School fees app that eases cash flow stress for parents raises $9.4m
A FinTech app that enables parents in the Middle East and North Africa to settle school fees with pay-now and pay-later options has raised $9.4 million in a seed round that was oversubscribed. The app, called zenda, addresses “pain points” around the payment of school fees through its buy now, pay later business model, the company said on Monday. It allows families to track when school fees are due and make payments through pay-now and pay-later options, while unlocking rewards for paying on time, the start-up said. “In today’s digital world, we seek low friction and immediacy — why should that not be the case for fee payments?” said Raman Thiagarajan, chief executive and founder of zenda. “Part of the ecosystem still runs on cash or cheque with no convenient option to pay later. Zenda schools are witnessing a systematic increase in their collections.” The buy now, pay later (BNPL) business model, which allows consumers to make online purchases instantly and spread their payments ...