Prodigy Finance secures $750 mn funding from CPP Investments
By MYBRANDBOOK
The fintech platform, Prodigy Finance, offers loans to students who seek for higher education in foreign countries, has bagged $750 Mn funding from CPP Investments. The fresh fund will help the company to expand its operation in India as the company is witnessing 50% (year-on-year) rise in terms of student applications.
The UK-based company was founded in 2008. Prodigy Finance claims to offer education loans to Indian students without the need for security, a co-signer or guarantor at more than 800 schools around the world, in the fields of marketing and business administration, engineering, law, public policy and health sciences.
As of now the company has funded more than $1 Bn in graduate education loans to more than 20,000 students from over 100 countries including India.
“We are pleased to have secured this substantial infusion of funds. We are confident that this funding will prove instrumental in transforming the future of numerous deserving students across the Indian subcontinent who, otherwise, would never have been able to follow their dreams of studying in a top foreign university,” said Mayank Sharma who is the country head for Prodigy Finance India.
Prodigy Finance will use upto $500 Mn of the raised capital for financing of deserving students through its subsidiary CPPIB Credit Investments Inc.
The latest investment comes on top of a $250 Mn facility Prodigy Finance agreed last year with America’s development bank, the US International Development Finance Corporation (DFC). These DFC funds will be used to grant loans to postgraduate students with a primary focus on low-income and lower-middle-income countries (minimum 50%) and women (minimum 30%).
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