MPOWER Financing, a mission-driven FinTech company specializing in non-cosigned loans for promising international students, announced the closure of a $150m revolving asset-backed warehouse facility with Goldman Sachs.
The new funding will help expand MPOWER’s fast-growing portfolio of student loans for international and DACA students enrolled in over 400 top colleges and universities across the United States and Canada. This comes as both countries reached record levels of enrollment for new international students in 2022.
MPOWER Financing focuses on providing global education loans by analyzing overseas and domestic credit data as well as future earning potential to serve high-potential international and DACA students. Partnering with more than 400 renowned universities in the U.S. and Canada, MPOWER has offered financing to students from over 200 countries.
With the latest funding, the company plans to further democratize access to higher education, as 91% of MPOWER students report that their loans are instrumental in their ability to study abroad. In addition to financial support, MPOWER also provides personal financial education and career guidance to prepare students for life after graduation.
MPOWER Financing CEO Manu Smadja said, “We are thrilled that Goldman Sachs is supporting the MPOWER team as we contribute to the important mission of making higher education and socioeconomic mobility accessible to the millions of international and DACA students studying in North America.”
Previously, MPOWER Financing closed another financing facility with Deutsche Bank AG, New York Branch in 2022. The company also raised $100m in equity capital in 2021 from a consortium of investors, including Tilden Park Capital Management and King Street Capital Management.
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