<aside> ⚠️ Problem:
Europe is facing major demographic labor shortages and urgently needs high-skilled immigrants from outside the EU. A classic route for highly skilled immigrants is through higher Ed, especially MSc in a STEM subject.
Due to a lack of credit history and co-signers, highly skilled students from developing and emerging countries have no way to finance their stay (need to prove Eur 11.4k upfront on a special escrow account to get a visa).
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<aside> 💡 Solution:
Lendorse is building a financial and career ecosystem for highly skilled immigrants from developing and emerging countries. The initial product is:
(1) student financing through an ISA in return for a monthly % of their income for a fixed number of years (Income Share Agreements) &
(2) exclusive mentoring & career support to help with job placement post-graduation, with the intention to become a multi-purpose career platform for highly-skilled migrants.
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<aside> 📈 Business Model:
Lendorse has three key revenue streams:
1. Lendorse Fee: An application and onboarding fee paid to Lendorse at the point of origination, calculated at 10% of the ISA amount. 2. Share of student repayments: Successful students pay back between 9-12% of their gross income, yielding 15-25% IRR. 3. Cross-sale revenue: Generated from the cross-sale of additional products & services, such as commissions from current account providers, private insurances as well as placement fees from employers or recruiters + more.
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<aside> 🟠 Key Points / Traction:
Recently closed an oversubscribed equity round of €475k lead by Evergryn Ventures, as well as Vealo Ventures, Earlybird Vision Lab and other prominent angels. Coupled with our low burn, we have >15 month runway
> 1000 leads processed, additional ~16 000 students in the pipeline, 19 students funded and our first repayments already being received
B2B2C model with signed partner contracts with migrant banks (Expatrio) and top universities (St. Gallen, HEC, INSEAD), meaning we have a very low CAC and 21% LTV
We have three key revenue streams. We’re already generating revenue
Eur €2.85bn opportunity with 285k relevant students per year studying degrees in Western Europe
Underwriting model based on >150 proprietary data points, >15% IRR after CoR
Solid team consisting of serial founders:
<aside> 🟠 Watch Bjoern Wolf, our CEO & Co-Founder walk you through Lendorse in 90 seconds:
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https://www.youtube.com/watch?v=1wZexnQyB0Q
<aside> 🟠 Watch our video product explainer for students in <2 minutes:
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