SUMMARY
- Prodigy Finance receives $310 million in financing from the U.S. International Development Finance Corporation (DFC).
- The funding supports social impact, with at least 30% allocated to women and 50% to individuals from low- and lower-middle-income countries.
- Prodigy Finance’s model focuses on lending based on future earning potential, benefiting 43,000+ postgraduate students worldwide.
Global higher education financing company Prodigy Finance has secured up to $310 million in funding from the U.S. International Development Finance Corporation (DFC). This investment prioritizes social impact, with a commitment to allocate a minimum of 30% of the financing to women and 50% to individuals from low- and lower-middle-income countries. Prodigy Finance CFO Neha Sethi remarked, “Together, we are empowering a new generation of global leaders to unlock opportunities that shape a brighter future.”
Founded in 2007, Prodigy Finance operates a borderless lending model, allowing international students to access loans based on their future earning potential, rather than current financial standing or credit history. This unique approach has already benefited over 43,000 postgraduate master’s students from more than 150 countries, disbursing over $2.3 billion in education loans.
India has emerged as Prodigy Finance’s primary market, representing a significant share of its funding, according to Sonal Kapoor, Global Chief Commercial Officer of Prodigy Finance. The company’s 2022 Impact Report revealed that 91% of student borrowers felt Prodigy’s loans helped them pursue their career aspirations, while 74% reported at least doubling their salary post-graduation.
Recently, in September, Prodigy Finance also announced a $30 million blended finance initiative with The Standard Bank of South Africa and Allan & Gill Gray Philanthropies, aimed at supporting students from diverse backgrounds.
