MPOWER is rapidly changing financial services for thousands of students. Recently, the Washington-D.C.-based firm announced that it has raised an additional $25 million from a New York-based investor. The new funds will support the growth of the digital loan platform as the company finances international and Deferred Action for Childhood Arrivals (DACA) students at over 350 universities.
DACA is a policy that allows individuals brought to the United States as children to receive a renewable two-year period of deferred action from deportation and become eligible for a work permit. MPOWER is a leading provider of educational loans to international and DACA students.
“We’re humbled to be working with Tilden Park, and will substantially benefit from their capital markets and credit expertise, as well as their global investment experience,” said Manu Smadja, MPOWER Financing’s CEO and co-founder. “Tilden Park was attracted to MPOWER’s strong credit quality and social mission,” added Manu.
The funds will be invested in further automating MPOWER, which leverages underwriting technology to provide a loan decision to students within minutes. MPOWER has received various industry accolades and was named one of American Banker’s top fintech firms to work for the third year in a row.
Since 2014, MPOWER has received over $2 billion in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school.
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