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MPOWER Financing, which provides education loans for students to study in North America, has raised $100 million in venture funding.
The new funding is in addition to $30 million MPOWER raised earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital. The 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.
MPOWER Financing co-founder & CEO Emmanuel Smadja
“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 aims to democratise education by reducing financial barriers for high-promise students from India and other countries. The startup claims that its loans are approved instantly and are granted at competitive interest rates without requiring a co-signer or collateral besides it provides students with academic, financial and career guidance.
MPOWER works with over 350 top universities across the US and Canada to provide financing to students from over 200 countries.
Ashwini Kumar, General Manager of MPOWER’s India Office said,
“MPOWER makes it possible for future generations of students to access the world’s top universities without any financial pressure, allowing them to focus on their academics and career.”
MPOWER uses a proprietary algorithm to analyse overseas and domestic credit data and future earning potential of the students.
“We are excited to partner with MPOWER Financing as it operates a truly differentiated business model where it not only lends to students, but also offers career guidance and supports students throughout their journey,” said Chris Gamaitoni, Managing Director of Tilden Park Capital Management.
