Two Canadian startups, Payfi and Passage, founded by immigrants themselves, are spearheading initiatives to facilitate the settlement process for international students in Canada. Martin Basiri, hailing from Iran, initiated Passage, while Seun Sanni and Philips Akinyele from Nigeria launched Payfi.
These entrepreneurs, having navigated through immigration challenges firsthand, now endeavour to streamline the transition for students venturing to Canada.
Passage, dedicated to alleviating Canada’s labour shortages, assumes a pivotal role in aiding international students pursuing STEM, Healthcare, and Skilled Trades programmes.
By offering financial support covering both tuition and living expenses, Passage aims to ensure that financial constraints do not impede access to quality education.
Martin Basiri emphasises, “Financial constraints should not prevent the brightest minds from accessing the best opportunities.”
The startup provides financial assistance of up to C$40,000 for Masters students, with a 60-month repayment period at an interest rate of 9.92 percent. For Postgraduate Diploma students, support extends up to C$65,000 with an 84-month repayment plan, varying between 9.5 percent to 10.89 percent interest rates. Passage believes in facilitating immigration to propel prosperity in Canada by ensuring that talented individuals can thrive without financial barriers.
In parallel, Payfi focuses on providing tailored housing solutions for immigrants in Canada, striving to simplify the intricate process of securing accommodation. By introducing a rent guarantee product, Payfi aims to alleviate the burden of paying multiple rent deposits upfront, especially for those lacking credit history or a guarantor. Seun Sanni said, “We aim to keep money in newcomers’ pockets.”
Through a strategic collaboration, Payfi and Passage aim to address both financial and housing challenges encountered by international students. Payfi will act as a conduit, connecting students seeking educational funding with Passage while concurrently resolving housing obstacles. This symbiotic partnership aims to establish a seamless gateway for international 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 solid financial footing, poised for impactful success. As Seun Sanni affirms, “We’re ready to make a real difference.”
The collaboration between Payfi and Passage represents a beacon of hope for international students, promising a smoother transition and greater opportunities for success in Canada.
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