MPOWER Financing raises $100M from Goldman Sachs to reach $200M in total loan financing capital
The innovative fintech firm is using the new funds to finance top international and DACA students at premier universities in the U.S. and Canada
WASHINGTON, Aug. 20, 2019 /PRNewswire/ -- MPOWER Financing, an innovative fintech company and provider of educational loans to high-promise international and DACA students, secured a $100 million loan facility from Goldman Sachs, which brings its total loan financing capital to $200 million.
The funds will finance MPOWER's fast-expanding portfolio of top international student loans, and are in addition to the $100 million raised last year from Community Investment Management.
"We're excited to work with a mix of top commercial and impact-focused investors to ensure that bright students from around the world can fulfill their educational aspirations," said Manu Smadja, MPOWER Financing CEO and co-founder. "The number of international students coming to North America has more than doubled over the past decade, and with our borderless financing we can enable even more bright minds to come."
"This summer has been transformational for MPOWER," added Lana Lodge, SVP of Business Operations at MPOWER Financing. "We've been honored by the industry recognition received for our product and the acceleration in demand for our loans. This partnership with Goldman Sachs puts us one step closer to securitization of a new, global, impact-focused asset class."
MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.
SOURCE MPOWER Financing