November 9, 2024: Prodigy Finance, has secured financing of up to $310 million with a funding commitment from the US International Development Finance Corporation (DFC). In a recent statement, the company announced this new funding is aimed at supporting social impact initiatives. This follows their earlier partnership with the U.S. Development Finance Corporation (DFC).
The new capital will focus on empowering women and individuals from low- and lower-middle-income countries. At least 30% of the funding will be directed towards women, while 50% will support people from these underserved regions.
Prodigy Finance Chief Financial Officer Neha Sethi, revealed “Together, we are empowering a new generation of global leaders to unlock opportunities that shape a brighter future.”
The global higher education finance company’s borderless lending model enables students to apply for loans based on their future earning potential rather than their current circumstances or credit history. The company claims to offer a pre-approved for a student loan of up to US$220,000* quickly and easily with No co-signer, or collateral needed.
India is core market for Prodigy Finance – Global Chief Commercial Officer
Founded in 2007, the international student lender has facilitated over 43,000 postgraduate master’s students to gain entry into the top universities, providing over $2.3 billion in funding to students from more than 150 countries. According to Sonal Kapoor, Global Chief Commercial Officer of Prodigy Finance India is its core market and has the largest share of its funding.
The Prodigy Finance 2022 Impact Report, suggests that students reported that the company’s loan helped them to pursue their dream career (91%), achieve success in their personal life (83%), and at least double their salary (74%).
In September, Prodigy Finance launched a $30 million blended finance programme in collaboration with The Standard Bank of South Africa Limited and Allan & Gill Gray Philanthropies.
