Digital skills fintech offering a payment solution & wider ecosystem to drive lifelong learning.
- London, United Kingdom
Categories: Finance & Payments Digital Mixed B2B/B2C
- Social Media
- Investment sought:
- Discount offered:
Matched funding applied for from Future Fund. See Key Information Tab for more information.
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Estimates suggest 52% of the global workforce will need to be significantly re-trained by 2022.
Knoma is the payment solution enabling lifelong learning as the global economy shifts to one where digital skills are critical for career success.
We help people looking to future-proof their career or move into new areas of work by firstly reducing the barrier of upfront payment, and secondly removing the difficulty of sourcing an appropriate course.
The business is built upon the firm belief that lifelong education is critical to ensure our users’ future prosperity. All Knoma students can gain access up to £10,000 to pay for the course of their choice, and this cost can then be spread over 12 months with flexible repayments with no interest or fees applicable.
Knoma is already working with leading coding and tech schools from around the UK. The business is backed by a large European Venture Capital firm.
Knoma makes revenue in three ways:
1) Merchant Fee: Knoma charges its education partners a merchant fee, which is a percentage of the cost of the course. Knoma charges a range between 8% to 10% merchant fee.
Example: A course costs £1,000. When checking-out (on the education partner’s website) the student selects to "Pay with Knoma". The education partner is paid £900 by Knoma (assuming 10% merchant fee). Knoma, via direct debit, then collects the £1,000 from the student over the agreed payment schedule (max. 12 months) netting the £100 in revenue.
2) Lead Fee: Knoma charges its education partners a fee of £50 if a student enrols in a course via the Knoma website or app and uses the "Pay with Knoma" button. This is in addition to the merchant fee.
Example: Same as the example above, except the student chooses the course on Knoma’s website or app and selects to "Pay with Knoma". Here, £850 is transferred to the education partner due to the £50 lead fee and a 10% merchant fee.
3) Late Charges: a late charge of £7.50 is applied to a student's account if they miss the agreed repayment schedule as per their loan contract.