Home Peer to Peer Lending Prodigy Finance inks $350m funding line

Prodigy Finance inks $350m funding line

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Prodigy Finance inks $350m funding line

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Scholar mortgage lender Prodigy Finance has secured a $350m (£273m) facility with asset managers Citi, Schroders Capital and SCIO Capital.

That is the primary deal that Prodigy has closed underneath its new multi-issuance particular objective car construction.

“We’re thrilled to safe this facility from Citi, Schroders Capital and SCIO Capital, which we’ll deploy to allow worldwide masters college students to unlock their full potential,” mentioned Neha Sethi, chief monetary officer at Prodigy Finance. “Schooling is a catalyst for societal progress, and we imagine that monetary obstacles shouldn’t hinder anybody’s pursuit of data. Via this initiative, we’re dedicated to empowering college students to understand their goals and contribute meaningfully to the world.”

Learn extra: Postgrad lender Prodigy Finance secures $750m for world enlargement

Prodigy Finance has funded greater than $1.8bn in postgraduate training loans so far, to greater than 35,000 college students from over 100 totally different nations.

Its lending mannequin allows college students to use for a mortgage primarily based on their future incomes potential and never simply their present circumstances and credit score historical past.

As of 2022, 86 per cent of Prodigy Finance’s debtors come from rising markets, whereas 67 per cent are first-generation college students.

Learn extra: Prodigy Finance points $288m asset-backed securitisation

“We’re happy to proceed our financing relationship with Prodigy,” mentioned Michelle Russell-Dowe, world head of securitized product and asset-based finance at Schroders Capital. “As entry to credit score globally turns into extra scarce we respect the chance to seek out enticing investments facilitating training, and we’re completely satisfied to finish our second financing with Prodigy on this space.”

Prodigy Finance cited analysis from market intelligence agency HolonIQ, which forecast that round eight million internationally cellular college students will register with overseas establishments by 2030.

Learn extra: Prodigy Finance launches P2P scholar healthcare loans



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