Prodigy Finance, a leading global higher education finance provider, has announced the opening of a new round of funding totalling up to $310 million. This is the firm’s second collaboration with the United States International Development Finance Corporation (‘DFC’).
Building on their previous successful funding partnership with DFC, the latest investment round prioritizes social impact. The round sets a minimum financing threshold of 30% for women and 50% for those from low—and lower-middle-income countries, aligning closely with Prodigy Finance’s mission to enable equal access to transformative education worldwide.
According to the Prodigy Finance 2022 Impact Report, students reported that their Prodigy Finance loan helped them to pursue their dream career (91%), achieve success in their personal life (83%), and at least double their salary (74%), if not quadruple it (43%). Collaborations with like-minded institutions are paramount to removing the financial barriers faced by highly motivated and talented students worldwide, who traditional lenders underserve.
Speaking about the latest move, Neha Sethi, Chief Financial Officer of Prodigy Finance, said:
Partnering with DFC highlights Prodigy Finance’s unwavering dedication to forging impactful, long-term relationships with those who truly understand the transformative potential of international postgraduate education. We’re empowering a new generation of global leaders to unlock opportunities that shape a brighter future.
The company has provided over US$2.3 billion in postgraduate education loans to over 43,000 students from more than 150 countries worldwide. This milestone demonstrates its commitment to creating accessible pathways to world-class education while providing investors with both social impact and financial benefits.
Prodigy Finance believes that financial constraints should not limit education. In 2007, three MBA students identified that traditional banks do not meet the needs of international students. The organization is determined to support many more students in the coming years. It is eager to work with mission-driven investors to create funding opportunities that meet their needs while delivering a positive social impact.
