MPower Financing has now secured $100 Million in the debt funding round from Goldman Sachs as the education loan provider even aims to broaden its reach to students looking to study in the Canada and US.
MPower has now secured an estimated of around $200 Million in the loan financing capital, having secured $100 Million from the Community Investment Management in the month of December last year. It had also secured an undisclosed amount in an equity financing round led by the Gray Matters Capital, among the others.
“This will be used to fund our loan portfolio… The long-term goal is to increase our performance in India significantly,”Ashwini Kumar, head of India operations at MPower Financing, told ET
MPower is expanding its marketing team and entering into some of the strategic collaborations. The company even helps the students to build their credit histories with the personal finance education and career support, after the completion of school. The company as of now works with more than 350 colleges and universities across Canada and the US to offer to finance students from more than 200 countries.
Some of the backers of the Mpower include Gray Matters Capital, Lloyd Crescendo Advisors, Village Capital, Dreamit, Fresco, Common Sense Fund, Potentia, Breega, VARIV, 1776. K Street and University Ventures.
The firm is also in communication with the multiple corporates houses to train their employees and possibly assist them in going abroad for the purpose of 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
Picture Credits: MPower