Debt financing from Deutsche Bank, Goldman Sachs, and Värde Partners fuel MPOWER's growing international student loan portfolio.
WASHINGTON, Nov. 7, 2023 /PRNewswire/ -- MPOWER Financing ("MPOWER"), a mission-driven fintech firm and the leading provider of non-cosigned loans to promising students from around the world, today announced that it has closed on debt financing that has propelled the firm's overall lending capacity to over $300 million. Active funding includes commitments from Deutsche Bank, Goldman Sachs, and Värde Partners.
These financings will fund MPOWER's rapidly growing portfolio of loans issued to international students attending one of 400+ leading colleges and universities across the U.S. and Canada. Last year, both the U.S. and Canada reached record levels of enrollment for new international students.
"We're delighted to be working with best-in-class investment firms who share our vision of empowering the best & brightest from around the world," said Manu Smadja, Chief Executive Officer of MPOWER Financing. "This financing is critical for us as our growth continues to be exponential. More graduate students than ever before want to come study in North America, particularly in STEM and business fields. Meanwhile, the U.S. and Canada are in dire need of tech talent, business leaders, and healthcare workers. Our growing financing capabilities are a reflection of these macro trends and our ability to execute in both growth and credit quality in this market."
"These investors were impressed by our nine-year track record, steady credit quality through Covid and varying rate environments, and ultimately by the quality of students we lend to: graduate students, primarily in STEM at top universities, who leave everything behind in their home countries to invest in their futures," said Christopher Zaki, Head of Capital Markets at MPOWER Financing. "The portfolio also provides for natural diversification, as MPOWER supports students from around the world, and offers returns that are uncorrelated with traditional asset classes."
About 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 students. MPOWER works with over 400 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The MPOWER team consists of former international students and provides students with personal financial education and career support to prepare them for their professional careers after graduation.
MPOWER is a Certified B-Corp and Great Place To Work, one of the best fintechs to work for, and the best tech workplace for diversity. The company is hiring for various positions worldwide.
SOURCE MPOWER Financing