Prodigy finance secures $310 million from DFC to boost socially impactful education loans

Prodigy Finance, a worldwide chief in greater schooling financing, just lately introduced the launch of recent spherical of funding value as much as $310 million. This marks their second partnership with the U.S. Worldwide Improvement Finance Company (‘DFC’).

This current partnership builds on Prodigy Finance’s ongoing relationship with the DFC and reinforces the corporate’s mission to help worldwide college students in accessing top-tier schooling.

The spherical units a minimal financing threshold of 30% for girls and 50% for these from low—and lower-middle-income nations, aligning carefully with Prodigy Finance’s mission to allow equal entry to transformative schooling worldwide.

Distinctive lending mannequin and world attain

Based in 2007, Prodigy Finance operates on a novel, borderless lending mannequin that evaluates college students’ potential primarily based on future earnings relatively than present monetary standing or credit score historical past.

So far, the agency has funded over US$2.3 billion in postgraduate schooling loans to over 43,000 college students from greater than 150 nations throughout the globe.

“Partnering with DFC highlights Prodigy Finance’s unwavering dedication to forging impactful, long-term relationships with those that really perceive the transformative potential of worldwide postgraduate schooling,” mentioned Neha Sethi, Chief Monetary Officer.

“Collectively, we’re empowering a brand new technology of world leaders to unlock alternatives that form a brighter future,” Sethi added.

Deal with India and increasing partnerships

India holds a major place in Prodigy Finance’s operations, representing the most important share of its funding. Sonal Kapoor, International Chief Business Officer, famous the essential position of India as a core marketplace for the corporate’s lending packages.

The brand new $310 million funding enhances Prodigy Finance’s current initiatives, together with a $30 million blended finance program introduced in September.

This initiative was launched in collaboration with The Normal Financial institution of South Africa and Allan & Gill Grey Philanthropies to increase help to college students from numerous backgrounds.

Confirmed affect and pupil success

The Prodigy Finance 2022 Impression Report highlighted the transformative nature of its loans. In line with the report, 91% of scholars felt the financing enabled them to pursue their profession ambitions, whereas 74% reported doubling their salaries after commencement.

Moreover, 83% of scholars claimed that the loans had a optimistic impact on their private achievements.