Prodigy Finance, a UK-based fintech platform that provides postgraduate student loans to overseas students, announced on Wednesday that it had received $500 million in funding from CPP Investments.
It just received a $250 million loan from the United States International Development Finance Corporation, bringing the total amount raised to $750 million.
Prodigy Finance was founded in 2007 with the goal of making university education accessible to all qualified students, regardless of their socioeconomic status. It claims to offer education loans to Indian students at more than 800 schools throughout the world in the subjects of marketing and business administration, engineering, law, public policy, and health sciences without the requirement for security, a co-signer, or a guarantor.
“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,” Mayank Sharma, Country Head for Prodigy Finance India, said in a statement.
“This financial commitment to Prodigy Finance is a great example of our ability to provide flexible funding solutions to complex business needs and fits well with CPP Investments’ credit strategy of investing our patient capital with leading partner organisations,” Derek Jackson, Managing Director, Head of European Credit, CPP Investments, said in a statement.