Prodigy Finance announced a $240 million fundraise on Monday, one of the biggest fundraises by a UK-based fintech firm in 2017.
The figure includes a $40 million Series C equity round led by international venture capital firm Index Ventures, with participation from Balderton Capital and AlphaCode; and a $200 million debt facility led by a global investment bank.
Prodigy Finance is a global fintech platform that provides postgraduate loans to international students from 150 countries attending the world’s top universities, 78 per cent of whom have no alternative access to finance.
The fundraise will aid the company’s operational expansion and provide additional funding for students studying postgraduate degrees. Prodigy Finance is currently increasing its US footprint, where international students contributed $32.8 billion and 400,000 jobs to the US economy during the 2015-2016 academic year.
Seven Hills led the media campaign around the announcement, securing coverage across leading international and business publications including the Financial Times, City AM, Daily Telegraph, Daily Mail and Business Insider.
He commented: “This investment will help us double the size of our student portfolio. We believe in financial inclusion and talent mobility, and look forward to continuing to help international students break the funding barrier and further their education at a top international university.”
This announcement coincides with Prodigy Finance’s 10-year anniversary, during which time the company has provided more than $325 million in funding to over 7,100 students.