NEW DELHI: Edu-fintech company LEO1, backed by cricketer Rohit Sharma, has introduced an innovative Fee Reimbursement Model (FRM). In 2024 alone, LEO1 credited 8 crore in education fee benefits.
The aim is to reduce the financial strain on Indian families caused by rising tuition and education costs, which have led to delays or defaults in payments.
Under the model, parents and students can earn LEO1 Coins for making timely and advance tuition payments.
Each LEO1 Coin is equivalent to one Indian Rupee and can be redeemed at over 200 partner merchants. These include travel, accommodation, ride-hailing, food, grocery, and shopping platforms.
The initiative seeks to encourage responsible financial behavior while alleviating the burden of education expenses.
Beyond tuition payments, LEO1 credited an additional โน1.7 crore in LEO1 Coins for purchases made through its app, further increasing user benefits.
So far, over 55,000 students have redeemed 50 lakh Coins for products such as power banks, AirPods, smartwatches, air coolers, and snacks.
The adoption of the model has been growing steadily, with nearly 20 lakh Coins used in January alone.
LEO1 also offers a Prime Membership with exclusive perks, including free financial consultations to help parents and students make informed education-related financial decisions.
The initiative has proven beneficial for educational institutions as well, streamlining fee collection and improving on-time tuition payments.
Some of Indiaโs largest education groups, including Narayana, SAGE, Jain, LNCT, and Geetanjali University, have integrated LEO1โs reimbursement model, enabling them to expand and introduce new academic programs.
โWe are privileged to build an ecosystem that transforms education expenses into a rewarding experience for students and parents. The Fee Reimbursement Model is not just about timely paymentsโitโs about creating long-term financial value in education. By incentivizing responsible financial behavior, we ensure that every rupee spent on education delivers tangible benefits. Our model has helped students while addressing cash flow challenges for universities. We plan to expand to 22 cities, impacting 1.5 million students and making education payments a financially empowering process,โ said Rohit Gajbhiye, MD & Founder of LEO1.
LEO1โs ecosystem is designed to be sustainable and inclusive, offering a numberless prepaid student ID that doubles as a contactless payment card.
This feature serves both as an identity card and a payment gateway, enhancing convenience for students and institutions alike.
About LEO1
Founded in 2018 and formerly known as Financepeer, LEO1 is a Mumbai-based edu-fintech firm that pioneered Indiaโs first fee-reimbursement card.
The platform addresses long-standing cash flow challenges for educational institutions and promotes financial literacy among students.
With partnerships across 31 major institutions, including Narayana, Jain Group, and SAGE University, LEO1 has benefited nearly half a million students.
Key features of LEO1 include rewards, smart ID cards, fee management, and financial literacy modules, which collectively simplify fee collection, enhance transparency, and provide real-time financial insights.
The companyโs mission aligns with Indiaโs Digital India initiative, fostering a cashless education ecosystem and ensuring timely financial support for institutions and students alike.
