Bengaluru: More than half a million students across India are benefiting from financial SaaS software offered by ‘LEO1’- an edu-fintech company headquartered in Mumbai.
Around 31 large institutes in India, including Narayana, Jain Group, and SAGE, now support the Digital India initiative through the Digital Campus module offered by the software, the company said in a release.
Students are paying their fees digitally through the app and tracking their financial activities in one place. This has helped them gain financial knowledge at an early age before entering the corporate world.
LEO1’s Financial SaaS software provides education fee management, smart ID cards, financial literacy, and a reward mechanism for college students. The app rewards timely fee payments, which can be redeemed at 175 brand partners online such as Zomato, Nykaa, Croma, and Myntra, the release added.
In the last 3 months, over 2000 students redeemed more than 300,000 LEO1 Coins for items like earbuds, power banks, USB ports, perfumes, grooming products, sippers, air-cooler, and many more. This incentivizing module for responsible financial behaviour has transformed the fee cash flow for universities, solving the problem of irregular cash flow by working in sync with institutions.
Rohit Gajbhiye, Chief Executive Officer & Founder of LEO1 said, “We aim to instill a crucial discipline within the education sector. Irregular cash flow often leads to excessive efforts focused solely on fee recovery over other important developments. This is an ancient problem for institutes across the country. Parallelly, given that education constitutes a significant portion—15-20%—of household earnings, parents and students lack sufficient motivation to make timely payments. LEO1 addresses these challenges through our ‘Financial SAAS’ model that motivates responsible financial behaviour in them.”