Ellie Horvath
Key Takeaways:
- Prodigy Finance collaborates with Citi, Schroders Capital, and SCIO Capital to establish a $350 million facility.
- The facility targets international masters students from over 100 countries, especially those from emerging markets.
- The initiative aims to democratize education access and foster an inclusive academic environment worldwide.
- An increase in applications for STEM degrees shows a positive trend towards scientific and technological advancement.
Bridging Educational Gaps through Strategic Collaboration
In a landmark step towards fostering global education access, Prodigy Finance, a London-based social impact-driven FinTech firm, has announced the creation of a $350 million facility in collaboration with financial giants, Citi, Schroders Capital, and SCIO Capital. The fund will be exclusively deployed towards the financing of international masters students, reflecting Prodigy Finance’s commitment to removing financial barriers to higher education.
The Vision and Impact of Prodigy Finance
Founded in 2007, Prodigy Finance’s mission has been to democratize access to international higher education. Over the years, the firm has aided more than 35,000 high-potential students from over 100 countries, disbursing over $1.8 billion in postgraduate education loans.
According to Neha Sethi, CFO at Prodigy Finance, “Education is a catalyst for societal progress, and we believe that financial barriers should not hinder anyone’s pursuit of knowledge. Through this initiative, we are committed to empowering students to realize their dreams and contribute meaningfully to the world.”
Facilitating Global Education: The New $350 Million Facility
This significant financial commitment is aligned with Prodigy Finance’s mission of making education more accessible. Notably, 86% of Prodigy Finance’s borrowers are from emerging markets, and 67% are first-generation students. The new facility aims to further amplify access to education, cultivating a diverse academic landscape that honours talent from every corner of the globe.
An increasing number of students are applying for finance in STEM degrees – a trend that has seen a 97% rise in 2022 compared to 2021. This surge underlines the role of education in driving societal advancement in science and technology.
“We are thrilled to secure this facility from Citi, Schroders Capital and SCIO Capital, which we will deploy to enable international masters students to unlock their full potential,” commented Sethi on this new endeavor.
Partnering for Progress: Schroders Capital and SCIO Capital
Schroders Capital and SCIO Capital, Prodigy Finance’s partners in this endeavor, express their excitement about the project. Michelle Russell-Dowe, Global Head of Securitized Product & Asset-Based Finance at Schroders Capital, believes this to be a great opportunity to find attractive investments facilitating education.
Meanwhile, Jason Harris, CRO at SCIO Capital, reiterates their commitment to Prodigy Finance’s mission, stating that SCIO is excited to continue supporting Prodigy Finance in their quest for providing equal access to life-changing education around the globe.
The Path Forward
The establishment of the $350 million facility represents a significant leap in the mission to make education globally accessible. By reducing financial barriers, Prodigy Finance and its partners are indeed helping talented students unlock their potential and contribute meaningfully to the world. The impact of this initiative extends beyond the individuals it aids, fostering an environment where progress and development are possible for all.
