Education Platform MPOWER Financing Raises $100 MN To Support Study Abroad
- ByStartupStory | July 13, 2021
MPOWER Financing, a leading provider of education loans to students in North America, said that it has raised an equity investment of $100 million. It said the funding underscores investors’ confidence in MPOWER’s position as the leading lender for students aspiring to study abroad. The new funding is in addition to the $30 million MPOWER raised earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital on behalf of ETS, the world’s largest non-profit educational assessment, research and measurement organisation. Other investors in the current round include King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.
According to MPOWER, the US headquartered startup with its India office in Bengaluru, the fresh round of funding will be used to scale its operations and grow the team in Bengaluru besides providing more financial support for the students. “We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada,” said Emmanuel Smadja, CEO and Co-founder, MPOWER Financing. Founded in 2014, MPOWER Financing said it aims to democratize education by reducing financial barriers for promising students from India and other countries. MPOWER claims that its loans are approved instantly and are granted at competitive interest rates without requiring a cosigner or collateral. The firm additionally provides students with academic, financial and career guidance to position them for success both in school and after graduation.
MPOWER works with over 350 top universities across the US and Canada to provide financing to students from over 200 countries. Chris Gamaitoni, managing director of Tilden Park Capital Management, said MPOWER Financing operates a differentiated business model where it not only lends to students but also offers career guidance and supports students throughout their journey. “The team’s mission and commitment to their students are inspiring” “We are thrilled to support MPOWER Financing as it continues to expand its global reach and support even more students. We look forward to building on the company’s successes together” He further added.
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