MPOWER Financing Extends Student Loan Program to All 50 States Through Partnership with Bank of Lake Mills
Public Benefit Corporation Joins with Wisconsin-based Bank that Has Funded More Than $1 Billion in Educational Loans; Expands University Partner Roster to 223
WASHINGTON, D.C., July 25, 2017—MPOWER Financing, an innovative fintech company and provider of educational loans to high-potential international students, has entered a new partnership with Wisconsin-based Bank of Lake Mills, which enables MPOWER Financing to offer its online lending program to students in all 50 U.S. states.
As a result, MPOWER Financing is now available to thousands more students looking to secure financing across an expanded roster of 223 universities across the nation.
MPOWER Financing is a public benefit corporation whose mission is to remove the financial barriers to higher education in the U.S. by providing the financial resources necessary for students to attend schools and complete their undergraduate or graduate studies. Founded in 2014, MPOWER Financing provides financial resources to domestic students, DACA students and international students who are often undervalued and do not fit traditional credit criteria.
At a time when banks and fintech companies are still figuring out whether they’re competitors or partners, MPOWER has taken a strong stance on the partner path. As an international student loan origination platform, MPOWER Financing has the advantage of being able to work with banks and traditional lenders in a variety of ways.
“We are looking forward to a fruitful relationship with MPOWER Financing as we work together to expand its audience of eligible students seeking loans to finish their higher education in the U.S.,” said Peter Schleicher, EVP/chief financial officer, Bank of Lake Mills. “As it services international and DACA students, as well as domestic students, MPOWER Financing fills an important niche in the education landscape, which makes them a particularly attractive partner.”
“This partnership with Bank of Lake Mills is very important to us as we are able to instantly increase our loan volume with a forward-thinking bank that knows the educational loan market like few others,” said Manu Smadja, CEO and co-founder of MPOWER Financing. “Being able to offer our services in every state, including those with a high concentration of international and DACA students such as Texas and California, marks a key milestone in delivering on our mission to remove the financial barriers to higher education in the U.S. for those who fall outside of the standard credit system.”
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About Bank of Lake Mills
Bank of Lake Mills is a Wisconsin state-chartered bank that was organized in 1893 and prides itself on a commitment to the communities and customers it serves.
About MPOWER Financing
MPOWER Financing is an innovative fintech company and provider of educational loans to high-promise international students. MPOWER Financing helps students build their credit histories and provides them with personal finance, education and gateway financial products to prepare for life after college. The team is backed by Zephyr Management, Goal Structured Solutions, 1776, Village Capital, VARIV, DreamIt, Fresco, Chilango, K Street and University Ventures. For more information, visit www.mpowerfinancing.com, or follow MPOWER on Twitter, Facebook and LinkedIn.