Prodigy Finance, a London, UK-based global fintech platform that provides post-graduate loans to international students with no alternative access to finance, raised $240m in equity and debt financing.
– a $40m Series C equity round led by Index Ventures, with participation from Balderton Capital and AlphaCode; and
– a $200m debt facility led by a global investment bank.
The company intends to use the funds to increase its operational expansion and provide additional funding to students.
Led by Cameron Stevens, Founder and CEO, Prodigy Finance is a lending platform that provides postgraduate loans to international students from 150 countries attending top 100 universities including INSEAD, London Business School, Cambridge Judge Business School, Stanford University and Harvard University, who would otherwise have no alternative access to finance. The loans are collectively funded by a community of alumni, institutional investors and qualified private investors who receive both a financial and social return.
Its global credit model assesses applicants based on projected earnings rather than historical credit, allowing the company to provide funding to students without collateral, a cosigner or guarantor. It also enables qualified investors, and the alumni of top schools, to assist students from their alma mater or home country, while earning a financial return.
Since 2007, Prodigy Finance has provided more than US$325m in funding to over 7,100 students.