Leap nears Prodigy buyout

The study-abroad platform is in late-stage talks to acquire fintech firm Prodigy Finance to expand its footprint

- Mansi Verma

Flush with funds, study-abroad platform Leap is in late-stage talks to acquire study-abroad fintech Prodigy Finance Ltd, with plans to acquire more startups, three persons close to the development told Mint.

The final details are being ironed out, and the deal will close soon, said one of the persons, adding that Leap is also evaluating two to three other startups to acquire, with study-abroad consultancy KC Overseas Education being one of the leading prospects.

Mint could not immediately ascertain the size of the transaction.

Queries sent to Leap, Prodigy and KC Overseas on Thursday haven't elicited any response.

On Wednesday, its student-lending arm, Leap Finance Inc., secured a $100 million debt facility from HSBC's $1 billion ASEAN Growth Fund for new economy businesses to support students pursuing international education, the company said in a statement.