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.
This borderless credit model enables educational loan financing to international students from across the globe, whilst using predicted post-degree affordability rather than present-day salary. Since 2007, Prodigy Finance has disbursed over US$410 million through the platform to fund over 9,400 students from 118 nationalities. Offering competitive interest rates and requiring no collateral or co-signer, Prodigy Finance is focused on making education accessible. Prodigy Finance is registered in London with offices in London, Cape Town and New York.
Video Prodigy Finance
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 with the intention of addressing this challenge, as Prodigy Finance Founder Cameron Stevens experienced himself. 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.
More than half of MBA and other postgraduate students have a need for funding, but many banks don't lend internationally. Some traditional banks can't price foreign risk, while others can't track borrowers across borders.
Through Prodigy Finance's community platform, investors earn a competitive financial return, while driving social benefits. Funds are generated from alumni as well as private and institutional investors with an interest in higher education or social impact.
Maps Prodigy Finance
History
Prodigy Finance started with a peer-to-peer funding programme for INSEAD students, where alumni invested money into a fund which enabled students to carry out their MBA studies at that institution. Leveraging this peer-to-peer lending, Prodigy Finance began offering loans to MBA candidates enrolled at other leading European 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. 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.
In 2016, Prodigy Finance was included in the European FinTech 50 and was listed by City A.M on the Leap 100.
In 2017, Prodigy Finance announced a $240 million fundraise. This includes 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. Prodigy Finance was nominated by City AM as 'Fintech Company of the Year', and as a 'Tech Track Ones to Watch' by The Sunday Times.
2007
- Prodigy Finance born
- First investment and first loans disbursed
2009
- London office opened, first employee hired
- US$5 million in loans disbursed
- First repayment received
2010
- Cape Town office opened
2012
- Loan programmes available at 5 business schools (INSEAD, Oxford Saïd, Cranfield, Vlerick, London Business School)
- US$35 million in loans disbursed
2014
- First non-business school loan programme launched with the Cranfield University postgraduate STEM programmes
- Launch of world's first Education Note in partnership with Credit Suisse's Impact Investing and Microfinance Team
2015
- 60th FT Top 100 School joins Prodigy Finance
- US$140 million in loans disbursed through Prodigy Finance's platform
2016
- Prodigy Finance included in European FinTech50
2017
- Prodigy Finance celebrates 10th anniversary
- Prodigy Finance announces $240M fundraise ($40M equity and $200M debt)
- Prodigy Finance nominated by City AM as 'Fintech Company of the Year'
Loans for International Students
Currently Prodigy Finance has postgraduate programmes at more than 80 of the Financial Times Top 100 ranked business schools, including INSEAD, Wharton, Chicago Booth, Columbia Business School, London Business School, NUS, University of Oxford's Saïd Business School, Stanford, and Yale School of Management.
118 nationalities are eligible to apply and no co-signer or collateral is required for a Prodigy Finance loan application. To be eligible for a loan, students must be studying outside of their home country, or country of residence. One exception is that in the United Kingdom, Prodigy Finance can lend to domestic students. Applicants must already be accepted at a participating institution to qualify.
Supported Universities
Prodigy Finance currently offers loans to postgraduate students accepted at these universities and schools:
Business Schools:
A
- Arizona State University - Carey
B
- Babson College
- Brigham Young University
- Boston College Carroll School of Management
- Boston University Questrom School of Business
C
- Cambridge Judge Business School
- Carnegie Mellon University - Tepper School of Business
- Cass Business School
- CEIBS
- Columbia Business School
- Cornell University - Johnson Graduate School of Management
- Cranfield School of Management
- Cranfield University
- CUHK Business School
D
- Duke University - Fuqua School of Business
- Dartmouth College - Tuck School of Business
E
- EDHEC Business School (Ecole des Hautes Etudes Commerciales du Nord)
- Emory University - Goizueta Business School
- ESADE
- European School of Management and Technology
F
- Foster School of Business - University of Washington
G
- Georgetown University - McDonough School of Business
- George Washington University
- Georgia Tech Scheller College of Business
- Grenoble School of Management
H
- Harvard Business School
- HEC Paris
- Hong Kong University of Science and Technology (HKUST)
I
- IE Business School
- IESE Business School
- Imperial College Business School
- IMD Business School
- Indiana University - Kelley School of Business
- INCAE Business School
- INSEAD
- Indian School of Business
- Ivey Business School
L
- Lancaster University Management School
- London Business School
M
- Manchester Business School
- Mannheim Business School
- Marriott School of Management
- McCombs School of Business
- McGill Desautels Faculty of Management
- Mendoza College of Business - University of Notre Dame
- Michigan Ross School of Business
- Michigan State University Eli Broad College of Business
- MIT Sloan School of Management
N
- Nanyang Business School
- New York University - Stern School of Business
- Northwestern University - Kellogg School of Management
- NUS Business School
O
- Ohio State University Max M. Fisher College of Business
- Olin Business School
- Oxford University Saïd Business School
P
- Pennsylvania State University - Smeal College of Business
- Purdue University Krannert School of Management
Q
- Queen's University Stephen J.R. Smith School of Business
R
- Rice University Jesse H. Jones Graduate School of Business
- Rotman School of Management
- Rotterdam School of Management
S
- SDA Bocconi School of Management
- Shanghai Jiao Tong University: Antai
- Simon Business School - University of Rochester
- SMU - Cox
- Stanford Graduate School of Business
T
- Tias Business School
U
- UCLA - Anderson School of Management
- UNC - Chapel Hill - Kenan-Flagler Business School
- University of Alberta School of Business
- University of Bath School of Management
- University of British Columbia Sauder School of Business
- University of Connecticut School of Business
- University of California - Irvine
- University of California - Berkeley Haas School of Business
- University of California San Diego - Rady School of Management
- University of Cape Town Graduate School of Business
- University of Chicago - Booth School of Business
- University of Hong Kong
- University of Illinois Urbana-Champaign
- University of Iowa - Tippie
- University of Maryland - Smith
- University of Michigan Ross School of Business
- University of Minnesota - Carlson School of Management
- University of North Carolina UNC Kenan-Flagler Business School
- University of Pennsylvania - The Wharton School
- University of Pittsburgh
- University of Rochester Simon Business School
- University of San Diego School of Business Administration
- University of South Carolina - Moore School of Business
- University of Strathclyde Business School
- University of Virginia - Darden School of Business
- USC Marshall School of Business
V
- Vanderbilt University
- Vlerick Business School
W
- Wisconsin School of Business
- Warwick Business School
Y
- Yale School of Management
Engineering Schools:
A
- Arizona State University - Fulton Schools of Engineering
B
- Boston University - College of Engineering
- Brigham Young University - Ira A. Fulton College of Engineering and Technology
C
- Carnegie Mellon University - College of Engineering
- Carnegie Mellon University - Heinz College School of Information Systems and Management
- Carnegie Mellon University - School of Computer Science
- Columbia University - The Fu Foundation School of Engineering and Applied Science
- Cornell University - College of Engineering
D
- Dartmouth College - Thayer School of Engineering
- Duke University - Pratt School of Engineering
E
- Emory University - Department of Mathematics and Computer Science
G
- George Washington University - School of Engineering & Applied Science
- Georgia Institute of Technology - College of Computing
- Georgia Institute of Technology - College of Engineering
H
- Harvard University - John A. Paulson School of Engineering
I
- Indiana University - School of Informatics and Computing
J
- Johns Hopkins University - Whiting School of Engineering
M
- Michigan State University - College of Engineering
- MIT - School of Engineering
N
- New York University - Center for Data Science
- New York University - Courant Institute of Mathematical Science
- New York University - Tandon School of Engineering
- North Carolina State University - College of Engineering
- Northwestern University - Robert R. McCormick School of Engineering
O
- Ohio State University - College of Engineering
P
- Pennsylvania State University - College of Information Sciences and Technology
- Princeton University - School of Engineering and Applied Sciences
- Purdue University - College of Engineering
- Purdue University - Department of Computer Science
R
- Rice University - George R. Brown School of Engineering
- Rutgers University - School of Engineering
S
- Stanford University - Stanford School of Engineering
U
- University of California Berkeley - College of Engineering
- University of California Berkeley - School of Information
- University of California Irvine - Henry Samueli School of Engineering
- University of California Los Angeles - School of Engineering and Applied Sciences
- University of California San Diego - Jacobs School of Engineering
- University of California Santa Barbara - College of Engineering
- University of Chicago - Department of Computer Science
- University of Connecticut - School of Engineering
- University of Illinois Urbana-Champaign - College of Engineering
- University of Illinois Urbana-Champaign - School of Information Sciences
- University of Iowa - College of Engineering
- University of Maryland - A. James Clark School of Engineering
- University of Maryland - College of Information Studies
- University of Michigan - College of Engineering
- University of Michigan - School of Information
- University of Minnesota - College of Science and Engineering
- University of North Carolina - Department of Computer Science
- University of North Carolina - School of Information and Library Sciences
- University of Notre Dame - College of Engineering
- University of Pennsylvania - School of Engineering and Applied Sciences
- University of Pittsburgh - Swanson School of Engineering
- University of Rochester - Hajim School of Engineering & Applied Sciences
- University of South Carolina - College of Engineering and Computing
- University of Southern California - Viterbi School of Engineering
- University of Texas at Austin - Cockrell School of Engineering
- University of Texas at Austin - School of Computer Science
- University of Texas at Austin - School of Information
- University of Texas at Dallas - Erik Jonsson School of Engineering & Computer Science
- University of Toronto - Faculty of Applied Science & Engineering
- University of Virginia - School of Engineering and Applied Science
- University of Washington - College of Engineering
- University of Washington - School of Information
- University of Wisconsin-Madison - Department of Computer Science
V
- Vanderbilt University - School of Engineering
- Virginia Tech - College of Engineering
W
- Washington University - School of Engineering and Applied Science
- Wisconsin University - Madison College of Engineering
Y
- Yale University - School of Engineering and Applied Science
Law Schools:
B
- Boston University School of Law
C
- Columbia Law School
- Cornell University Law School
D
- Duke University School of Law
G
- Georgetown University Law Center
H
- Harvard Law School
I
- Indiana University Maurer School of Law
N
- New York University School of Law
- Northwestern University Pritzker School of Law
S
- Stanford Law School
U
- UCLA School of Law
- University of California Berkeley School of Law
- University of Chicago Law School
- University of Michigan School of Law
- University of Pennsylvania Law School
- University of Texas School of Law
- USC Gould School of Law
- University of Virginia School of Law
- University of Washington School of Law
Y
- Yale Law School
Policy Schools:
C
- Carnegie Mellon University Heinz College of Public Policy
- Columbia University School of International and Public Affairs
- Cornell Institute for Public Affairs
D
- Duke University Sanford School of Public Policy
G
- Georgetown University McCourt School of Public Policy
H
- Harvard University John F. Kennedy School of Government
I
- Indiana University School of Public and Environmental Affairs
N
- New York University Robert F. Wagner Graduate School of Public Service
- NUS Lee Kuan Yew School of Public Policy
U
- UCLA Luskin School of Public Affairs
- University of California Berkeley Goldman School of Public Policy
- University of Chicago Harris School of Public Policy Studies
- University of Michigan Ford School of Public Policy
- University of North Carolina School of Government
- University of Oxford Blavatnik School of Government
- University of Pennsylvania Fels Institute of Government
- USC Sol Price School of Public Policy
- University of Texas at Austin Lyndon B. Johnson School of Public Affairs
- University of Washington Daniel J. Evans School of Public Policy and Governance
See also
- Master of Business Administration
- Master of Finance
- Student loans in the United Kingdom
- SoFi
- Lending Club
References
External links
- Prodigy Finance Website
- Prodigy Finance Blog
- Prodigy Finance Twitter
- Prodigy Finance Facebook
Source of the article : Wikipedia
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