Jodo, a fintech startup that specializes in payments for education, has raised $15 million in a new funding round that was spearheaded by the New York-based investment firm Tiger Global.

The company claimed that it will put the fund toward expanding its workforce as well as accelerating product innovation and sales.

Jodo, a company founded in 2020 by Atulya Bhat, Raghav Nagarajan, and Koustav Dey, offers a variety of specialized payment and lending tools to make it simple and economical for parents of students to pay fees. For educational institutions, it also makes fee collection simple.

To assist students and their parents in paying for their education, Jodo offers credit products through non-banking financial company (NBFC) partners.

Currently, Jodo partners with approximately 700 educational institutions around the nation, 40 percent of which are offline schools serving students in kindergarten through grade 12 (K–12).

Since its start, it has served over 100,000 students and handled fee payments totaling more than Rs 1,000 crore on its platform.

With the most recent funding, Jodo hopes to expand its educational collaborations to 5,000 institutions over the course of the next 18 months, including schools, colleges, and offline coaching centers, and assist 1.5 million students with their tuition payments.

Additionally, it hopes to process fee payments between Rs 10,000–Rs 15,000 crore on its platform and expects to double its headcount in the following 12–18 months.

Jodo plans to introduce newer products to manage payouts made by educational institutions as well as an education savings product for parents, in addition to offering payments, lending, and loyalty advantages surrounding fee payments.

It is also considering ways to support the development of a payment ecosystem for educational institutions and university campuses.

In the upcoming months, the company plans to submit an application for its own NBFC license.