StepEx, a UK-based FCA-controlled fintech startup offering student loans on the grounds of future earnings, has raised US$ 1.5 million in a pre-Seed funding round led by Anthemis Group on 5 July 2021.

Investors: The investment round featured Anthemis Group as the lead investor with participation from Triple Point Ventures and famous fintech angels, including Chris Adelsbach.

Purpose of the funding: The startup intends to deploy the proceeds from the investment round for the further development of its machine learning model and user platform, as well as the expansion of the senior team.

About StepEx

Brought to existence by Daniel George and Crumpet Die Entre in 2017, StepEx assists borrowers in financing their education by trading a portion of their future earnings for a specified duration. Such a cost-effective repayment process aids in reducing the possibility of bankruptcy and makes financing education accessible to all at lower repayment costs. Hence, the technique is far better than the traditional unsafe personal debt lenders. Currently, the startup is operating in association with London Business School and INSEAD – including many course-offerers focusing on popular next-generation skills like coding and artificial intelligence. StepEx envisages widening the availability to postgraduate and technical education through its advanced student loan techniques, like the Future Earnings Agreements.

What the Founder has to say: “Finance for postgraduate and technical qualifications is outdated and prohibitive. A great proportion of talented students find the best courses expensive. What’s worrying is that the expenses cannot be financed by government loans. Debt is a weak solution to the challenge as the borrowing conditions are formulated on the basis of past earnings, which poses a barrier for young and low-income individuals and restricts social mobility upward. An outcome-based financing strategy overcomes this shortcoming and unlocks great opportunities for individuals to enrol in courses with high-income potential.”- Daniel George, Founder and CEO of StepEx.

What the Investors have to say: “Since our early days, the StepEx team and its Founder have been impressive. Their passion, professionalism and skills are flattering. Daniely has successfully co-shaped a new guideline with the UK government in less than two years, which has helped his firm pan out as the first regulated enterprise in Europe to provide Future Earnings Agreements. Several known educational establishments across Europe are providing StepEx’s product to their students, which is enabling StepEx to collect sufficient data to create its proprietary tool of predicting future earnings.”- Christhi Theiss, Head of BBVA Anthemis Venture Partnership at BBVA.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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