UK fintech start-up Prodigy Finance has raised $240m to fund loans to students from emerging markets. Photograph: The annual repayment rate of over 99% is ensured by crowdfunding loans from alumni from universities such as such as INSEAD, London Business School, Cambridge Judge Business School, Stanford University and Harvard University. The company provides loans to international students so they can study at business schools in the US, UK and Europe. Prodigy assesses applicants on their projected earnings not their credit history, potentially opening up education to a wider pool of students. It also has a globally enforceable credit system for repayments.
UK fintech start-up Prodigy Finance has raised $240m to fund loans to students from emerging markets. Photograph: The company provides loans to international students so they can study at business schools in the US, UK and Europe. Prodigy assesses applicants on their projected earnings not their credit history, potentially opening up education to a wider pool of students. It also has a globally enforceable credit system for repayments.