Education platform MPOWER Financing escalates $100 million to Support Study Abroad
Recently, one of the leading providers of education loans to students, MPOWER Financing, said that it has raised an equity investment of $100 million. It said the funding underscores investors’ confidence in MPOWER’s position as the foremost lender for students’ aspirants to study abroad.
The new funding is in addition to the $30 million MPOWER raised prior to 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 assessment, research, and measurement organization. Other investors in the current round include King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.
Emmanuel (Manu) Smadja, chief executive officer of MPOWER Financing, states, “We’re delighted to be working with experienced investors who share our vision of empowering the brightest students from around the world. The new funds will be used to directly support students, automate and scale our operations, and grow our team in Bengaluru. We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada.”
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing said it aims to democratize education by reducing financial barriers for promising students from India and other countries. MPOWER said its loans are approved instantly and are granted at competitive interest rates without requiring a cosigner or collateral. The firm additionally provides students with academic, financial, and career guidance to position them for success both in school and after graduation.
Chris Gamaitoni, managing director of Tilden Park Capital Management, said, “MPOWER Financing operates a differentiated business model where it not only lends to students but also offers career guidance and supports students throughout their journey. The team’s mission and commitment to their students are 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 company’s successes together.”
Ashwini Kumar, general manager of MPOWER’s India office, said “The firm makes it possible for future generations of students to access the world’s top universities without this financial pressure, allowing them to focus on their academics and career.”