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By Monica Muema
STUDELY, a French fintech specialized in financial services for international students, continues to innovate by launching its payment account solution for mobile students.
In partnership with European banks and Mastercard, STUDELY is revolutionizing the contribution of fintech companies to a student mobility market that is currently undergoing a major transformation.
By creating this payment account solution, which complements its traditional financial guarantee and segregated funds offer for student visas, STUDELY is able to support its student clientele in all their endeavors with a complete suite of financial services.
Launched in May 2022, the Studely payment account offers mobile students the ability to manage their funds before or after arriving in Europe and make payments at ultra-competitive prices.
Via STUDELY, they have access to a mobile application linked to an IBAN that they can use even before they arrive on European soil, and this is the first time this has been done. This solution provides a practical answer to the problem of paying school fees or renting student accommodation before arriving in Europe.
Upon obtaining their visas, students receive a MASTERCARD upon arrival in Europe, which allows them to access all the usual payment services.
They also have access to a STUDELY advisor to guide them through the process. Moreover, the service allows them to receive deposits directly in cash from a dozen countries in Africa, a significant comparative advantage given the traditionally high international transfer fees in the destinations concerned.
Every year, student mobility represents a constantly growing market of more than 360,000 students in France and approximately 5,600,000 worldwide. By focusing initially on the market of students from French-speaking Africa who come to study in France, STUDELY has proven the interest of its historical solution with a market share of 10% of this quota in 2021.
With its payment account solution, STUDELY is now addressing a customer segment from all geographical areas, always with France as the destination, but no longer limited to it.
Studely is evolving as part of its international development strategy. Since 2021, all of its services have become available online.
The expansion is also geographical: in addition to France, four new host countries have been identified and are priorities for the first phase of its international development: Germany since June 2021, soon to be followed by Belgium, Italy and the United Kingdom – which together represent an annual flow of over 2.2 million students. STUDELY also aims to establish itself in countries with high outgoing student mobility, such as India and China, which represent a market of over 1.3 million students.
Duplex KAMGANG, CEO of STUDELY, stated: “The launch of our payment account associated with a payment card is in line with the strategy of continuous innovation that has guided STUDELY since its creation.
By providing a mobile-native financial services solution that is easily accessible to all international students, we are accelerating our strategy of market share acquisition and geographic expansion.
We want to free students from the weight of their status which often slows them down in their integration. STUDELY was created by and for students in mobility who were until then hostage to a banking monopoly. Our offer demonstrates that we intend to pursue this mission to its fullest.”
Financial Fortune is a digital financial news website and print business magazine published in Nairobi by Fortune & Transit Publishers Ltd and covers the financial services sector through news, views and extensive people coverage since 2018.