MPOWER Financing Closes a $150 million Financing Facility with Goldman Sachs to Support International Students' Education
Summary
WASHINGTON, May 8, 2023 /PRNewswire/ -- MPOWER Financing, a mission-driven fintech firm and a leading provider of to promising students from around the world, announced that it recently 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," said Manu Smadja, CEO and Co-founder of MPOWER Financing. "91% of 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. "Goldman Sachs has an established track record of raising and providing capital to innovative fintechs and we believe MPOWERs growth trajectory, portfolio performance and global ecosystem supporting students around the world aligns with previous relationships in the sector," said Christopher Zaki, at MPOWER Financing.This financing facility accompanies another financing facility which MPOWER closed with Deutsche Bank AG, New York Branch in 2022. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international and DACA students.