Global higher education financing company, Prodigy Finance, has secured up to $310 million in funding from the U.S. International Development Finance Corporation (DFC) to enhance its socially impactful education loan initiatives. A significant portion of this funding is earmarked to promote inclusivity, with a minimum of 30% allocated to women and 50% to students from low- and lower-middle-income countries.
Since its founding in 2007, Prodigy Finance has revolutionized student lending with a borderless model that assesses applicants on their potential future earnings rather than their financial background or credit history. This model has enabled over 43,000 postgraduate students from more than 150 countries to pursue higher education, with loans totaling over $2.3 billion.
India remains a major market for Prodigy Finance, representing a significant portion of its loan portfolio, according to Global Chief Commercial Officer Sonal Kapoor. The company’s 2022 Impact Report highlights that 91% of borrowers felt the loans helped them pursue their career goals, and 74% doubled their salary post-graduation.
This funding comes on the heels of Prodigy Finance’s September announcement of a $30 million blended finance partnership with The Standard Bank of South Africa and Allan & Gill Gray Philanthropies, further supporting students from diverse backgrounds.
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