Students loan provider MPOWER Financing has secured $100 million debt from Goldman Sachs, which brings its total loan financing capital to $200 million.
The funding will help MPOWER’s fast-expanding student base, of which India contributes the largest share. According to the company, the funding is in addition to the $100 million the firm raised last year from Community Investment Management.
The funding will allow the US-based firm to help more Indian students pursue a university education in the US and Canada.
Commenting on the funding, Lana Lodge, SVP of Business Operations at MPOWER Financing, said:
“This summer has been transformational for MPOWER. We’ve been honored by the industry recognition we received for our product, and the acceleration in demand for our loans. This partnership with Goldman Sachs puts us one step closer to securitisation of a new, global, and impact-focused asset class.”
According to the release, MPOWER is rapidly growing its team in Bengaluru to better serve its Indian customers.
“When I did my Masters in the US, financing options like MPOWER that don't require collateral or cosigner, didn’t exist,” said Ashwini Kumar, General Manager and Head of India Operations for MPOWER Financing.
“MPOWER's unique credit algorithm has made it possible for more students around India gain access to some of the top universities in the US and Canada," he added.
“We’re excited to work with a mix of top commercial and impact-focused investors to ensure bright students from around the world can fulfill their educational aspirations,” said Manu Smadja, CEO and Co-founder, MPOWER Financing.
“The number of international students coming to North America has more than doubled over the past decade, and with our borderless financing, we can enable even more bright minds to come," Manu added.
(Edited by Megha Reddy)