MPOWER Financing secures $150M asset-backed warehouse facility with Goldman Sachs
- ByStartupStory | May 15, 2023
Mission-driven fintech firm MPOWER Financing has partnered with Goldman Sachs to secure a $150 million revolving asset-backed warehouse facility. The facility will enable MPOWER Financing to continue providing non-cosigned loans to ambitious students around the world.
According to Manu Smadja, the CEO and Co-founder of MPOWER Financing, “91% of our students say that an MPOWER loan is instrumental to their ability to study abroad, so this funding will enable us to further democratise access to higher education.”
The funding will be utilized to broaden the range of student loans offered by MPOWER, which cater to international and DACA students studying at over 400 higher education institutions in the US and Canada.
MPOWER Financing has secured a financing facility with Goldman Sachs, in addition to a previous facility with Deutsche Bank in 2022. The company also raised $100 million in equity capital from investors, including Tilden Park Capital Management and King Street Capital Management, in 2021.
MPOWER, a Washington, D.C.-based education financing company, has recently opened a 22,000 sq.ft. office in Bengaluru, India, to foster collaborative opportunities and improve employee morale. MPOWER uses its proprietary algorithms, which analyze overseas and domestic credit data as well as future earning potential, to offer financing solutions to students from more than 200 countries.
Adventum Student Living (ASL), the parent company of UniScholars, UniCreds, and UniAcco, has recently raised $5 million in a bridge equity funding round led by Cornerstone Ventures, with participation from existing investors. The international student education market, estimated to be worth $200 billion, is dominated primarily by tuition fees (~40%) and accommodation (~25%) as the largest categories. Every year, over 6-7 million students travel abroad for higher studies.
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