London, Jul 17 (IANS): Prodigy Finance, a social impact-driven FinTech and a leading international student loan lender, is proud to announce a $350 million facility with Citi, Schroders Capital and SCIO Capital.
This is the first transaction that Prodigy has closed under their new multi-issuance special purpose vehicle structure.
The joint initiative between Prodigy Finance and their funding partners represents a significant commitment to providing accessible financial support to aspiring masters students from around the world. To date, Prodigy has funded over $1.8 billion in postgraduate education loans to more than 35,000 high-potential students from over 100 different countries.
According to 2022 market intelligence firm HolonIQ, a ‘most likely’ scenario will see around 8 million internationally mobile students register in foreign institutions by 2030 - and in line with this finding, the $350 million facility will be dedicated to financing international masters students, allowing them to bridge their financial gaps and pursue their educational aspirations with confidence.
As of 2022, 86 per cent of Prodigy Finance’s borrowers hail from emerging markets, while 67 per cent are first-generation students. With this facility, Prodigy Finance aims to further democratise access to education, fostering a diverse and inclusive academic environment that celebrates talent from every corner of the globe across a variety of degree programmes. Notably, Prodigy Finance saw a rise of 97 per cent in applications submitted for financing in STEM degrees in 2022, compared to 2021.
By offering competitive interest rates and flexible repayment options, the facility aims to make pursuing a masters degree more financially viable for deserving students, who will be able to apply for finance to fund more than 5,000 courses across the fields of computer science, information systems, analytics, engineering management and morein 19 countries - including Prodigy Finance’s recent expansion of approved courses in Australian universities.
"We are thrilled to secure this facility from Citi, Schroders Capital and SCIO Capital, which we will deploy to enable international masters students to unlock their full potential," said Neha Sethi, CFO at Prodigy Finance.
"Education is a catalyst for societal progress, and we believe that financial barriers should not hinder anyone’s pursuit of knowledge. Through this initiative, we are committed to empowering students to realise their dreams and contribute meaningfully to the world."
"We are pleased to continue our financing relationship with Prodigy," said Michelle Russell-Dowe, Global Head of Securitized Product & Asset-Based Finance at Schroders Capital. "As access to credit globally becomes more scarce, we appreciate the opportunity to find attractive investments facilitating education, and we are happy to complete our second financing with Prodigy in this area."
"SCIO is excited to continue to support Prodigy Finance’s journey and their important mission of providing equal access to life changing education around the globe," said Jason Harris, CRO at SCIO Capital.