Prodigy Finance
{{Short description|Postgraduate student loan service}}
{{Use dmy dates|date=September 2023}}
{{COI|date=September 2018}}
{{Infobox company
| name = Prodigy Finance
| logo = ProdigyFinance StackedLogo.png
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| industry = Financial
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| founded = {{sda|2007|08}} in London, United Kingdom
| founder = Cameron Stevens
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| hq_location_city = London
| hq_location_country = United Kingdom
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| key_people = Cameron Stevens (founder and CEO)
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| services = International student loan provider for postgraduate students studying business, engineering, public policy, law or health sciences; Blended value investments for qualified investors.
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| website = {{URL|prodigyfinance.com}}
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Prodigy Finance is a fintech platform that enables financing for international postgraduate students who attend a participating business school or postgraduate institution.
Prodigy Finance's loans are collectively funded by a community of alumni, institutional investors and qualified private investors who receive a financial and social return; while the borrower gains access to higher education that they might not otherwise be able to finance.
Since 2007, Prodigy Finance has disbursed over US$1.4 billion through the platform to fund over 20,000 students from 150 nationalities.{{cite web|url=https://prodigyfinance.com/|title=Prodigy Finance Website|website=Prodigy Finance Website|publisher=Prodigy Finance|accessdate=12 June 2015}} Prodigy Finance is registered in London{{cite news|url=http://www.ft.com/intl/cms/s/2/b74fa2cc-21cb-11e1-a19f-00144feabdc0.html#axzz1mun9C5Ld|title=Numbers crunch for MBAs|last1=Bradshaw|first1=Della|newspaper=Financial Times|date=23 January 2012}} with offices in London, Cape Town and New York.
Overview
Three INSEAD MBA graduates conceptualised Prodigy Finance during their studies in 2006, as their experience highlighted an opportunity to bridge the financing gap often experienced by high-potential international postgraduate students looking to attend a top school. Prodigy Finance was founded in 2007{{cite news|url=https://online.wsj.com/news/articles/SB10001424127887323635504578213830493449440#articleTabs%3Darticle|title=The Crowdsourced B-School Loan|last1=Korn|first1=Melissa|newspaper=Wall Street Journal|date=3 January 2013|publisher=The Wall Street Journal|accessdate=26 October 2014}} with the intention of addressing this challenge, as Prodigy Finance Founder Cameron Stevens experienced himself.{{cite web|url=https://www.forbes.com/2009/09/29/business-school-tuition-leadership-careers-education.html|title=How Can Anyone Afford B-School Now?|last1=Symonds|first1=Matt|website=www.forbes.com|accessdate=26 October 2014}} The Prodigy Finance concept was recognised at the 2006 International Venture Capital Investment Competition at INSEAD, resulting in the initial seed money for the company.{{cite web|url=http://www.insead.edu/alumni/newsletter/July2006/Businessventurecompetition.htm|title=12th INSEAD Business Venture Competition|website=INSEAD.edu|publisher=INSEAD Alumni|accessdate=12 June 2015|url-status=dead|archiveurl=https://web.archive.org/web/20150711022027/http://www.insead.edu/alumni/newsletter/July2006/Businessventurecompetition.htm|archivedate=11 July 2015}}
History
Prodigy Finance started with a peer-to-peer funding programme for INSEAD students.{{cite web|url=https://www.telegraph.co.uk/finance/personalfinance/expat-money/6271844/Would-you-invest-in-a-business-student.html|title=Would you invest in a business student?|last1=Liew|first1=Jonathan|website=www.telegraph.co.uk|publisher=The Telegraph|accessdate=26 October 2014}} Alumni invested in bonds which enabled students to study their MBA at that institution.{{cite web|url=http://www.cityam.com/article/cash-strapped-mba-students-look-money-new-places|title=Cash-strapped MBA students look for money in new places|last1=Barber|first1=Timothy|website=www.cityam.com|date=14 October 2009|publisher=City AM|accessdate=26 October 2014}} Leveraging this peer-to-peer lending, Prodigy Finance began offering loans to MBA candidates enrolled at other leading business schools.
In 2014, Prodigy Finance announced the launch of a US$25 million Education Note in partnership with the Credit Suisse Impact Investing and Microfinance team.{{cite news|url=http://www.crowdfundinsider.com/2014/10/53710-prodigy-finance-credit-suisse-launch-worlds-first-education-note/|title=Prodigy Finance & Credit Suisse Launch World's First Education Note|last1=Hobey|first1=Erin|website=Crowdfund Insider|date=24 October 2014|accessdate=26 October 2014}} The Education Note has a focus on students from emerging markets, enabling them to study at top postgraduate programmes.
In 2015, Prodigy Finance announced a $12.5 million equity investment from Balderton Capital and various angel investors, and $110 million in loan capital from Credit Suisse, Deutsche Bank and other private investors.{{cite news|url=http://www.ft.com/cms/s/2/b3960ec4-3c33-11e5-bbd1-b37bc06f590c.html#axzz3j3izBV1P|title=Crowdfunder raises £100m for African and Asian MBA students|last1=Moules|first1=Jonathan|website=Financial Times|date=9 August 2015|accessdate=9 August 2015}}
In 2017, Prodigy Finance announced a $240 million fundraise. This included a $40 million Series C equity round led by international venture capital firm Index Ventures, with participation from Balderton Capital and AlphaCode; and a $200 million debt facility led by a global investment bank.{{cite web|url=https://www.nytimes.com/2017/08/20/business/dealbook/prodigy-finance-international-college-students.html?smid=tw-share|title=Lender to foreign students raises $40 million in financing|last1=Merced|first1=Michael|website=The New York Times|accessdate=20 August 2017}}
Loans for international students
{{unreferenced section|date=September 2018}}
Prodigy Finance supports postgraduate programmes in the fields of business, engineering, public policy, law and health sciences.
This includes the Financial Times Top 100 ranked business schools, such as INSEAD, Wharton, Chicago Booth, IESE, Columbia Business School, London Business School, Imperial College Business School, Emlyon Business School, NUS, University of Oxford's Saïd Business School, Stanford, and Yale School of Management.{{cite web |url=https://support.prodigyfinance.com/hc/en-us/articles/360000145589-Which-schools-do-you-support- |website=support.prodigyfinance.com |access-date=2023-09-12 |title=Which schools do you support?}}
To be eligible for a loan, students must be studying outside their home country, or country of residence. One exception is in the United Kingdom, as Prodigy Finance can lend to domestic students. Applicants must already be accepted at a participating institution to qualify.
See also
References
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External links
- [http://prodigyfinance.com Prodigy Finance Website]
- [http://blog.prodigyfinance.com Prodigy Finance Blog]