Two Canadian startups, Payfi and Passage, based by immigrants themselves, are spearheading initiatives to facilitate the settlement course of for worldwide college students in Canada. Martin Basiri, hailing from Iran, initiated Passage, whereas Seun Sanni and Philips Akinyele from Nigeria launched Payfi.
These entrepreneurs, having navigated by means of immigration challenges firsthand, now endeavour to streamline the transition for college students venturing to Canada.
Passage, devoted to assuaging Canada’s labour shortages, assumes a pivotal position in aiding worldwide college students pursuing STEM, Healthcare, and Expert Trades programmes.
By providing monetary assist masking each tuition and residing bills, Passage goals to make sure that monetary constraints don’t impede entry to high quality training.
Martin Basiri emphasises, “Monetary constraints shouldn’t stop the brightest minds from accessing the perfect alternatives.”
The startup supplies monetary help of as much as C$40,000 for Masters college students, with a 60-month reimbursement interval at an rate of interest of 9.92 p.c. For Postgraduate Diploma college students, assist extends as much as C$65,000 with an 84-month reimbursement plan, various between 9.5 p.c to 10.89 p.c rates of interest. Passage believes in facilitating immigration to propel prosperity in Canada by guaranteeing that proficient people can thrive with out monetary boundaries.
In parallel, Payfi focuses on offering tailor-made housing options for immigrants in Canada, striving to simplify the intricate strategy of securing lodging. By introducing a hire assure product, Payfi goals to alleviate the burden of paying a number of hire deposits upfront, particularly for these missing credit score historical past or a guarantor. Seun Sanni stated, “We purpose to maintain cash in newcomers’ pockets.”
Via a strategic collaboration, Payfi and Passage purpose to handle each monetary and housing challenges encountered by worldwide college students. Payfi will act as a conduit, connecting college students searching for academic funding with Passage whereas concurrently resolving housing obstacles. This symbiotic partnership goals to ascertain a seamless gateway for worldwide college students to settle in Canada.
With Payfi backed by the Techstars Toronto Accelerator and Passage securing C$40 million in seed funding, the partnership stands on a stable monetary footing, poised for impactful success. As Seun Sanni affirms, “We’re able to make an actual distinction.”
The collaboration between Payfi and Passage represents a beacon of hope for worldwide college students, promising a smoother transition and better alternatives for achievement in Canada.
