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A company that helps students in developing countries go to top universities has raised $240 million

A fintech business that helps fund international students studying abroad has raised $240 million (£186 million) in debt and equity funding.

Prodigy Finance has raised $40 million in equity funding from leading London venture capital funds Index Ventures and Balderton Capital, as well as African fintech accelerator AlphaCode. An unnamed "global" investment bank is providing a further $200 million debt facility to help it finance loans to postgraduate students from developing and emerging market who are studying overseas.

London-based Prodigy Finance helps promising students in places like India, China, and Africa fund their university studies by connecting them with rich alumni who will loan them money based on future earning potential. Founded in 2007, Prodigy has financed $325 million of loans over its platform, helping 7,100 students.

CEO and founder Cameron Stevens told Business Insider: "A mix of funding is important. We started off exclusively community funded, as we called it. If we could get all of funding from the community that would be amazing but really we face huge demand we have to meet and ability to scale the funding is key." The platform has partnered with top universities around the world including London Business School, Oxford, Cambridge, INSEAD, Stanford, Wharton, and Harvard. Large markets for students applying for loans on the platform include India, Brazil, Russia, China, and Turkey.

Stevens told BI: "Typically we partner with the universities and what that means is our major acquisition channel is the universities. We're solving a very real problem for them. If you're a domestic student, there are 300 options for where you can get a loan. For an international student, there isn't. The universities have a real problem and we're solving that."

Source: Nordic Business Insider


Päivitetty/Updated: 21.08.2017

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