In the U.S. alone, student debt has risen to a staggering USD 1.5 trillion. Every year, over a million students, do not apply for financial aid even though they qualify for it
Fremont, CA: Student financial aid firm Mos secured USD 13 million in a Series A round of financing led by Sequoia Capital with participation from Stephen Curry, Zoom founder Eric Yuan, Emerson Collective, and Lux Capital. The round was also participated by former investor Uber co-founder Garrett Camp's startup studio Expa. The company also announced the launch of a comprehensive guide for students navigating financial aid, tuition costs, and housing constraints during the COVID-19 crisis.
In the U.S. alone, student debt has risen to a staggering USD 1.5 trillion. Every year, over a million students, do not apply for financial aid even though they qualify for it. Mos was founded by Amira Yahyaoui, previously an influential activist in the Arab Spring in Tunisia, to interrupt the cycle of skyrocketing student debt and new government financial aid. "Students shouldn't have to spend their weekends filling out forms to get grants and scholarships. It's incredibly stressful and all too easy to mess up," says Yahyaoui. "Unfortunately, the easiest way to pay for college today is contracting a big private student loan that can alter the course of a student's life. I believe every student should get every dollar possible in free, no-strings-attached funding before they take on debt."
The company's platform checks over 30,000 eligibility criteria for students to access and aggregate all $135B in potential government aid into one single application. "Mos opens new doors to students who want to go to college without taking on huge amounts of debt," said Jess Lee, partner at Sequoia. "As COVID-19 impacts the financial futures of American students, there has never been a greater need for them to be empowered and educated around their financial options. We are proud to be partnering with Amira and her team as they help students access financial aid." The company will use proceeds from the investment round to make financial aid and resources more accessible for the students.
In addition to providing a first-of-its-kind application for students seeking financial aid, Mos is directly responding to the COVID-19 pandemic, which has upended the lives of 20 million college students and 3.7 million high school seniors in the U.S.