Prodigy Finance is a platform that enables financing for international postgraduate students who attend a participating business school or postgraduate institution, whilst delivering financial and social returns to alumni, institutional and private investors.
This borderless model enables educational loan financing to international students from across the globe, whilst using predicted post-degree affordability rather than present-day salary. Since 2007, Prodigy Finance has disbursed over US$140 million (as of May 2016) through the platform to fund students from 115 nationalities, with repayment rates in excess of 99%. Prodigy Finance is registered in London with offices in London and Cape Town.
Prodigy Finance started with a peer-to-peer funding programme for INSEAD students, where alumni invested money into a fund which enabled students to carry out their MBA studies at that institution. Leveraging this peer-to-peer lending, Prodigy Finance began by offering loans to MBA candidates enrolled at other leading European business schools.
In 2014, Prodigy Finance announced the launch of a US$25 million Education Note in partnership with the Credit Suisse Impact Investing and Microfinance team. The Education Note has a focus on students from emerging markets, enabling them to study at top postgraduate programmes.
In 2015, Prodigy Finance announced a $12.5 million equity investment from Balderton Capital and various angel investors and $110 million in loan capital from Credit Suisse, Deutsche Bank and other private investors.
In 2016, Prodigy Finance was included in the European FinTech 50 and was listed by City A.M on the Leap 100
2007
Prodigy Finance born
First investment and first loans disbursed
2009
London office opened, first employee hired
US$5 million in loans disbursed
First repayment received
2010
Cape Town office opened
2012
Loan programmes available at 5 business schools (INSEAD, Oxford Saïd, Cranfield, Vlerick, London Business School)
US$35 million in loans disbursed
2014
First non-business school loan programme launched with the Cranfield University postgraduate STEM programmes
Launch of world’s first Education Note in partnership with Credit Suisse’s Impact Investing and Microfinance Team
2015
60th FT Top 100 School joins Prodigy Finance
US$140 million in loans disbursed through Prodigy Finance’s platform
2016
Prodigy Finance included in European FinTech50
2017
Prodigy Finance celebrates 10th anniversary
Three INSEAD MBA graduates conceptualized Prodigy Finance during their studies in 2006, as their experience highlighted an opportunity to bridge the financing gap often experienced by high-potential international postgraduate students looking to attend a top school. Prodigy Finance was founded in 2007 with the intention of addressing this challenge, as Prodigy Finance Founder Cameron Stevens experienced himself. The Prodigy concept was recognised at the 2006 International Venture Capital Investment Competition at INSEAD, resulting in the initial seed money for the company.
More than half of MBA and other postgraduate students have a need for funding, but many banks don’t lend internationally. Some traditional banks can’t price foreign risk, while others can’t track borrowers across borders
Through Prodigy's community platform, investors earn a competitive financial return, while driving social benefits. Funds are generated from alumni as well as private and institutional investors with an interest in higher education or social impact.
Currently Prodigy Finance has programmes at more than 80 of the Financial Times Top 100 ranked business schools, including INSEAD, Wharton, Chicago Booth, Columbia Business School, London Business School, NUS, University of Oxford’s Saïd Business School, Stanford, and Yale School of Management.
150 nationalities are eligible to apply and no co-signer or collateral is required for a Prodigy Finance loan application. To be eligible for a loan, students must be studying outside of their home country, or country of residence. One exception is that in the United Kingdom, Prodigy Finance can lend to domestic students. Applicants must already be accepted at a participating institution to qualify.
Prodigy Finance currently offers loans to postgraduate students accepted at these universities and schools:
Business Schools:
Arizona State University - Carey
Babson College
Brigham Young University Boston College Carroll School of Management
Boston University Questrom School of Business
Marriott School of Management
Cambridge Judge Business School
Carnegie Mellon University - Tepper School of Business
Cass Business School
CEIBS
Columbia Business School
Cornell University - Johnson Graduate School of Management
Cranfield School of Management
Cranfield University
CUHK Business School
Duke University – Fuqua School of Business
EDHEC Business School (Ecole des Hautes Etudes Commerciales du Nord)
Emory University - Goizueta Business School
ESADE
European School of Management and Technology
Foster School of Business - University of Washington
Georgetown University - McDonough School of Business
George Washington University
Georgia Tech Scheller College of Business
Grenoble School of Management
Harvard Business School
HEC Paris
Hong Kong University of Science and Technology (HKUST)
IE Business School
IESE Business School
Imperial College Business School
IMD Business School
Indiana University - Kelley School of Business
INCAE Business School
INSEAD
Indian School of Business
Ivey Business School
Northwestern University - Kellogg School of Management
Lancaster University Management School
London Business School
Manchester Business School
Mannheim Business School
McCombs School of Business
McGill Desautels Faculty of Management
Mendoza College of Business - University of Notre Dame
Michigan Ross School of Business
Michigan State UniversityEli Broad College of Business
MIT Sloan School of Management
Nanyang Business School
New York University - Stern School of Business
NUS Business School
Ohio State University Max M. Fisher College of Business
Olin Business School
Oxford University Saïd Business School
Pennsylvania State University - Smeal College of Business
Purdue University Krannert School of Management
Queen's University Stephen J.R. Smith School of Business
Rice University Jesse H. Jones Graduate School of Business
Rotman School of Management
Rotterdam School of Management
SDA Bocconi School of Management
Shanghai Jiao Tong University: Antai
Simon Business School - University of Rochester
SMU - Cox
Stanford Graduate School of Business
Tias Business School
Dartmouth College – Tuck School of Business
UCLA - Anderson School of Management
UNC - Chapel Hill - Kenan-Flagler Business School
University of Alberta School of Business
University of Bath School of Management
University of British Columbia Sauder School of Business
University of Connecticut School of Business
University of California - Irvine
University of California - Berkeley Haas School of Business
University of California San Diego - Rady School of Management
University of Cape Town Graduate School of Business
University of Chicago - Booth School of Business
University of Hong Kong
University of Illinois Urbana-Champaign
University of Iowa - Tippie
University of Maryland - Smith
University of Michigan Ross School of Business
University of Minnesota - Carlson School of Management
University of North Carolina UNC Kenan–Flagler Business School
University of Pennsylvania - The Wharton School
University of Pittsburgh
University of Rochester Simon Business School
University of San Diego School of Business Administration
University of South Carolina - Moore School of Business
University of Strathclyde Business School
University of Virginia - Darden School of Business
USC Marshall School of Business
Vanderbilt University
Vlerick Business School
Wisconsin School of Business
Yale School of Management
Engineering Schools:
California Institute of Technology
Carnegie Mellon College of Engineering
Carnegie Mellon University Heinz College School of Information Systems and Management
Carnegie Mellon School of Computer Science
Columbia School of Engineering and Applied Science
Cornell University College of Engineering
Cranfield University
Dartsmouth College Thayer School of Engineering
Duke University Edmund T. Pratt Jr. School of Engineering
Georgia Institute of Technology College of Engineering
Harvard University John A. Paulson School of Engineering and Applied Sciences
MIT School of Engineering
New York University Tandon School of Engineering
Northwestern University Robert R. McCormick School of Engineering and Applied Science
Purdue University College of Engineering
Stanford University School of Engineering
Texas A&M University Dwight Look College of Engineering
UCLA Henry Samueli School of Engineering and Applied Science
UC Berkeley College of Engineering
University of Chicago Department of Computer Science and Engineering
University of Illinois Urbana-Champaign UIUC College of Engineering
University of Maryland A. James Clark School of Engineering
University of Michigan College of Engineering
University of Pennsylvania School of Engineering and Applied Science
University of Toronto Faculty of Applied Science and Engineering
University of Texas Austin Cockrell School of Engineering
USC Viterbi School of Engineering
University of Washington College of Engineering
Yale School of Engineering & Applied Science
Law Schools:
Boston University School of Law
Columbia Law School
Cornell University Law School
Duke University School of Law
Georgetown University Law Center
Harvard Law School
Indiana University Maurer School of Law
New York University School of Law
Northwestern University Pritzker School of Law
Stanford Law School
UCLA School of Law
University of California Berkeley School of Law
University of Chicago Law School
University of Michigan School of Law
University of Pennsylvania Law School
University of Texas School of Law
USC Gould School of Law
University of Virginia School of Law
University of Washington School of Law
Yale Law School
Policy Schools:
Carnegie Mellon University Heinz College of Public Policy
Columbia University School of International and Public Affairs
Cornell Institute for Public Affairs
Duke University Sanford School of Public Policy
Georgetown University McCourt School of Public Policy
Harvard University John F. Kennedy School of Government
Indiana University School of Public and Environmental Affairs
New York University Robert F. Wagner Graduate School of Public Service
NUS Lee Kuan Yew School of Public Policy
UCLA Luskin School of Public Affairs
University of California Berkeley Goldman School of Public Policy
University of Chicago Harris School of Public Policy Studies
University of Michigan Ford School of Public Policy
University of North Carolina School of Government
University of Oxford Blavatnik School of Government
University of Pennsylvania Fels Institute of Government
USC Sol Price School of Public Policy
University of Texas at Austin Lyndon B. Johnson School of Public Affairs
University of Washington Daniel J. Evans School of Public Policy and Governance
