Prodigy Finance secures $310M financing from DFC
This latest financing prioritises social impact with a minimum financing threshold of 30% for women and 50% for individuals from low- and lower-middle-income countries.
Prodigy Finance, a global higher education finance company, has secured financing of up to $310 million with a funding commitment from the US International Development Finance Corporation (DFC).
This latest financing, building on the previous partnership with DFC, prioritises social impact with a minimum financing threshold of 30% for women and 50% for individuals from low- and lower-middle-income countries, it said in a statement.
“Together, we are empowering a new generation of global leaders to unlock opportunities that shape a brighter future,” said Prodigy Finance Chief Financial Officer Neha Sethi.
The higher education finance company’s borderless lending model allows students to apply for loans based on their future earning potential rather than their current circumstances or credit history.
Since its founding in 2007, the international student lender has enabled over 43,000 postgraduate master’s students to attend top universities, disbursing over $2.3 billion in funding to students from more than 150 countries.
Sonal Kapoor, Global Chief Commercial Officer of Prodigy Finance, told YourStory that India is its core market and has the largest share of its funding.
According to the Prodigy Finance 2022 Impact Report, 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.
Edited by Suman Singh