New Delhi, Delhi, India:
Prodigy Finance is a UK-based fintech firm that helps college students pursue grasp’s levels from the world’s finest colleges by offering collateral-free training loans for abroad training. Prodigy turns into the primary worldwide pupil lender to set up a publicly-rated securitisation positioned within the US capital markets. This was rated by two of the highest 5 world credit standing companies: Kroll Bond Rating Agency (KBRA) and Moody’s Investor Services.1.
Prodigy is properly forward of different trade gamers, when it comes to accessing dependable funding on a massive scale to help Indian worldwide masters’ college students. Having funding grade rankings from main world credit standing companies corresponding to KBRA and Moody’s Investors Services makes Prodigy a credible and dependable lender.
Recently in 2022, KBRA upgraded its preliminary rankings for the transaction. The upgrades replicate the great efficiency of the portfolio, which is healthier than KBRA’s unique conservative forecast for defaults, and the rise in over-collateralization of the rated notes because the portfolio pays down. This timing is nice as Prodigy lately attended the ABS East, a main US debt market convention, to promote entry to funding for Indian masters’ college students.
“The upgraded ratings by KBRA of their ABS transactions reflect the good performance of the portfolio which has outperformed KBRA’s original conservative forecast for arrears and defaults. In addition, timely updating and informing the KBRA on the business and performance has further lifted the good relations between the two companies. Overall, the ratings will enable Prodigy with more credibility and accessibility to support students with funds.” stated Neha Sethi, Head of the Capital Markets staff at Prodigy.
KBRA has upgraded its rankings of the very best tranche of debt issued by the transaction to ‘AA-’ from ‘A+’. Breaking by into the double-A class is a main achievement for Prodigy as a capital markets issuer.
“Our vision has always been to create access to credit for students to fund their aspirations. With improved ratings from KBRA, Prodigy will have access to more funding from US banks, insurance companies, and asset managers. This will enable the lender to support a greater number of Indian students without collateral at affordable interest rates!.” stated Edward Baker, Head of Securitisation at Prodigy Finance.
Mayank Sharma, Country Head- India, Prodigy Finance says “The KBRA rankings are a testomony to the mission we’ve set out to obtain for ourselves – altering the best way college students fund their worldwide training aspirations, world wide. Further, it displays the boldness that our college students in India have in us, making us the popular monetary companion with a student-first method.”
Prodigy Finance has witnessed a whopping 99% progress globally, whereas India has grown by 102% in disbursements in 2022 in contrast to 2021.
Prodigy Finance, the UK-based FinTech firm based in 2007, needs to assist world college students pursue their dream levels on the world’s finest colleges by offering collateral-free training loans. Their progressive and borderless mannequin assesses you in your potential, not simply your present circumstances and credit score historical past. The complete mortgage course of is on-line, from getting a quote to signing the mortgage settlement and right through to compensation. They provide loans for varied grasp’s programs throughout Business, STEM, Law, Health and Public Policy. The firm has funded over USD $1 billion price of pupil loans, for almost 25,000 college students from 130 nationalities worldwide and is backed by marquee traders corresponding to Index Ventures and Balderton.
About KBRA
KBRA is a world full-service score company which units the requirements for credit score rankings by setting new requirements to assess threat and provide well timed and clear rankings. For the final 12 years, KBRA has been devoted to bringing a score system that delivers high quality and integrity throughout all its companies.
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