MPOWER Financing, a global education loan provider, has raised an equity investment of US$100 million. The new funding is in addition to the US$30 million MPOWER raised earlier this year from Tilden Park Capital Management that also participated in the current round along with ETS Strategic Capital. Other investors were King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing aims to democratize education by reducing financial barriers for students wanting to go for higher studies worldwide. MPOWER provides instant loans at competitive interest rates without requiring a cosigner or collateral. It also provides students with academic, financial, and career guidance.
Smadja, Chief Executive Officer of MPOWER Financing, said, “The new funds will support students directly, automate and scale our operations, and grow our team. We look forward to supporting an even greater number of qualified students around the globe as they study in the U.S. and Canada.”
MPOWER helps students access the world’s top universities without this financial pressure, allowing them to focus on their academics and careers.
“We are excited to partner with MPOWER Financing as it operates a truly differentiated business model where it not only lends to students. It also offers career guidance and supports students throughout their journey,” said Chris Gamaitoni, Managing Director of Tilden Park Capital Management.
Lately, several of such fintechs are raising equity funding. Capital India, a financial conglomerate, has invested USD 25 million in a mix of equity & debt in Credenc, a fintech-focused education loan provider.