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US$1 billion in debt financing supports accelerated international student growth

Prodigy Finance - September 24, 2018

Prodigy Finance: $1 billion debt financing supports more international masters students

The world is becoming increasingly global and connected, yet the banking industry has not kept pace.

Traditional lenders are bound by local legal constraints, local data, as well as local repayments and collections, which ties an applicant’s credit profile to their location. This presents the funding challenge that many international students face when trying to get an education loan.

We’ve worked hard over the years to change this. In 2007, Prodigy Finance was founded by INSEAD grads who experienced firsthand the challenge of obtaining the funds needed to pursue their MBAs.

Our unique global credit model is built to assess applicant loan affordability on numerous variables, including projected earnings and university acceptance, among others - rather than historical credit. Additionally, technology facilitates worldwide processing and securing online applications.

Early funding was crowdsourced from alumni, universities, and social investors with a desire to improve access to higher education.

Over the years, we’ve assisted international students with limited or no funding options to gain access to life-changing opportunities and become the next generation of leaders around the world.

To date, Prodigy Finance has provided more than $538 million in loans to over 11,200 students. We support 415 schools at 172 universities. That’s the equivalent of 2,197 courses and 6,011 classes. All our loans have the option of 10, 15 or 20-year loans terms and without the need for collateral, co-signer or guarantor.

We’re growing alongside demand and have secured $1 billion in debt financing in the past 12 months so that we can provide more courses, at more schools to more students.

“My life completely changed the moment I came across Prodigy Finance, as it was literally the difference between me going to pursue further studies or not”. 

Sharon Wandill, Prodigy Finance borrower

Where did Prodigy Finance get this funding?

The financing primarily consists of US$900 million in institutional debt facilities from American, European and Asian lenders including Deutsche Bank, Goldman Sachs, M&G Investments and Sumitomo Mitsui Banking Corporation. Other investors include schools, family offices and high-net-worth individuals participating in Prodigy Finance’s international bond programme distributed by Credit Suisse.

These leading financial institutions have trusted us to support you and future generations of students, to pursue your postgraduate dreams. 

“We set out to prove and grow our borderless platform and this capital contribution demonstrates its success. The financial services industry will become more global in its outlook and we are leading the charge as we scale our business. 

This could transform the lives of the 258 million people living outside of their home country, as well as 3.2 billion of the middle class population that want to access the opportunities that a world-class education offers”. 

Cameron Stevens, Founder and CEO of Prodigy Finance

Putting $1 billion to work

We’re putting this latest debt financing to good use. We’ve identified two key focus points to help more students, in more ways.

1. Increasing support and options for international engineering students

Prodigy Finance began by funding programmes at the top 100 business schools around the world, and over the years, expanded to other countries as well as disciplines including engineering, public policy and law.

We’re excited that more and more engineering students have been coming to us for education loans. As such, we’ve been working hard to increase our offering in this field, and we now support 245 specific engineering schools worldwide (which equates to 2,222 courses). 

“Prodigy Finance helped me achieve my dream MS degree. I can’t stop saying good things about the company and I want to help the community grow so that other students can also reach their dreams”. 

Pooja Chaudhur, Prodigy Finance borrower

This push is significant for potential engineering students across the globe. Generally a younger demographic, engineering students have fewer (if any) savings and shorter professional experience; finding the funding for these degrees is often more challenging and potential grad students have less (if any) choice. 

2. Expanding offerings for international graduates

We’re also offering a new refinance product to international graduates looking to reduce their financial costs. Many alumni had limited options previously available to them, and our new product provides an opportunity to reduce their interest rate, consolidate multiple student loans, release their co-signer and choose from flexible loan terms.

The pilot refinance programme was available to eligible international graduates who reside in the US or UK and studied business, engineering, public policy, law or health sciences. This allowed alumni with loans from other sources to accept loans with rates and terms that more accurately reflect their education and repayment abilities - even as foreign nationals. 

Know someone who could use a Prodigy Finance loan?

With this latest round of debt financing, we're able to support more international students to attend more programmes across the globe. Spread the word about Prodigy Finance and you could be rewarded - and you don't even need a loan to benefit.

Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority. 

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