Payfi and Passage, founded by immigrants in Canada, are making big moves to help international students settle in smoothly. Martin Basiri from Iran started Passage, while Seun Sanni and Philips Akinyele from Nigeria launched Payfi. Both sets of founders have faced their share of immigration hurdles. Now, they’re teaming up to make the transition easier for students coming to Canada, using their experiences to pave the way.
Passage, a startup dedicated to addressing Canada’s labor shortages, plays a crucial role in helping international students who want to study STEM, Healthcare, and Skilled Trades programs, fund their educational journey and make their transition seamless by providing financial support that covers both tuition and living expenses. Passage believes that financial constraints should not prevent the brightest minds from accessing the best opportunities and aims to remove the financial barriers to studying abroad and immigration by 2030.
Passage provides financial support of up to C$40,000 with a repayment period of 60 months at an interest rate of 9.92% for Masters students. For a Postgraduate Diploma, an applicant can access up to C$65,000 with a repayment period of 84 months at an interest rate of 9.5% to 10.89%. Financial support is accessible by providing a cash collateral which stands as a security. Passage believes that immigration can drive prosperity in Canada, and aims to ensure that the right-fit talent can thrive in Canada. The majority of immigrants with the skills that Canada needs can’t afford to study or migrate here. Passage ensures Canada can find the best-fit immigrants for any type of job it needs to grow the economy.
Payfi on the other hand, is a start-up devoted to providing housing solutions that cater to the needs of Immigrants in Canada. Payfi plays a crucial role in reducing the complexities of finding and securing accommodation. Payfi aims to simplify the rental experience for newcomers through its rent guarantee product. It helps newcomers access affordable housing by removing the burden of paying multiple rent deposits upfront before securing an apartment due to a lack of credit history/a guarantor. This helps to keep money in the newcomers’ pockets as they do not have to pay thousands of dollars upfront to secure an apartment. Payfi also helps newcomers build their credit history with their rent payments.
Through this collaboration, Payfi would act as a super agent by matching its international students’ clients who need to secure funding to pay tuition fees with passage while eliminating housing challenges. This partnership aims to provide a gateway for international students to easily move and settle in Canada by leveraging Passage’s educational funding and Payfi’s housing solutions.
With Payfi backed by Techstars Toronto Accelerator and Passage raising C$40 million in seed funding, the partnership is well-funded and poised for success.
For more information about Payfi and Passage’s partnership, please visit passage.com or contact support@payfi.ca
