Prodigy Finance lands $750m funding to expand into new markets
Cross-border student loans company Prodigy Finance has secured a $500 million funding deal with global investor CPP Investments.
CPP’s injection follows a $250 million facility Prodigy Finance agreed last year with the US International Development Finance Corporation (DFC), a development bank which partners with the private sector to finance businesses that address challenges in the developing world.
Prodigy Finance offers loans to international students who may not be able to afford or pursue postgraduate qualifications due to current circumstances.
The fintech has seen applications from postgraduate international students increase 50% year-on-year, and the new funding will allow it to assist students from previously excluded countries such as Australia, China and Japan.
The DFC funds will also be used to grant loans to postgraduate students with a primary focus on low-income and lower-middle-income countries and women.
Prodigy Finance has provided over $1 billion worth of loans to more than 20,000 students from over 100 countries who would otherwise have struggled to secure funding.
The company says the funding will help revitalise the global higher education sector following significant drops in intake due to Covid restrictions.
Prodigy Finance’s head of global acquisition Joel Frisch says: “In total we can now help students from over 120 countries worldwide and want to keep being a leader in helping global talent achieve its true potential.”