The innovative crowdfunding platform provides international students with the loans they need to study abroad
In an increasingly globalized world, diversity is a crucial feature of any top MBA program.Business schools are always looking to increase the percentage of international students. Yet, with banks reluctant to lend internationally, many students can’t get the loans they need to study abroad.
Prodigy Finance provides high-potential MBA and masters students with international post-graduate loans, widening the applicant pool for business schools and supporting student diversity.
Founded by three INSEAD MBA graduates, the financial technology – fintech - firm’s borderless, peer-to-peer lending model brings a global community of private investors and business school alumni together with students at the world’s top tier business schools.
“Prodigy know their clients, and they’re responsive to their needs,” says Irina Schneider-Maunoury, INSEAD’s associate director of financial aid.
A close relationship with Prodigy has helped to sustain the wide diversity of INSEAD’s MBA classes. In 2015, INSEAD was ranked as the most diverse school in the world by GraduatePrograms.com. Its MBA class is 95% international; made up of 78 different nationalities.
Irina (pictured right) is delighted with the crowd-funder’s contribution: “Prodigy Finance embraces the diversity of MBA classes,” she says. “It’s a much needed platform and a great source of funding for international students.”
Since its foundation in 2007, Prodigy Finance has processed more than $140 million in loans, funding over 4000 business school students of 112 different nationalities. Its repayment rate is in excess of 99%.
“Prodigy allows us to attract amazing international talent with very specific financial needs,” says Mathieu Cotton, associate director of MBA admissions at French Grande École HEC Paris, where over 92% of MBA students are international.
HEC Paris has a uniquely quick admissions process. Aspiring MBA students have less than 5 weeks - between application and admission - to source their funding, causing problems for some traditional loan providers.
“Prodigy Finance is good enough and fast enough to answer all our participants’ queries within our admissions deadline,” says Mathieu.
With Prodigy’s loans, the HEC Paris MBA is able to attract students from under-represented countries where economies are unstable and banks unwilling to lend. Out of last year’s 131-strong September intake, 30 students were funded by Prodigy loans. In January, Prodigy funded 18 students out of an intake of 69.
Since Mathieu (pictured left) first came across Prodigy in early 2014, he’s noticed an increase in HEC MBA participants from Africa, Latin America and some parts of Europe: “We’ve had students coming from Ukraine and Nigeria who were able to do the MBA because of Prodigy Finance,” he says.
Helen Foley, senior manager for financial aid at London Business School (LBS), is similarly impressed. When the school first introduced Prodigy to its students in 2013, loans were limited to MBA and masters in finance students. Today, LBS students on any program are eligible to borrow full tuition fees.
“Demand has grown year on year,” she says. “Now, just over 200 students are borrowing each year.”
Helen was drawn by the platform’s innovative business model, which sees loans communally funded by former business school students. She enjoys a collaborative working relationship with an MBA-founded company which truly understands the business school market.
Plus, Prodigy’s predictive lending model, which provides loans to students based on their future earning potential rather than their current credit rating, is popular at a school where MBA candidates can expect their salaries to increase by 100% after graduation according to the Financial Times’ Global MBA Ranking 2016.
“Having Prodigy as an option means our students are able to do something that otherwise wouldn’t be open to them,” says Helen (pictured right).
The LBS MBA has an international student make-up of over 90% with more than 60 different nationalities in the class.
“As a global school, we’ve always had an international student body and recruited from around the world,” Helen explains. “That’s something that Prodigy Finance has allowed us to continue to do.”
Prodigy Finance Ltd is an appointed representative of BriceAmery Capital Limited which is authorized and regulated by the Financial Conduct Authority. This document has been issued by BriceAmery Capital Limited as a Financial Promotion under Section 21 of the Financial Services and Markets Act 2000.
Student Reviews
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
