MPOWER Financing Raises $150 Million In Financing Facility With Goldman Sachs The company said that the funding will be used to expand MPOWER's rapidly growing portfolio of student loans issued to international and DACA students attending one of over 400 leading colleges and universities across the U.S. and Canada
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MPOWER Financing, a mission-driven fintech firm and a leading provider of non-cosigned loans to promising students from around the world, has closed a $150 million revolving asset-backed warehouse facility with Goldman Sachs. The company said that the funding will be used to expand MPOWER's rapidly growing portfolio of student loans issued to international and DACA students attending one of over 400 leading colleges and universities across the U.S. and Canada.
"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. 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 democratize access to higher education," said Manu Smadja, CEO and co-founder of MPOWER Financing.
MPOWER Financing, headquartered in Washington, D.C., and with employees worldwide, is a mission- driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international and DACA students.
"Goldman Sachs has an established track record of raising and providing capital to innovative fintechs and we believe MPOWER's growth trajectory, portfolio performance and global ecosystem supporting students around the world aligns with previous relationships in the sector," said Christopher Zaki, head of capital markets at MPOWER Financing.