Jodo, an India-based fintech startup in educational payments space, has raised $15m in Series A funding round.

The funding round was led by Tiger Global, reported Express Computer.

Other participants in the fundraising round were existing investors, Elevation Capital and Matrix Partners India, from whom Jodo has already raised $4m.

The startup said it would utilise the latest capital to expedite product innovation and sales, and also expand the Jodo team, reported Yourstory.com.

In order to ease the process of fee payments and make it affordable for parents, Jodo offers a suite of specialised payment and lending products.

This also enables educational institutes to collect fee in a seamless way.

The company was founded by Atulya Bhat, Raghav Nagarajan and Koustav Dey in 2020 to address issues faced by several households while paying tuition fees owing to inadequate payment options.

The startup founders said: “Education fee payments, one of the most important and high-value spend categories, has seen little innovation and is lagging in digitisation.

“At Jodo, we have built industry-first payment and lending products grounds-up, keeping the requirements of parents, students, and educational institutes in focus.

“With this capital, we will double down on the momentum and continue to bring innovative financial products to market. We are thrilled to have Tiger Global join us in the journey, and thank Matrix Partners India and Elevation Capital for their continued support.”

At present, Jodo is focused on providing suitable financial products to the private education sector.

According to the company, its products are being utilised for fee collection in nearly 700 educational institutes in India.