US-based fintech firm MPOWER Financing has obtained a $150 million revolving asset-backed warehouse facility from Goldman Sachs. The new facility, alongside an existing financing arrangement with Deutsche Bank, will enable MPOWER to expand its student loan portfolio and increase access to higher education for international students.
- MPOWER Financing has secured a $150 million revolving asset-backed warehouse facility from Goldman Sachs.
- The new facility will complement a previous financing arrangement established with Deutsche Bank in 2022.
- MPOWER Financing’s proprietary lending algorithm assesses credit data, future earning potential, and other factors to provide loans to international students.
- The company collaborates with over 400 universities in the US and Canada, catering to students from more than 200 countries.
- With the additional funding from Goldman Sachs, MPOWER plans to expand its portfolio of student loans.
- MPOWER Financing’s CEO and co-founder, Manu Smadja, emphasizes that their loans significantly contribute to students’ ability to study abroad, aiming to democratize access to higher education.
- Prior to this facility, MPOWER had previously received a $100 million loan facility from Goldman Sachs in 2019, followed by a $100 million equity funding round in 2021.