A wave of venture capital investors have?backed a $110m financing round for MPOWER Financing, a student loan provider for international students applying to US institutions.
Breega Capital, Potencia Ventures and University Ventures all took part in the round, as did impact investor Gray Matters Capital and Community Investment Management.
MPOWER said the funding would be used to support new product growth and technology enhancements and finance?its expanding student loan portfolio. The company has?received close to $1bn in loan application volume on its platform since 2014.
Company co-founder and CIO Mike Davis said, “We co-created a unique type of debt with Community Investment Management leadership team.
“This $100m is just the beginning of MPOWER Capital Markets roadmap.”
Gray Matters executive director Erika Norwood added, “We have enormous respect for the work that MPOWER Financing is doing to revolutionize student lending globally.
“The world is full of obvious things and for us investing in MPOWER Financing was a no-brainer.
“Many lenders talk about leveling the playing field so that quality education is accessible but they are actually doing it. Were honored to be a part of their impact and excited to see what next on their horizon.”
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