Prodigy Finance is a leading provider of alternative finance options to international students who are eligible for higher education. The company was founded in 2007 and is headquartered in London. It has offices at global locations as well such as New York and Cape Town. Prodigy Finance is different in its approach to providing education loans, as funds are generated by a community and not through conventional banking channels. The communitycomprisesvariousentitiesincluding alumni, qualified private investors and institutional investors. Community members are paid back for theircontributions via financial as well as social return on investment. Since its inception, Prodigy Finance has been instrumental in unlocking the doors to higher education for thousands of international students.
The idea for Prodigy Finance came to founder Cameron Stevens when he noticed the numerous problems faced by international students in getting education loan. Stevens himself went through the frustrating experience when he was trying to get a loan for his MBA at INSEAD. Conventional banks would ask for extensive documentation, guarantors, co-signors and even collateral, things that are difficult to arrange for an international student. Stevens thought about making educational loans simpler for students and subsequently came up with the idea for Prodigy Finance.
The company was founded with the mission to provide funding to eligible students with potential. Prodigy Financeassessesa student’sfuture potential and their academic background to sanction educational loans. The company does not ask for collateral or check credit history. With its disruptive idea, Prodigy Finance is now a preferred choice for international students. Till now, the company has benefitted more than 19,000 students from around 130 countries. Nearly 80% of borrowers are from emerging market countries.Initially, the company provided funding to MBA aspirants. As of now, students interested in engineering, law and public policy courses can also get loan from Prodigy Finance. The company has plans to include more subjects in the future.
Prodigy Finance has received investments worth $1.3 billion through five rounds of funding. Top investors include venture capitalists Balderton Capital and Index Ventures. The company has also received debt capital from institutional investors.
Prodigy Finance has not made any acquisitions till date. However, it may be open to opportunities that may emerge in the future.
Prodigy Finance competes with the likes of CommonBond, Earnest, Propelld, Credible, Pave, and Prosper.
About the Founder:
A serial entrepreneur, Prodigy Finance founder Cameron Stevens believes in social entrepreneurship. He focuses on building enterprises that can make a tangible difference to the lives of people. During his university studies, Stevens had founded a staffing company for the events industry. Later, he had also co-founded a corporate advisory firm, which was based in South East Asia. On the personal front, Stevens likes street food, books, and planes.