Bank partnership helps MPower Financing go nationwide - DC


Jul. 26, 2017 10:24 am

Bank partnership helps MPower Financing go nationwide

The fintech startup's partnership with Wisconsin-based Bank of Lake Mills is fueling an expansion to every state.

MPower Financing is moving into all 50 states.

(Photo via Twitter)

MPower Financing has a new partnership that is making its loans available across the country.

The D.C.-based fintech startup said Tuesday that it is working with Wisconsin-based Bank of Lake Mills, and its loans available at universities in all 50 states.

The company’s platform offers loans for college students who are left out of traditional financing. Along with domestic students, MPower also helps international students and students who entered through the Deferred Action for Childhood Arrivals (DACA) program. The startup’s work with the latter two groups “fills an important niche in the education landscape, which makes them a particularly attractive partner,” Peter Schleicher, CFO of the Bank of Lake Mills, said in a statement.

In all, MPower loans are now available at 223 universities in the U.S., according to company figures.

“Being able to offer our services in every state, including those with a high concentration of international and DACA students such as Texas and California, marks a key milestone in delivering on our mission to remove the financial barriers to higher education in the U.S. for those who fall outside of the standard credit system,” CEO Manu Smadja said in a statement.

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