MPower has now raised an estimated $200 million in loan financing capital, having raised $100 million from Community Investment Management in December last year. It had also raised an undisclosed sum in an equity financing round led by Gray Matters Capital, among others.
“This will be used to fund our loans portfolio… The long-term goal is to significantly increase our performance in India,” Ashwini Kumar, head of India operations at MPower Financing, told ET.
Kumar said at present, India is 25% of MPower’s total book.
MPower is expanding its marketing team and entering into strategic partnerships. The company helps students build their credit histories and provides them with personal finance education and career support, post school. The company works with over 350 top universities and colleges across the US and Canada to provide financing to students from over 200 countries.
MPower counts Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures among its list of backers.
The fintech firm is also in conversations with multiple corporate houses to train their employees’ and possibly assist them in going abroad for further education.
“We are excited to work with a mix of top commercial and impact-focused investors to ensure that bright students from around the world can fulfil their educational aspirations,” Manu Smadja, chief executive of Power Financing, said.
Source: Economic Times