RIYADH: Zenda, a UAE-based fintech that offers pay-now and pay-later options for parents to pay school fees, has raised a $9.5 million seed round from venture capital firms STV, COTU Ventures, Global Founders Capital, and VentureSouq.
The startup that offers parents an option to pay school fees directly through the app will use its acquired funds to accelerate expansion into India, while eyeing markets in North Africa like Egypt, according to TechCrunch.
“The UAE itself is an over $8 billion market for private education fees and they (Zenda founders) are already well poised to capture leadership,” STV General Partner, Ihsan Jawad, said, in a statement.
Founded in 2021, Zenda has seen its users grow by 20 times. Last year, it had over $100 million in annual contracted payment volumes.