Prodigy Finance, an education financing company has secured up to $310 million in funding from the US International Development Finance Corporation (DFC). This substantial financial infusion will bolster Prodigy Finance’s socially impactful lending initiatives, with a strong focus on inclusivity—ensuring that at least 30 per cent of the funding is directed toward women and 50 per cent toward students from low and lower middle income countries.
According to Sonal Kapoor, Global Chief Commercial Officer, Prodigy Finance, the company’s 2022 Impact Report reveals that 91 per cent of borrowers felt the loans helped them achieve their career goals, and 74 per cent reported a salary increase—often doubling after post-graduation.
This latest funding round follows Prodigy Finance’s recent announcement in September of a $30 million blended finance partnership with The Standard Bank of South Africa and Allan & Gill Gray Philanthropies, aimed at supporting students from diverse and underserved backgrounds.
Founded in 2007, Prodigy Finance has pioneered a unique, borderless student lending model that evaluates applicants based on their future earning potential rather than their current financial situation or credit history. This approach has enabled over 43,000 students from more than 150 countries to finance their postgraduate education, with total loans surpassing $2.3 billion.
India stands as a key market for Prodigy Finance, forming a significant portion of its loan portfolio.