Prodigy Finance inks $310m funding facility with US DFC for cross-border student loans
Prodigy Finance has secured funding “worth up to $310 million” through a renewed partnership with the US International Development Finance Corporation (DFC).
Prodigy Finance secures up to $310 million with DFC
The fintech will leverage the raise to continue providing student loans for international postgraduate students in the UK and the US.
It claims to have provided over $2.3 billion in postgraduate education loans since its inception in 2007, reaching approximately 43,000 students from more than 150 countries.
This round, according to a statement, “sets a minimum financing threshold” for Prodigy’s financing activities, of 30% for women and 50% for applicants from low, and lower-middle-income countries.
Based in London, Prodigy previously sourced a $250 million facility with the DFC in 2020, before landing a $500 million funding deal with CPP Investments the following year.
A US government agency, the DFC operates as a development bank seeking to address challenges in the developing world through private sector investments.
Prodigy concludes its statement by affirming that it is “eager to work with mission-driven investors to create funding opportunities that meet their needs while delivering a positive social impact”.
