US-based public benefit corporation, MPOWER Financing, has raised $100 million in equity investment. A statement by the company said the funding underscores investors’ confidence in MPOWER’s position as the leading lender for students aspiring to study abroad.
Participating investors during the round include ETS Strategic Capital, King Street Capital Management, Drakes Landing Associates, Pennington Alternative Income Management and Tilden Park Capital Management which previously led MPOWER’s $30 million funding round earlier in the year.
While commenting on the latest funding round, MPOWER’s Founder and Chief Executive Officer, Emmanuel Smadja, expressed delight and explained that the money will be put into the good use of supporting impact-driven students from around the world and scaling the company’s overall operations.
“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 to 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,” Smadja said.
Also commenting on this development was Ashiwini Kumar, the CEO of MPOWER’s India office. He recalled that when he studied for his MBA in the US, “financing options like MPOWER, which don’t require collateral or a cosigner, didn’t exist. So, the financial burden fell on not just me, but by my parents as well. MPOWER makes it possible for future generations of students to access the world’s top universities without this financial pressure, allowing them focus on their academics and career.”
Emmanuel Smadja founded MPOWER Financing in 2014 with the aim of democratising education through the reduction of financial barriers. Note, however, that MPOWER’s services are only available for “high-promise” students anywhere in the world. Information available on the company’s website said MPOWER student loans are instantly approved and granted at very competitive interest rates. These loans do not require collateral . And besides offering loans, MPOWER also avails customers with academic and career guidance so as to prepare them for success both within and in the corporate world.