MPOWER Financing, a financial technology firm and provider of non-cosigned loans to students, closed a $150 million revolving asset-backed warehouse facility with Goldman Sachs.
“We are thrilled that Goldman Sachs is supporting the MPOWER team as we contribute to the important mission of making higher education and socioeconomic mobility accessible to the millions of international and DACA students studying in North America,” Manu Smadja, CEO and co-founder of MPOWER Financing, said. “Ninety-one percent of our students say that an MPOWER loan is instrumental to their ability to study abroad, so this funding will enable us to further democratize access to higher education.”
The funding will be used to expand MPOWER’s portfolio of student loans issued to international and DACA students attending one of more than 400 colleges and universities across the United States and Canada.
“Goldman Sachs has an established track record of raising and providing capital to innovative fintechs and we believe MPOWER’s growth trajectory, portfolio performance and global ecosystem supporting students around the world aligns with previous relationships in the sector,” Christopher Zaki, head of capital markets at MPOWER Financing, said.
This financing facility accompanies another financing facility which MPOWER closed with Deutsche Bank in 2022. Additionally, in 2021, the company raised $100 million in equity capital from a consortium of investors, including Tilden Park Capital Management and King Street Capital Management.
