Postgraduate loan fintech company secures $750m international investment
A London-based fintech company has secured a $750m investment from CPPIB Credit Investments and the International Development Finance Corporation.
Prodigy Finance provides cross-boarder loans to international post-graduate students.
The deal will enable Prodigy Finance to continue to meet the growing demand for international student loans – with applications up 50 per cent year-on-year – but it now means it can accept applications from students from a number of markets that were previously excluded due to funding eligibility restrictions in 2020.
These regions include China, Australia, Bangladesh, South Korea, Spain, Chile, Singapore, France, Germany, Italy, Japan and most of South America, and their addition means Prodigy Finance can now support students and organisations from more than 120 countries.
Joel Frisch, head of global acquisition at Prodigy Finance, said: “We have always believed that talent is borderless and finance should be too, so we’re thrilled to now be able to support students from all these additional countries.
“In total we can now help students from over 120 countries worldwide and want to keep being a leader in helping global talent achieve its true potential.”
Derek Jackson, managing director, head of European Credit, CPP Investments, said: “This financial commitment to Prodigy Finance is a great example of our ability to provide flexible funding solutions to complex business needs and fits well with CPP Investments’ credit strategy of investing our patient capital with leading partner organizations.”
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