Lendorse receives EIF Guarantee for student funding portfolio of €10m
BRUSSELS, 30 April 2024 — Lendorse, a startup from Munich, helps international students to finance their education related costs through a “study now, pay later” arrangement.
Lendorse identifies promising students from disadvantaged backgrounds from developing and emerging countries who get admitted to universities in Germany. Unable to receive state funding like Bafög and without a credit score, many of these students are unable to finance their studies. This means that untapped potential stays untapped, and the global economy suffers as a result. Lendorse finances their studies and in return, these students contribute a share of their future income through an Income Share Agreement (ISA), creating a sustainable cycle of growth and opportunity.
COO & Co-founder Evgenii Avdeev, who comes from a developing country himself and experienced firsthand the issues that migrant students face, said “We are making education accessible to all, regardless of students’ financial history, or country of origin. Education should not be a luxury only for those who can afford it”.
Having already supported two pilot batches of students who come from developing & emerging countries, Lendorse has now received a €2m loss-covering guarantee from the European Investment Fund (EIF) for a portfolio of up to €10m. The Skills & Education Guarantee is an initiative of the InvestEU Programme, implemented by the EIF on behalf of the European Commission. Their not-for-profit goal is to mobilise European financial intermediaries to help students and learners access education and up-skilling.
“This guarantee serves as a first-loss piece to help us scale and secure more funding from lenders. Without it, we would have to support fewer students and pass on the higher costs to them.” said Bjoern Christian Wolf, CEO & Co-Founder of Lendorse.
Lendorse is led by co-founders Bjoern Wolf (ex-McKinsey, and ex-COO of German unicorn Knuspr), as well as Evgenii Avdeev (serial founder with a similar migration background to the students Lendorse supports) and a strong team of ex-bankers and financial lawyers.
The contract was ceremoniously presented by the EIF to Lendorse in Brussels on the 29th April 2024, and the first students will start benefiting from the guarantee later this year.
About Lendorse:
Lendorse supports highly talented students from developing and emerging countries to relocate to Europe for advanced education in STEM fields. To date, they have sponsored 2 cohorts of students from developing and emerging countries such as Colombia, Ghana, India, Indonesia, Kazakhstan & more.
Lendorse contributes towards 5 of the UN’s Sustainable Development Goals, and has a particular interest in supporting women in STEM, with 44% of their funds currently contributing towards this cause.
About the European Investment Fund (EIF):
Part of the EIB Group, the EIF is dedicated to supporting Europe’s micro, small and medium-sized businesses by enhancing their access to finance. It plays a crucial role in fostering EU objectives in support of innovation, research and development, and employment.
Read the full EIF Press Release here.
For further information, please contact:
Bjoern Christian Wolf
Co-founder & CEO
bjoern@lendorse.com
www.lendorse.com
+4915733292849
LinkedIn
