In 2018, the firm raised $110m to support new product growth and technology enhancements, while it expanded into Canada.
“With our borderless financing we can enable even more bright minds to come”
This new investment brings MPOWER’s total loan financing capital to $200m.
“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 fulfil their educational aspirations,” said Manu Smadja, MPOWER Financing CEO and co-founder.
“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.”
The company makes credit decisions using a “forward-looking model” centred on students’ potential rather than the traditional model that requires an established US credit history, collateral, and a co-signer.
Its Path2Success program also provides career development, financial empowerment, and immigration information to international students.
MPOWER currently works with more than 350 universities and colleges across the US and Canada. Since 2014, it has received over $1bn in loan application volume on its platform.
The company’s SVP of business operations Lana Lodge noted that this summer had been transformational for the firm.
“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 securitisation of a new, global, impact-focused asset class,” she said.