Fintech firm MPOWER Financing has raised a $150 million revolving asset-backed warehouse facility with Goldman Sachs.
The money will go towards expanding MPOWER’s quickly expanding portfolio of student loans provided to international and DACA students enrolled in one of the more than 400 prestigious institutions and universities located throughout the United States and Canada. Both the United States and Canada saw record numbers of new overseas students register in 2022.
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“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,” said Manu Smadja, 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 democratize access to higher education.”
This financing agreement is in addition to one that MPOWER closed in 2022 with Deutsche Bank AG, New York Branch. A group of investors, including Tilden Park Capital Management and King Street Capital Management, also contributed $100 million in equity to the company in 2021.
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“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.
About MPOWER Financing
MPOWER Financing is the top provider of international education loans and a mission-driven fintech company with offices in Washington, D.C., and workers all around the world. For the benefit of promising foreign and DACA students, its patented algorithm examines both local and international credit data as well as prospective future earnings.
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MPOWER collaborates with more than 400 prestigious universities in the United States and Canada to finance students from more than 200 nations. The MPOWER team, which is made up of former foreign students, offers career guidance and personal financial education to students to help them get ready for life after graduation.
