Rand Merchant buys into global fintech firm
AlphaCode unit will acquire nearly 5% of Prodigy Finance, lender for international MBAs
Rand Merchant Investment Holdings (RMI) has made its maiden investment into a global fintech, alongside two of the world’s most renowned venture capital companies. Prodigy Finance, a marketplace lender for international MBA degrees, will on Monday announce a R3.19bn fundraise, in which RMI’s fintech investment arm, AlphaCode, will acquire less than 5% of the company. It had appetite to increase this, said senior investment executive, Dominique Collett. AlphaCode was participating in a R532m equity raise, led by San Francisco-based venture capital company, Index Ventures. Global technology investor, Balderton Capital, with $2.3bn under management, was also participating. The bulk of the funding — R2.66bn — was a debt facility led by one of Europe’s largest global investment banks, the identity of which had not been disclosed at the time of writing. Credit Suisse and Deutsche Bank have participated in earlier debt raises. This would go towards funding international postgraduate studie...
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