAE-based fintech app for school fees, zenda has raised $9.4 million in a seed round that was oversubscribed.
The company said in a statement that the app addresses “pain points” around the payment of school fees through its buy now, pay later business model.
According to the statement, global investors like STV, COTU, Global Founders Capital, and VentureSouq participated in the oversubscribed round.
Using zenda, families can track dues and make payments through a multitude of pay-now and pay-later options, and unlock rewards for paying on time.
zenda integrates with schools through its proprietary data model and APIs (like zapier) and eliminates last-mile reconciliation challenges and delays.
Raman Thiagarajan CEO & Co-Founder zenda
“In today’s digital world, we seek low friction and immediacy – why should that not be the case for fee payments? Part of the ecosystem still runs on cash or cheque with no convenient option to pay later. Since our launch, feedback from the market and especially from our users has been terrific – we are grateful & pumped with the response from parents and seeing how they have embraced our service. zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged that such a passionate group is with us on this journey.”
“We are excited and hopeful for the possibilities ahead – in providing customer-centric digital financial services to solve some of the simple yet important problems for families in our regions,” Mr. Thiagarajan added.
zenda is expected to expand beyond school fee payment to include other parts of personal financial management in the long term, as per the reports.
