Student loan provider MPOWER Financing has launched a $100m debt financing round to help meet its loan application demand.
Founded in 2014, MPOWER provides international students access to educational loans, helping them build credit histories and personal finance education. The loans are available to 180 nationalities, with no need of a co-signer.
Students can take out a loan of up to $25,000 per academic period, with fixed interest rates between 7.99 per cent and 13.99 per cent
MPOWER Financing CEO and co-founder Manu Smadja said, ?We are seeing tremendous demand for our unique lending product which removes financial barriers to higher education for top international students. The company loan book has been growing at a rate of more than 30 percent on a month-over-month basis.p>
The company also announced MPOWER co-founder Mike Davis has taken over the position of CIO from Alonso Garza, who is joining the board of advisors.
So far, the total raised by the company across debt financing and equity, since its foundation, has reached around $34.5m. Investors to the company include Zephyr, Village Capital, GS2, VARIV Capital, Fresco Capital, 1776, Ruppert International, University Ventures, Dreamit, Chilango Ventures, Panther Angels and Baltimore Angels.
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