Prodigy Finance raises $750m as it targets growth in China, Singapore and South Korea

Prodigy Finance, which helps students access international student loans, has reportedly collected $750m in a funding round.

The investment was led by Canadian private equity firm CCP Investments, which deployed $500m of the round’s total equity, according to a report from Yahoo News.

The remaining $250m was supplied by US development bank DFC. This capital is allegedly to be focused on granting loans to women and students from low-income countries.

With this capital backing, Prodigy hopes it can expand across key markets, with one of these being China. Other growth areas are Singapore and South Korea.

The FinTech company provides student loans internationally. Its website claims it has helped over 20,000 students from 150 countries access a combined total of $1bn in loans.

Prodigy Finance founder Cameron Stevens told Yahoo News, “This $750m raise, which is one of the largest of the year for a UK-based firm and more than we’ve raised in 10 years of being in business, showcases the levels of trust and faith in our business model that our investors have in us.

“The further education market is growing apace again, and Prodigy Finance has a huge role to play in ensuring that students from everywhere can access the best schools in the world.”

The FinTech company previously raised $240m in a funding round back in 2017. The round was comprised of $40m in Series C funding and $200m in debt financing. The backers included Index Ventures, Balderton Capital and AlphaCode.

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