MPOWER Financing, a U.S. fintech that provides educational loans to international and DACA students, announced on Tuesday it secured a $100 million loan facility from Goldman Sachs. According to MPOWER, the latest facility brings the total loan financial capital to $200 million.
Founded in 2014, MPOWER Financing is on a mission to removing financial barriers to higher education in the U.S. and Canada. The company noted in order to accomplish this goal, it partners with universities and investors to lend to high-potential students who are left out by traditional banks.
“In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers essential financial products to prepare them for life after college.”
Speaking about the facility, Manu Smadja, MPOWER Financing CEO and Co-Founder, stated:
“We’re excited to work with a mix of top commercial and impact-focused investors to ensure that bright students from around the world can fulfill their educational aspirations. 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.”
Lana Lodge, SVP of Business Operations at MPOWER Financing, added:
“This summer has been transformational for MPOWER. We’ve been honored by the industry recognition received for our product and the acceleration in demand for our loans. This partnership with Goldman Sachs puts us one step closer to securitization of a new, global, impact-focused asset class.”