(Photo by Flickr user Pictures of Money, used under a Creative Commons license)
D.C.-based MPOWER Financing, a fintech company and provider of educational loans to international and Deferred Action for Childhood Arrivals (DACA) students, announced that it received another $100 million in loan financing capital from Goldman Sachs.
We just secured a $100 million loan facility from @GoldmanSachs! 🎉
— MPOWER Financing (@MPOWERfinancing) August 20, 2019
Loan financing capital is funding MPOWER will use to issue its educational loans, and will not be used for traditional venture capital purposes like salaries and rent, Sasha Ramani, manager of corporate strategy at MPOWER, told Technical.ly. This financing capital follows another $100 million in funds that MPOWER secured from San Francisco-based Community Investment Management last year.
“All of the funds will be used to finance the education loans of high-promise international students to help them pursue their education in the U.S. and Canada,” Ramani said.
MPOWER will continue to expand its internal student loans through its District headquarters and out of its other offices in Bengaluru, India; New York City; and Toronto. Launched in 2014, the company reports working with more than 350 universities and colleges and bringing in more than $1 billion in financing to provide loans.
“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,” said Manu Smadja, MPOWER CEO and cofounder, in a statement. “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.”
Ramani said that MPOWER had been hiring extensively in both its D.C. and Bengaluru offices. The company also hosts a popular bimonthly fintech happy hour in the Dupont Circle area.
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