Prodigy Finance, a leader in global education financing, has announced new funding of $310 million. This marks their second partnership with the U.S. International Development Finance Corporation (DFC). This funding aims to help more students access higher education, especially those from underserved backgrounds.
Prodigy Finance secures $310 million from DFC to expand education loans, focusing on women and students from low-income countries to promote global education.
Step Towards Inclusive Education
The new funding agreement focuses on social impact. Prodigy Finance will allocate at least 30% of the funds to support women and 50% to students from low- and lower-middle-income countries. This aligns with the company’s goal of providing equal access to top education for students worldwide.
Unique Lending Approach
Prodigy Finance was founded in 2007 and has a unique way of lending money. Instead of looking at a student’s current financial situation or credit history, the company considers their potential future earnings. So far, they have provided over $2.3 billion in postgraduate education loans to more than 43,000 students from over 150 countries.
Supporting Indian Students
India is a key market for Prodigy Finance, with many of their funded students coming from the country. Sonal Kapoor, Global Chief Commercial Officer, highlighted the importance of India in the company’s global plans.
Building on Past Initiatives
This $310 million funding follows other recent programs by Prodigy Finance, such as a $30 million blended finance initiative in partnership with The Standard Bank of South Africa and Allan & Gill Gray Philanthropies. These efforts aim to support students from diverse backgrounds.
Proven Success Stories
Prodigy Finance’s 2022 Impact Report showed the positive impact of their loans. According to the report, 91% of students said the funding helped them pursue their career goals, and 74% doubled their salaries after graduation. Additionally, 83% noted that the loans had a positive effect on their personal lives.
