Prodigy Finance Raises $100M To Support More Students

International postgraduate student lender Prodigy Finance announced yesterday (Aug. 11) it secured over $100 million in funding to continue helping students fund their educations at top-ranked business schools.

Credit Suisse, Balderton Capital and others, including both institutional investors and private investors, provided the new capital.

The Prodigy Finance platform is globally accessible and aims to assist international students in pursuing postgraduate degrees, while also providing competitive financial returns to institutional and private investors, the company said.

“Since the financial crisis, international students have found it near-impossible to access funding for their degrees. This is partly because conventional lenders have difficulties assessing the cross-border risks, while also suffering from a lack of systems to monitor repayments internationally. Additionally, there are limited investment products available for investors which deliver both competitive financial, as well as social, benefits,” Cameron Stevens, Prodigy Finance CEO and cofounder, said in a company statement.

“This very significant investment from Credit Suisse, Balderton Capital and others such as Ed Wray clearly demonstrates that not only is there strong demand for investment opportunities that combine a clear social purpose with competitive financial returns, but that our investors share our vision to invest in future leaders. Having access to both Balderton and Ed provides us with invaluable insights from tech-savvy investors who have learned so much through their many successes,” Stevens continued.

Prodigy Finance not only allows students to overcome these financial constraints but also seeks to deliver favorable returns to investors.

Over $130 million has been processed through the platform since it started in 2007, which has funded more than 2,050 students from 92 nationalities.

Tim Bunting, Balderton general partner, added: “Cameron and his team have created a global execution platform that gives investors the opportunity to fund international students in a meritocratic fashion that positively challenges the status quo. This is a huge win for the students.”

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