Quiklo ventures into education finance; to provide study loans

Quiklo, the financial technology startup, has ventured into education finance services sector, and will provide students loans to pay course fees or even test preparation fees. The startup has partnered by banks and non-banking financial institutions for disbursing the loans. Once the required criteria is met a partner financial institution disburses the money directly to the payee instead of giving the money to the borrower.

Mrigank Shekhar, co-founder at Quiklo, said that “The education loan sector has a very low penetration in the country with only 5% getting loans for education and about 10% getting personal loan for education fees. While the selection criteria for banks are already strict, they give loans for a fixed set of top 100 colleges, beyond which the coverage is very minimal. Quiklo, through our education finance platform aims to empower those who have been declined loans in the past”.

Founded in 2015 by Mrigank Shekhar, Kush Srivastava and Rahul Saxena, the startup has raised $2.3 million till now from venture capital firms Accel Partners and TracxnLabs. Adding on to Shekar’s comments, Prayank Swaroop, part of Accel Partner, also commented that “We really liked the Quiklo team and decided to incubate them in our office. Education is an exciting space to be in. The founders spent several months on ideation, market research and product design—our investing team members supported them through this process. And we have been part of Quiklo journey since inception”.