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Prodigy Finance, an international student loan lender with a strong social impact focus, has recently unveiled a new $350 million facility. This initiative is backed by prominent partners including Citi, Schroders Capital, and SCIO Capital. The facility marks the first transaction under Prodigy’s innovative multi-issuance special purpose vehicle structure.
Empowering High-Potential Students Globally
Prodigy Finance’s mission to provide accessible financial support to aspiring masters students worldwide is further solidified with this new venture. A testament to their commitment is the fact that they have already funded over $1.8 billion in postgraduate education loans, supporting more than 35,000 students from over 100 different countries.
The majority of Prodigy Finance’s borrowers are from emerging markets (86%) and first-generation students (67%). In a bid to promote science and technology education, Prodigy witnessed an impressive 97% rise in applications for financing in STEM degrees in 2022 compared to the previous year.
In the words of Neha Sethi, CFO at Prodigy Finance:
“We are thrilled to secure this facility from Citi, Schroders Capital, and SCIO Capital, which we will deploy to enable international masters students to unlock their full potential. Education is a catalyst for societal progress, and we believe that financial barriers should not hinder anyone’s pursuit of knowledge.”
Strong Partnerships for Global Impact
Michelle Russell-Dowe, Global Head of Securitized Product & Asset-Based Finance at Schroders Capital, expressed her contentment about their ongoing partnership with Prodigy:
“We are pleased to continue our financing relationship with Prodigy.”
For more information on this transformative initiative, you can visit Prodigy Finance’s social impact page.
About Prodigy Finance
Prodigy Finance was founded in 2007 with a mission to help international masters students attend the world’s top universities. To date, they have disbursed over $1.8 billion in funding to students from more than 150 countries.
About Schroders Capital
Schroders Capital provides investors with access to a broad range of private asset investment opportunities. With £737.5 billion (€831.3 billion; $887.2 billion) assets under management as at 31st December 2022, it is one of Europe’s largest independent investment management firms.
In Conclusion
This unique collaboration between Prodigy Finance and its partners represents an unprecedented commitment towards empowering international students through financial support. It sets a new benchmark in the realm of postgraduate education loans while positively impacting emerging markets and first-generation learners’ lives.
With initiatives like these that bridge the gap between financial constraints and quality education for deserving candidates across borders – we can look forward to more inclusive global growth powered by knowledge sharing.
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