MPOWER Financing, a leading provider of education loans to students, 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.
“We’re delighted to be working with experienced investors who share our vision of empowering the brightest students from around the world,” said Emmanuel (Manu) Smadja, chief executive officer of MPOWER Financing. “The new funds will be used to directly support students, automate and scale our operations, and grow our team in Bengaluru. We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada.”
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing said it aims to democratise education by reducing financial barriers for promising students from India and other countries. MPOWER said 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.
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,” said Gamaitoni. “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.”
Ashwini Kumar, general manager of MPOWER’s India office, said the firm makes it possible for future generations of students to access the world’s top universities without this financial pressure, allowing them to focus on their academics and career.
Courtesy- Business standard