Student lender MPOWER secures $150m loan facility from Goldman Sachs
US-based MPOWER Financing, a fintech firm providing education loans to international students, has secured a $150 million revolving asset-backed warehouse facility from Goldman Sachs.
The new facility will sit alongside a previous financing facility that the company set up with Deutsche Bank’s New York branch in 2022.
Headquartered in Washington DC, MPOWER Financing’s proprietary lending algorithm analyses overseas and domestic credit data as well as future earning potential to hand out loans to international students. It currently works with over 400 universities in the US and Canada and provides financing to students from over 200 countries.
With the latest facility from Goldman Sachs, the company plans to expand its portfolio of student loans.
Manu Smadja, CEO and co-founder of MPOWER Financing, says: “91% of our students say that an MPOWER loan is instrumental to their ability to study abroad, so this funding will enable us to further democratise access to higher education.”
The fintech firm had previously secured a $100 million loan facility from Goldman Sachs in August 2019. This was followed by a $100 million equity funding round in 2021.