- Fintech and educational loan provider MPOWER Financing announced it raised a $100 million loan facility from Goldman Sachs
MPOWER Financing — a fintech and provider of educational loans to high-promise international and DACA students — announced it raised a $100 million loan facility from Goldman Sachs. This deal brings Goldman Sachs’ total loan financing capital for MPOWER to $200 million.
The funds will be used for financing 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 MPOWER Financing CEO and co-founder Emmanuel Smadja. “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.”
Based in Washington, D.C. and with offices in Bengaluru, New York City, and Toronto, MPOWER Financing 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. And 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.
“This summer has been transformational for MPOWER,” added Lana (Bronipolsky) Lodge — the 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.”
Since 2014, MPOWER has received over $1 billion in loan application volume on its platform. And 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.
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