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Prodigy Finance raises $240 million for international student loans

New Schooled

Four out of five of Prodigy’s users are from emerging markets

PC: Washington Post

As students go back to school, universities are keenly aware that international students studying in the U.S. contributed $32 billion to the economy last academic year.

London-based fintech startup Prodigy Finance is trying to make it easier for students in emerging markets to pay for top international degrees.

Since 2006, Prodigy has helped 7,100 students in 118 countries get $325 million in student loans. Four out of five of Prodigy’s users are from emerging markets.

Prodigy’s credit risk model focuses on students’ earning potential, not their savings (see, “Investing in HENRYs to boost the supply of tomorrow’s leaders”). The latest financing round includes $40 million in Series C equity funding, led by Index Ventures, Balderton Capital, and AlphaCode, an African tech accelerator.

The round includes a $200 million line of credit from an unnamed bank.

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