Prodigy Finance opens education bonds to U.S. investors
High Earners Not Rich Yet, or HENRYs, are the key to Prodigy Finance’s plans to increase access to higher education for promising, but cash-strapped, students around the world.
Prodigy, headquartered in London, has disbursed $318 million to finance the education of 6,800 students from over 125 nationalities over the last decade. Nearly eight in 10 of the borrowers are from emerging markets and most tell Prodigy they had no other way to finance their studies.
Delinquency rates on the fixed-income, low-risk bond are only 1.5%. “Students are an asset,” said Prodigy’s Joel Frisch. “Investing in education is a game changer.”
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