Three Argentines created Fidu, a tool to modernize school administration

Three Argentines created Fidu, a tool to modernize school administration

They seek to facilitate the management of fee payments in private schools and balance cash flow to give predictability to school finances.

Nicolas Gimenez He is 31 years old. Five years ago, he founded Blended, a company that digitized the communication notebook before the pandemic hit and schools didn’t have to find alternative ways to communicate with parents and students. Now he’s going for more: he recently founded Fidu, a platform that not only manages communication, but also includes the administrative and bureaucratic functions of schools. They just got it 5 million dollar investment and opened offices in Mexico and Colombia in addition to Buenos Aires.

“Schools told us they were spending 70 percent of their time on these tasks, such as sending payment notices or checking that ballots were printed correctly,” says Gimenez. “We go to schools that don’t have a system, or that maybe have Excel, a mailing list, and they’re kind of a bricolage of solutions. It’s a comprehensive, all-in-one where the school finds 90 percent of what it needs to manage itself,” he explains.

According to the data established by the company itself Nicolas Gimenez, Caterina Carreno and Ariel Mandukaand which recently raised a $5 million investment round led by Lightspeed Venture Partners and NFX Funds, 9 out of 10 schools do not use management softwareAnd most schools fail to reconcile 40% of payments received, leading to disagreements with parents. And among other things, they also fail to predict installment defaults.

The platform they offer costs from 60 pesos per month per student and can be adapted according to the institution. Recognized unicorn founders in the region have invested in the project, such as Felipe Villamarin and Andres Bilbao from Rappi; Matías Woloski from Auth0; Roby Souviron from Despegar and Fabian Gómez Gutiérrez from Frubana, who have unique experience in the entrepreneurial sector; and Imaginable Futures and Broom Ventures funds.

Fintech at school

In addition to management functions, Fidu is about to become fintech. The logic is this: that the platform itself enables the inclusion of payments in educational institutions, even the possibility of offering loans to institutions, given the lack of predictability. “It works like a cash advance for schools, giving them more predictability because parents often need 30 or 60 days to pay. So what we do is we read the cash flow from the school and with that we make a capital advance for a month or two,” explains Gimenez.

“What usually happens is that Schools have messy finances and therefore do not invest in infrastructure And it’s not because it’s not a business, it’s because they don’t have a monetary predictor,” he adds. At the moment, the service is only available in Mexico, but they plan to add it to the rest of the countries where they operate, which are already 10 (Mexico, Colombia, Peru, Ecuador, Uruguay, Paraguay, Bolivia, Guatemala and Costa Rica).

Source: La Nacion