Student loan platform Prodigy Finance has raised $40m for its Series C funding round and $200m in debt financing.
The investment round was led by Index Ventures and saw commitments from Balderton Capital and AlphaCode. The debt was contributed by an unnamed global investment bank.
UK-based Prodigy is an online student loan platform for international postgraduate students. Through the platform users can apply for a loan, offering no co-signer or collateral, and get a personalised rate, loan amount and offer within five days.
Founded in 2007, the company has provided $325m in funding to more than 7,100 students, of which 78 per cent are from emerging markets, according to the company. Prodigy is looking to increase its presence in the US.
This capital will be used to expand the company’s operations, as well as providing more funding to students taking postgraduate degrees in business, engineering, law and public policy at the world’s top 100 universities.
Prodigy Finance founder and CEO Cameron Stevens said, “Students from emerging economies such as China, Brazil and India face challenges in accessing financing for education, even with high credentials and excellent credit quality.
“This investment will help us double the size of our student portfolio. We believe in financial inclusion and talent mobility, and look forward to continuing to help international students break the funding barrier and further their education at a top international university.”
The latest injection of capital brings total funding raised by Prodigy to around $340m, with the company picking up a $12.5m venture investment and $87.5m debt financing in 2015.
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