MPOWER Education Platform Funding Raises $ 100 Million in Equity to Support Study Abroad
MPOWER Financing (www.MPOWERFinancing.com), the leading provider (http://bit.ly/3xPerLT) of student loans to promising students around the world, today announced it has raised an equity stake of $ 100 million of US dollars. The funding underscores investor confidence in MPOWER’s position as the leading lender for students aspiring to study abroad.
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing aims to democratize education by reducing financial barriers for promising students around the world. MPOWER loans are approved instantly and are provided at competitive interest rates without the need for a co-signer or collateral. MPOWER further provides students with academic, financial and career guidance to position them for success both in school and after graduation.
“We are delighted to work with experienced investors who share our vision of empowering the brightest students around the world” said Smadja, CEO of MPOWER Financing. “The new funds will be used to directly support students, automate and scale our operations and grow our team. We look forward to supporting even more qualified students around the world as they study in the United States and Canada. “
“When I did my MBA in the United States, financing options like MPOWER, which do not require a guarantee or a co-signer, did not exist” said Ashwini Kumar, Managing Director of the Indian office of MPOWER. “So the financial burden fell not only on me, but also on my parents. MPOWER enables future generations of students to access the best universities in the world without this financial pressure, allowing them to focus on their studies and careers.
The new funding is in addition (http://bit.ly/3iqRpEK) to the US $ 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 evaluation, research and measurement organization. Other investors in the current cycle include King Street Capital Management, Drakes Landing Associates and Pennington Alternative Income Management.
“We are delighted to partner with MPOWER Financing as it operates a truly differentiated business model where it not only lends to students but also provides career guidance and supports students throughout their journey,” said Chris Gamaitoni, Managing Director of Tilden Park Capital Management. “The team’s mission and commitment to their students is inspiring. 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 success of the company together.
Distributed by APO Group on behalf of MPOWER Financing.
For more information:
Joy Dumandan Gutenberg [email protected]
About MPOWER funding:
MPOWER Financing, headquartered in Washington, DC and with offices around the world, is a mission-driven financial technology company and the leading provider of global education loans that do not require a co-signer. It is the only student lender in the world that uses a proprietary algorithm to analyze overseas and domestic credit data and the potential for future earnings to serve high-potential international and DACA students. MPOWER works with over 350 top universities in the United States and Canada to provide funding to students from over 200 countries. The MPOWER team, largely made up of former international students, help build students’ credit histories and provide them with personal financial education and professional support to prepare for life after school. MPOWER has been named one of the Best Places (http://bit.ly/3zcEInP) to Work, One of the Best Technology Workplaces for Diversity (http://bit.ly/2VLveRZ) and the one of American Banker’s top fintech companies to work for (http://bit.ly/3xRSRX8) four years in a row. The team is supported by Zephyr Peacock, Breega, Potencia Ventures, Goal Solutions, Gray Matters Capital, Cometa, AI8, DreamIt, 1776, Village Capital, Fresco, K Street and University Ventures.
About Tilden Park Capital Management:
Tilden Park Capital Management LP (www.TildenParkCapital.com) is a New York-based, multi-strategy alternative asset manager focused on fixed income. The company focuses primarily on structured products and mortgages, the relative value of fixed income securities and related corporate credit and equity strategies. Tilden Park is headed by Chief Investment Officer Josh Birnbaum, who previously co-managed trading within the structured products group of Goldman Sachs.
About King Street Capital Management:
King Street (www.KingStreet.com) is a $ 20 billion global investment management firm founded in 1995 with offices in New York, London, Singapore, Tokyo and Charlottesville, Virginia. With over 25 years of experience as a global credit specialist, King Street employs a fundamental, research-intensive approach across multiple strategies, markets, industries and asset classes, including an expanding lending platform.