Kuala Innovations acquires stake in Vemo Education

Kuala Innovations has purchased an 8.2% stake in Vemo Education for $1m (£0.66m).

The AIM-listed company announced the partial acquisition of the education technology company on Monday.

Vemo works with US colleges and universities to provide a technology platform for income-based student financing programs in the $1.3tn student debt market.

Kuala co-chairman Stephen Dattels said it has first mover advantage in the massive student financing opportunity in the US.

"The market is huge and VEMO is positioned to grow as income share agreement funding programmes are utilised to deal with the student funding crisis."