Having operated since 2007, the crowdfunding platform has lent more than $140 million to over 4000 high-potential international students at the world’s top b-schools, covering up to 80% of tuition. Now, it's looking to raise that to $500 million by the end of 2016.
“The scholarship will enable even more international students to further their careers with a degree from a top university”, says INSEAD MBA grad Cameron Stevens, Prodigy's founder and CEO. “We believe the financial services industry needs to work harder for the world’s most talented individuals regardless of where they are from.”
There is no formal entrance requirement for the scholarship, and all students currently with Prodigy Finance will be eligible, provided they’ve borrowed at least $30,000, and study either in the US or the UK.
Only one scholarship will be available per institution, and candidates will be assessed according to their academic aptitude and financial need.
“Applying to study at a top university is daunting, and at Prodigy Finance we are committed to making this worthwhile investment in your future easier and more accessible”, says Cameron. “Over 80% of those who use Prodigy Finance would have no other way to finance their education.”
The fintech firm's borderless, peer-to-peer lending model is opening up opportunities for students around the world. And Prodigy hopes to grow its scholarship fund in the future, further enabling great minds to be matched with great institutions.