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 beneath its new multi-issuance particular goal automobile construction.
“We’re thrilled to safe this facility from Citi, Schroders Capital and SCIO Capital, which we are going to 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 consider that monetary obstacles mustn’t hinder anybody’s pursuit of data. Via this initiative, we’re dedicated to empowering college students to grasp their goals and contribute meaningfully to the world.”
Learn extra: Postgrad lender Prodigy Finance secures $750m for international growth
Prodigy Finance has funded greater than $1.8bn in postgraduate training loans to this point, to greater than 35,000 college students from over 100 completely different international locations.
Its lending mannequin permits college students to use for a mortgage based mostly 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, international head of securitized product and asset-based finance at Schroders Capital. “As entry to credit score globally turns into extra scarce we recognize the chance to search out enticing investments facilitating training, and we’re glad 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 international establishments by 2030.
Learn extra: Prodigy Finance launches P2P scholar healthcare loans