Prodigy Finance

Prodigy Finance
Industry Financial
Founded August 2007 (2007-08) in London, United Kingdom
Headquarters London, United Kingdom
Key people
 Cameron Stevens, founder and CEO
Services International loans for MBAs and postgraduate students; Blended value investments for qualified investors.
Website prodigyfinance.com

Prodigy Finance is a platform that enables financing for international postgraduate students who attend a participating business school or postgraduate institution, whilst delivering financial and social returns to alumni, institutional and private investors.

This borderless 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$140 million (as of May 2016) through the platform to fund students from 115 nationalities,[1] with repayment rates in excess of 99%. Prodigy Finance is registered in London[2] with offices in London and Cape Town.

History

Prodigy Finance started with a peer-to-peer funding programme for INSEAD students,[3] where alumni invested money into a fund which enabled students to carry out their MBA studies at that institution.[4] Leveraging this peer-to-peer lending, Prodigy Finance began by 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.[5] 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.[6]

In 2016, Prodigy Finance was included in the European FinTech 50[7] and was listed by City A.M on the Leap 100[8]

2007

2009

2010

2012

2014

2015

2016

Overview

Three INSEAD MBA graduates conceptualized 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[9] with the intention of addressing this challenge, as Prodigy Finance Founder Cameron Stevens experienced himself.[10] The Prodigy concept was recognised at the 2006 International Venture Capital Investment Competition at INSEAD, resulting in the initial seed money for the company.[11]

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[12]

Through Prodigy'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.[9]

Prodigy Finance Loans for International Postgraduate Students

Currently Prodigy Finance has 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.

150 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.

Universities Offering Prodigy Loans to Students

Prodigy Finance currently offers loans to postgraduate students accepted at these universities and schools:

Business Schools:

Engineering Schools:

Law Schools:

Policy Schools:

See also

References

  1. ↑ "Prodigy Finance Website". Prodigy Finance Website. Prodigy Finance. Retrieved 12 June 2015.
  2. ↑ Bradshaw, Della. "Numbers crunch for MBAs". http://www.ft.com/. Financial Times. External link in |website= (help)
  3. ↑ Liew, Jonathan. "Would you invest in a business student?". www.telegraph.co.uk. The Telegraph. Retrieved 26 October 2014.
  4. ↑ Barber, Timothy. "Cash-strapped MBA students look for money in new places". www.cityam.com. City AM. Retrieved 26 October 2014.
  5. ↑ Hobey, Erin. "Prodigy Finance & Credit Suisse Launch World's First Education Note". Crowdfund Insider. Retrieved 26 October 2014.
  6. ↑ Moules, Jonathan. "Crowdfunder raises £100m for African and Asian MBA students". Financial Times. Retrieved 9 August 2015.
  7. ↑ Perez, Yessi. "UK firms dominates FinTech50 2016 list unveiled at Money20/20". Tech City News. Retrieved 5 April 2016.
  8. ↑ Staff, City A.M. "The four characteristics that make a Leap 100 company". City A.M. Retrieved 20 April 2016.
  9. 1 2 Korn, Melissa. "The Crowdsourced B-School Loan". http://online.wsj.com. The Wall Street Journal. Retrieved 26 October 2014. External link in |website= (help)
  10. ↑ Symonds, Matt. "How Can Anyone Afford B-School Now?". www.forbes.com. Retrieved 26 October 2014.
  11. ↑ "12th INSEAD Business Venture Competition". INSEAD.edu. INSEAD Alumni. Retrieved 12 June 2015.
  12. ↑ Bradshaw, Della. "Innovative sources of finance emerge for MBA students". http://www.ft.com/. Financial Times. External link in |website= (help)

External links

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