U.K.-based online student lending service Prodigy Finance has raised a $240 million round of equity and debt funding in order to expand its services within the U.S.
The funding breaks down with $40 million in equity mainly from venture capital firm Index Ventures, as well as Baldeton Capital and AlphaCode.
The rest of the $200 million is debt funding, led by a “global investment bank” as yet unnamed, according to Prodigy Finance.
The service enables postgraduate students in India, China, and Africa to pay for their university tuition by connecting them to university alumni willing to lend based on that student’s future earnings potential.
The company’s competition include fellow online student lenders like Earnest and Sofi, as well as China-based startup Surong360, a member of this site’s sister accelerator INV Fintech.
Read More on: Reuters, FT, and BusinessInsider.