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 bornFirst investment and first loans disbursed2009
London office opened, first employee hiredUS$5 million in loans disbursedFirst repayment received2010
Cape Town office opened2012
Loan programmes available at 5 business schools (INSEAD, Oxford Saïd, Cranfield, Vlerick, London Business School)US$35 million in loans disbursed2014
First non-business school loan programme launched with the Cranfield University postgraduate STEM programmesLaunch of world’s first Education Note in partnership with Credit Suisse’s Impact Investing and Microfinance Team2015
60th FT Top 100 School joins Prodigy FinanceUS$140 million in loans disbursed through Prodigy Finance’s platform2016
Prodigy Finance included in European FinTech502017
Prodigy Finance celebrates 10th anniversaryThree 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 - CareyBabson CollegeBrigham Young University Boston College Carroll School of ManagementBoston University Questrom School of BusinessMarriott School of ManagementCambridge Judge Business SchoolCarnegie Mellon University - Tepper School of BusinessCass Business SchoolCEIBSColumbia Business SchoolCornell University - Johnson Graduate School of ManagementCranfield School of ManagementCranfield UniversityCUHK Business SchoolDuke University – Fuqua School of BusinessEDHEC Business School (Ecole des Hautes Etudes Commerciales du Nord)Emory University - Goizueta Business SchoolESADEEuropean School of Management and TechnologyFoster School of Business - University of WashingtonGeorgetown University - McDonough School of BusinessGeorge Washington UniversityGeorgia Tech Scheller College of BusinessGrenoble School of ManagementHarvard Business SchoolHEC ParisHong Kong University of Science and Technology (HKUST)IE Business SchoolIESE Business SchoolImperial College Business SchoolIMD Business SchoolIndiana University - Kelley School of BusinessINCAE Business SchoolINSEADIndian School of BusinessIvey Business SchoolNorthwestern University - Kellogg School of ManagementLancaster University Management SchoolLondon Business SchoolManchester Business SchoolMannheim Business SchoolMcCombs School of BusinessMcGill Desautels Faculty of ManagementMendoza College of Business - University of Notre DameMichigan Ross School of BusinessMichigan State UniversityEli Broad College of BusinessMIT Sloan School of ManagementNanyang Business SchoolNew York University - Stern School of BusinessNUS Business SchoolOhio State University Max M. Fisher College of BusinessOlin Business SchoolOxford University Saïd Business SchoolPennsylvania State University - Smeal College of BusinessPurdue University Krannert School of ManagementQueen's University Stephen J.R. Smith School of BusinessRice University Jesse H. Jones Graduate School of BusinessRotman School of ManagementRotterdam School of ManagementSDA Bocconi School of ManagementShanghai Jiao Tong University: AntaiSimon Business School - University of RochesterSMU - CoxStanford Graduate School of BusinessTias Business SchoolDartmouth College – Tuck School of BusinessUCLA - Anderson School of ManagementUNC - Chapel Hill - Kenan-Flagler Business SchoolUniversity of Alberta School of BusinessUniversity of Bath School of ManagementUniversity of British Columbia Sauder School of BusinessUniversity of Connecticut School of BusinessUniversity of California - IrvineUniversity of California - Berkeley Haas School of BusinessUniversity of California San Diego - Rady School of ManagementUniversity of Cape Town Graduate School of BusinessUniversity of Chicago - Booth School of BusinessUniversity of Hong KongUniversity of Illinois Urbana-ChampaignUniversity of Iowa - TippieUniversity of Maryland - SmithUniversity of Michigan Ross School of BusinessUniversity of Minnesota - Carlson School of ManagementUniversity of North Carolina UNC Kenan–Flagler Business SchoolUniversity of Pennsylvania - The Wharton SchoolUniversity of PittsburghUniversity of Rochester Simon Business SchoolUniversity of San Diego School of Business AdministrationUniversity of South Carolina - Moore School of BusinessUniversity of Strathclyde Business SchoolUniversity of Virginia - Darden School of BusinessUSC Marshall School of BusinessVanderbilt UniversityVlerick Business SchoolWisconsin School of BusinessYale School of ManagementEngineering Schools:
California Institute of TechnologyCarnegie Mellon College of EngineeringCarnegie Mellon University Heinz College School of Information Systems and ManagementCarnegie Mellon School of Computer ScienceColumbia School of Engineering and Applied ScienceCornell University College of EngineeringCranfield UniversityDartsmouth College Thayer School of EngineeringDuke University Edmund T. Pratt Jr. School of EngineeringGeorgia Institute of Technology College of EngineeringHarvard University John A. Paulson School of Engineering and Applied SciencesMIT School of EngineeringNew York University Tandon School of EngineeringNorthwestern University Robert R. McCormick School of Engineering and Applied SciencePurdue University College of EngineeringStanford University School of EngineeringTexas A&M University Dwight Look College of EngineeringUCLA Henry Samueli School of Engineering and Applied ScienceUC Berkeley College of EngineeringUniversity of Chicago Department of Computer Science and EngineeringUniversity of Illinois Urbana-Champaign UIUC College of EngineeringUniversity of Maryland A. James Clark School of EngineeringUniversity of Michigan College of EngineeringUniversity of Pennsylvania School of Engineering and Applied ScienceUniversity of Toronto Faculty of Applied Science and EngineeringUniversity of Texas Austin Cockrell School of EngineeringUSC Viterbi School of EngineeringUniversity of Washington College of EngineeringYale School of Engineering & Applied ScienceLaw Schools:
Boston University School of LawColumbia Law SchoolCornell University Law SchoolDuke University School of LawGeorgetown University Law CenterHarvard Law SchoolIndiana University Maurer School of LawNew York University School of LawNorthwestern University Pritzker School of LawStanford Law SchoolUCLA School of LawUniversity of California Berkeley School of LawUniversity of Chicago Law SchoolUniversity of Michigan School of LawUniversity of Pennsylvania Law SchoolUniversity of Texas School of LawUSC Gould School of LawUniversity of Virginia School of LawUniversity of Washington School of LawYale Law SchoolPolicy Schools:
Carnegie Mellon University Heinz College of Public PolicyColumbia University School of International and Public AffairsCornell Institute for Public AffairsDuke University Sanford School of Public PolicyGeorgetown University McCourt School of Public PolicyHarvard University John F. Kennedy School of GovernmentIndiana University School of Public and Environmental AffairsNew York University Robert F. Wagner Graduate School of Public ServiceNUS Lee Kuan Yew School of Public PolicyUCLA Luskin School of Public AffairsUniversity of California Berkeley Goldman School of Public PolicyUniversity of Chicago Harris School of Public Policy StudiesUniversity of Michigan Ford School of Public PolicyUniversity of North Carolina School of GovernmentUniversity of Oxford Blavatnik School of GovernmentUniversity of Pennsylvania Fels Institute of GovernmentUSC Sol Price School of Public PolicyUniversity of Texas at Austin Lyndon B. Johnson School of Public AffairsUniversity of Washington Daniel J. Evans School of Public Policy and Governance
