Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

A new fintech startup solves capital problems for schools and teachers

A new fintech startup solves capital problems for schools and teachers

Pavee Ramanisankar, the founder of Finwego, has discovered the most pressing issue faced by educational institutions from her personal experience leading K-12 school chain Akshara Vidyaashram. The issue was raising capital, which she realized after many rejections from banks and lending institutions in India. This led to the start of Finwego, a lending venture based in Chennai, which provides customized loans to managements, schools, staff, vendors, and teachers.

A graduate from IIM-Bangalore, Pavee founded the company along with her husband Shiv Vadivelalagan, to start Finwego, incubated at Harvard University. Shiv has extensive experience in the Fintech space. During her masters in education at Harvard, she had won a grant of $25,000 applied from Harvard Innovations Lab. Loans starting from INR 20,000 to INR 2,00,000 are provided to teachers as they often face difficulty to get loans, considering the corporate structure of a school. The company has three main products: secured and unsecured loans to private schools, supply chain financing for vendors supplying to schools, and unsecured personal loans to teachers, though its main focus is private schools. The interest rate for a secured loan is 19 to 21 percent and 24 percent for unsecured loans.

The company currently operates in Karnataka, Pondicherry, and Tamilnadu and has worked with more than 500 schools till now. The company is eyeing a 10x growth with a loan book size of INR 250 crore by the end of FY21.


Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...