Millions would love to access this education and secure one of these high-impact jobs. However, they are often left out of these programs because they cannot afford the costs. Consequently, schools cannot realise their potential, and employers cannot recruit talent.
Madrid-born fintech StudentFinance aims to change that by helping people transition to high-impact careers. By investing in their education, they support them in acquiring the right skills and focus on high-impact careers in AI, ML, IoT, software development and more.
StudentFinance has raised €39M in Series A funding, bringing its total amount raised to €44.7M. The round is led by Lisbon-based VC Iberis Capital on the equity side, and Paris based asset manager authorised and regulated by the AMF, SmartLenders Asset Management on the debt side.
Further, support came from Armilar Venture Partners, Mustard Seed Maze, Giant Ventures and Seedcamp, and brings the total amount raised to €44.7m. StudentFinance also received backing from prominent UK angel investors including Ed Vaizey, the longest-serving Culture & Digital Economy Minister, Tom Blomfield, founder of Monzo, and Martin Villig from Bolt.
The new funding will enable StudentFinance to launch its operations in the UK and Germany after receiving authorisation from the FCA and the German financial regulators last year. In addition, they also plan to expand in the Spanish market has partnered with the Luxembourg-headquartered financial institution for the provision of finance to SMEs, European Investment Fund.
Mariano Kostelec, co-founder and CEO of StudentFinance, said: “The demand for workforce upskilling has never been greater. We’re on a mission to plug this gap across Europe while empowering individuals to level up their careers. Our platform is currently over-subscribed so, with the new funds, we’re looking forward to helping as many people as possible embark on training courses to upskill. We aim to expand our coverage to build the workforce for the future, in particular in areas such as technology, AI, and climate change.”
StudentsFinance was launched by Mariano Kostelec, Marta Palmeiro, Sergio Pereira and Miguel Santo Amaro in 2019. The company has developed AI models to map the most in-demand skills and the platform also provides flexible financing options to people seeking to upskill through those programs.
Since launching in 2020, it has supported thousands of people in accessing more than 250 upskilling programs through more than 50 education providers and has managed over €15 million worth of financing, resulting in an average salary increase of 50% post-training.
StudentFinance employs a team of 30 people, of which 44% are female, and operates on a remote-first basis across a number of countries including Portugal, the UK, Spain, Cyprus, Brazil, Norway, and Bulgaria.
Diogo Chalbert Santos, the partner at Iberis Capital, said: “StudentFinance has pioneered a new model to address one of the most pressing societal challenges, the digital skills gap. By removing the hurdle of financing courses up-front, they are democratising access to the skills that are in the highest demand. We’re excited to support the team in their next chapter as they scale to make a bigger impact in this space.”
Erich Bonnet, partners at SmartLenders Asset Management: “There is a critical need to upskill our global workforce now more than ever, and StudentFinance is leading the way in empowering training and economic mobility. The team has built a unique platform that enables individuals to take control of their careers, being able to command a 50% increase in salary as a result of their new abilities. We look forward to seeing StudentFinance support thousands more people upskill.”
