Mist aims to establish itself as the preferred app for international students, providing a streamlined solution for those relocating to another country for studies, with a focus on banking and telecommunications.
Mist aims to establish itself as the preferred app for international students, providing a streamlined solution for those relocating to another country for studies, with a focus on banking and telecommunications.
International student finance and lifestyle app, Mist, has secured $1.6 million in Seed funding. The funding round was supported by Investible, Allectus Capital, Archangel Ventures, Seedspace, and The Hunter Angels.
Mist aims to establish itself as the preferred app for international students, providing a streamlined solution for those relocating to another country for studies, with a focus on banking and telecommunications.
Its initial in-app features include payment solutions, local accounts, a phone SIM, overseas health cover, and international student ID cards.
Cutting edge lifestyle app
One of the Mist founders, John Crutchley envisions Mist as a “cutting-edge” finance, services, and lifestyle app tailored for international students. This sector sees approximately five million people moving overseas to study each year, with projections indicating a doubling of this number to 10 million by 2030.
Crutchley, formerly an ANZ executive with a focus on international students and three years as the head of international banking at the neobank Volt, initiated work on Mist in early 2021. He is joined by co-founder Dave Malcolm, who previously co-founded Marley Spoon and more recently managed communications at Merivale, the hospitality empire of Justin Hemmes. Malcolm joined the Mist team at the beginning of 2023.
He acknowledges the stress and complexity associated with the process of relocating to a new country for studies. With the international student market experiencing rapid growth, Mist aims to streamline the relocation experience by addressing pre-departure issues related to verification, payments, and communications.
Crutchley expressed that the funding secured will facilitate the launch of Mist’s services through partnerships with Education Agents, Institutions, and accommodation providers. The aim is to cater to the dynamic needs of students globally, assisting them in the process of ‘Move, Settle & Live’ in their new country.
Collaborations
Mist has secured contracts with crucial channel partners for the B2B2C go-to-market launch in Australia and subsequent international expansion. The partners include global education consultants for international students like Global Study Partners, StudyLink, MSM Unify, and StudyMe.
The focus is on the Chinese, Indian, and Southeast Asian markets. Collectively, these partners are estimated to place over 225,000 students at Australian universities annually, accounting for approximately 40 percent of study visas granted.
Mist has also entered into agreements with infrastructure providers, including Novatti for banking and payments, Xtreme Communications for telecommunications, and ISIC for ID cards.
“Mist will become synonymous with the relocation process for students studying abroad,” said Investible investment principal Jayden Basha expressing confidence in Mist’s success and citing the collective expertise and industry knowledge of co-founders Crutchley and Malcolm. Basha noted that Mist’s offering is well-positioned to address the booming international education sector in Australia, which has surpassed pre-COVID levels of student migration.
Global ed tech market
A new study by American education market data firm Holon IQ predicts that the global higher education technology market will reach $169.72 billion by 2028, with 1,500 companies operating in the Middle East and North Africa alone.
Egypt has the largest and fastest-growing education sector in the Middle East, with investments focusing on workforce and skills development, basic education services, university education, and early childhood education. The United Arab Emirates and Saudi Arabia closely follow.
