Passage

What Passage does

Passage is a Toronto-based Talent Success Platform, founded in 2023 by Martin Basiri, that combines program matching, student financing, and post-arrival support for international students seeking education in Canada. The company addresses the structural gap that roughly 97% of international students cannot self-finance a year of Canadian study, originating loans of up to C$65,000 per student at a fixed 11.95% APR for tuition and first-year living costs through wholly-owned subsidiaries Passage (Funding) Inc. and Passage (PM) Inc. Its core products include the Passage Talent Success Platform, the PASS (Proof of Funding and Readiness) verifiable certificate, a loan calculator, and specialized programs such as the Afghan Program (launched 2024).

The underlying technology is an AI-driven admissions and lending stack: a guided intake system enforces consistent processing across applicants, a policy application engine applies eligibility rules uniformly, document validation occurs at upload with tamper detection, and machine learning models evaluate program fit, visa likelihood, career potential, and creditworthiness using non-traditional signals rather than credit history. The platform operates with a 99.99% uptime SLA over 90 days and is accessible globally via web and mobile. Passage is regulated through Canadian provincial and federal lending frameworks and connects students only with RCIC-licensed immigration professionals and vetted Designated Learning Institutions (DLIs) running PGWP-eligible programs in four labour-shortage verticals: Healthcare, Skilled Trades, Early Childhood Education, and STEM.

Passage makes money primarily through interest income on student loans (a recurring monthly revenue stream) and operates a hybrid go-to-market combining a self-serve digital platform, a global referral partner network of agencies and admission advisors (with operational presence in India, Nigeria, and Uzbekistan), and direct institutional partnerships with Canadian public colleges and universities. The company raised C$40 million (US$30 million) in seed funding in June 2023 led by Drive Capital, serves students from over 100 countries, and publicly targets changing 1,000,000 lives by 2030.

Name

Passage

Legal name

Passage Inc.

Website

https://passage.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

Passage is a Toronto-based Talent Success Platform that matches international students from 100+ countries with PGWP-eligible Canadian college and university programs, finances tuition and living costs up to C$65,000 at 11.95% APR, and supports students through graduation and employment across Healthcare, Skilled Trades, ECE, and STEM verticals.

Ownership category

akta.pro rank

Product category

International Education Financing

NAICS

Educational Support Services (611710), Educational Services (611)

SIC

Services-Educational Services (8200), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Conditional Offer / Package Programs (Language + Pathway + Progression) (EDAIAJAJ)

akta.pro secondary industries

Admissions, Placement Testing & Progression Management for Pathways (EDAIAJAL), Pre-Master’s / Graduate Pathway Programs (EDAIAJAD)

Keywords

• International student financing
• Education lending platform
• Student loan services
• Program matching platform
• Career support services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. Student Loan Interest: Passage provides financing to international students for tuition and living costs (up to C$65,000 per student) at a fixed 11.95% APR. Revenue is generated through interest payments on loans. Repayment begins 1 month after the program starts, with loan terms of 4-7 years for college programs and 5 years for Master's programs. Loans are provided by Passage (Funding) Inc. and funding agreements by Passage (PM) Inc.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Passage operates a Talent Success Platform that matches international students with PGWP-eligible Canadian college and university programs in sectors with verified labour shortages (Healthcare, Skilled Trades, Early Childhood Education, STEM), finances up to C$65,000 in tuition and first-year living costs at a fixed 11.95% APR, and provides ongoing support through graduation and post-graduation employment. The company issues the PASS (Proof of Funding and Readiness) certificate as a verifiable credential for study permit applications and serves students from over 100 countries through a digital-first platform.

Product overview

Passage is a Talent Success Platform offering a unified ecosystem of products and services for international students seeking Canadian education and careers. The core platform consists of: (1) the Passage Talent Success Platform for program matching and admission, (2) a Financing Program offering up to C$65,000 in tuition and living cost loans at 11.95% APR, and (3) Passage PASS, a verifiable proof of funding certificate. Supporting services include study permit support, career support with employer connections, and the Passage Help Center. Special programs include the Afghan Program for Afghan women. The platform focuses on four in-demand sectors: Healthcare, Skilled Trades, Early Childhood Education, and STEM.

Differentiator

Problem solved

Functional benefit

Products and services

• Financing Program Provides up to C$65,000 in tuition and first-year living cost financing to qualified international students at a fixed 11.95% APR, with repayment starting one month after the program begins. Terms are 4-7 years for college programs and 5 years for Master's programs. Loans are issued by Passage (Funding) Inc. and funding agreements by Passage (PM) Inc. Requires cash collateral (refundable if study permit is rejected) and supports both full financing and tuition-only packages.
• Program Matching Service Matches international students with PGWP-eligible programs at public Canadian colleges and universities (Designated Learning Institutions) aligned with verified Canadian labour shortages in Healthcare, Skilled Trades, Early Childhood Education, and STEM, based on Government of Canada and Job Bank shortage data.
• Passage PASS (Proof of Funding and Readiness) A verifiable certificate issued by Passage confirming a student has passed a multi-step evaluation for financing, including academic background review, financial review, language proficiency assessment, identity verification with KYC screening, and program/career alignment evaluation. Used by students to demonstrate proof of funding for Canadian study permit applications.
• Afghan Program Dedicated initiative funding and admitting up to 100 Afghan women through Canadian university and college programs, supporting women shut out of school in their own country. Combines the full Match-Finance-Stay support model with specialized intake handling.
• Tuition-Only Loan Covers tuition fees only for international students who can demonstrate proof of funds for living expenses (C$20,635 for a single applicant per IRCC guidelines). Requires 4-month bank statement history or other proof of funds.
• Study Permit Support Pre-arrival guidance and document preparation for Canadian study permit applications. Connects students with independent RCIC-licensed (Regulated Canadian Immigration Consultant) immigration professionals who handle the legal work for study permits; Passage does not provide immigration advice directly.
• Career Support Service Ongoing post-arrival support for students through graduation and post-graduation employment, including job search assistance, PGWP-eligible placement help, resume tips, budgeting advice, career coaching, and employer connections. Includes settlement support such as guidance on Canadian bank account setup.

Quantifiable outcome

• 97% of international talent cannot self-finance a year of Canadian study - Passage was built for this population
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability6 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• Canadian Public Colleges and Universities (DLIs)coreStrategic or Co-development PartnerPartner schools are Designated Learning Institutions (DLIs) with PGWP-eligible programs aligned to verified Canadian labour shortages. Known for strong reputations, high visa success rates, and consistently high Post-Graduation Work Permit (PGWP) approval. Programs span Healthcare, Skilled Trades, Early Childhood Education, and STEM sectors.
• RCIC-Licensed Immigration ProfessionalscoreChannel Partner/ Reseller/ DistributorPassage connects students with independent RCIC-licensed (Regulated Canadian Immigration Consultant) professionals who handle the legal work for study permit applications. This is a referral relationship where Passage directs students to these professionals for visa handling.
• Referral Partners (Agencies, Recruiters, Admission Advisors)coreChannel Partner/ Reseller/ DistributorNetwork of agencies, recruiters, and admission advisors who refer students to Passage. Partners benefit from improved lead-to-loan conversion, reduced churn after school acceptance, and ability to serve families without full upfront cash. Partners can reach more students and enable families to access credit.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MPOWER Financing: US-headquartered lender to international and DACA students using a cashflow- and career-outcome-based underwriting model very similar to Passage's, including partnerships with universities and a PASS-style proof-of-funding certificate.
• Prodigy Finance: Cross-border student lender funding international students at top global business and graduate schools using future-income underwriting — directly analogous to Passage's model, just focused on graduate and professional programs.
• ApplyBoard: Canadian-based study abroad platform that connects international students with schools across multiple destinations, including Canada. Comparable in mission and customer base (international students), though ApplyBoard does not provide financing.
• Studyportals: Global study abroad discovery and matching platform that helps international students find and compare programs across destinations including Canada. Comparable in the program-matching layer of Passage's offering.

Broad incumbents

• Flywire: Public global payments platform for education, healthcare, and travel with deep presence in international tuition payments. Overlaps with Passage on the international-student-to-Canada payment flow and broader edtech ecosystem.
• IDP Education: Australia-listed international education services company operating the IELTS test and a global student placement network. Comparable as a scaled international education marketplace serving students aiming to study abroad.
• Earnest: US-based student loan originator and refinancer using data-driven underwriting. Comparable in the digital, ML-driven underwriting approach to student credit, though focused on the US domestic market.
• SoFi: Large US digital lender with a substantial student loan and student loan refinancing book. Comparable as a tech-enabled consumer lender, though operating at much larger scale and on US-domiciled borrowers.
• Scotiabank: One of Canada's largest banks and Passage's stated preferred partner for student bank accounts. Has student lending products and newcomer packages that overlap with the financial services layers of Passage's offering.

Emerging players

• Leverage Edu: India-headquartered study abroad platform providing matching, admissions support, and increasingly financing for international students. Comparable as a full-stack international education platform targeting similar student segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/PassageHQ
• YouTubeyoutube.com/@passagehq
• LinkedInlinkedin.com/company/passagehq
• Instagraminstagram.com/passagehq

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Passage