US fintech start-up Prodigy Finance has raised $240m to fund loans to students from emerging markets. The fundraise included a $40m series C equity round led by US ’s Prodigy Finance , with participation from AlphaCode , an accelerator in Africa , Balderton Capital and a $240m debt facility led by an unnamed global investment bank. The company provides loans to international students so they can study at business schools in the US , UK and Africa . 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. The fundraise included a $40m series C equity round led by London’s Index Ventures, with participation from AlphaCode, an accelerator in Africa, Balderton Capital and a $200m debt facility led by an unnamed global investment bank. 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.