Leading Melbourne-based fintech and international education services aggregation firm, Studyfin Group, has announced the successful completion of a scrip-merger with Singapore-based TaisEdu Pte Ltd, the international education arm of Tais TIC group. The deal has resulted in a post-merger valuation of $20 million AUD. Leading global legal firm, Baker McKenzie, acted as legal advisor for the deal.
Studyfin, launched in 2021 by John Du, is an online education and financial services aggregator that aims to operate at the forefront of the international education sector. The platform seeks to empower international students studying in Asia-Pacific countries to enjoy a better experience through the connection of digital wallets with various financial institutions, including banks, insurers, funds, and asset managers. Studyfin has received investments from leading regional VC firms such as Sapien Ventures.
Tais TIC Group is an educational technology company founded in 2016, with TaisEdu based in Singapore as the group’s international education provider arm. TaisEdu cooperates with more than 100 programs in 24 countries, serving students and families in Asia-Pacific countries, such as China, South Korea, and other Southeast Asian countries. It also operates international tournaments and provides high-end education-consulting services.
The merger between the two companies will establish dual HQ’s in both Australia and Singapore, thereby providing coverage across the Asia-Pacific region. With educational channels and resources from Australia, Greater China, Southeast Asia, North America, and the UK, the new company will open up upstream and downstream channels related to the industry, enrich cross-border financial services, and further integrate its Asia-Pacific markets to cope with the complex cross-border education and financial environment. The new company aims to provide a more valuable and enjoyable international education and lifecycle experience for the millions of international students throughout the region.
Latest figures from the Australian Bureau of Statistics (ABS) show that, in 2019–20, international education was worth $37.4 billion to the Australian economy, albeit down from 2018-19 levels due to the COVID-19 Pandemic. Australia’s onshore international education sector is forecasted to grow from 650,000 enrolments in 2015 to 940,000 enrolments and almost double in value to A$33 billion AUD by 2025.
“Studyfin is delighted to have completed this merger with TaisEdu, which represents a significant milestone for our company. This transaction brings together the strengths of two leading fintech and education companies, creating a powerful platform that is uniquely positioned to serve the needs of international students across the Asia-Pacific region, for years to come,” said John Du, founder of Studyfin Group.
“Australia not only has a high quality of education but also high living standards, both of which are very attractive to international students. However improvements can be made to make Australia even more globally competitive as an education destination.
“We believe seamless digital capabilities that offer holistic and streamlined accessibility to a better living experience, is an important way to attract more student families to invest in an education in Australia. This can range from connecting students to enrolment placement services, to accommodation providers, banking and insurance products, lifestyle rewards points, better ways to manage or move money as well as other lifestyle services, all before they even set foot in Australia and from the convenience of a single mobile app” he said.
Alfred Yu, Chairman of Tais Group, the parent entity of TaisEdu, commented:”By leveraging the educational channels and resources of both Studyfin and TaisEdu, we can provide a more comprehensive range of services to students, including financial services that are tailored to their specific needs.
This merger also enables us to expand our reach across the region and create new opportunities for growth and innovation.”
“We expect this deal to be a game-changer in the international education and fintech sectors, as the newly combined group seeks to provide freshly innovative solutions to the complex issues faced by international students studying in the Asia-Pacific region. The merger will also open up new opportunities for both companies, as they seek to expand their services and reach a wider audience,” he said.
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SOURCE: Studyfin Group and TasiEdu