New Delhi: Fintech company Mpower Financing has crossed $300 million in overall lending capacity to support education of international students. The active funding included commitments from Deutsche Bank, Goldman Sachs and Varde Partners.
The financing will fund Mpower’s portfolio of loans issued to international students attending one of more than 400 leading colleges and universities across the US and Canada, the firm said in a statement.
Last year, both the US and Canada reached record levels of enrollment for new international students.
“This financing is critical for us as our growth continues to be exponential. More graduate students than ever before want to come study in North America, particularly in STEM and business fields,” said Manu Smadja, CEO of Mpower Financing.
Meanwhile, the US and Canada are in dire need of tech talent, business leaders and healthcare workers.
“Our growing financing capabilities are a reflection of these macro-trends and our ability to execute in both growth and credit quality in this market,” said Smadja.
Headquartered in Washington, DC, and with employees worldwide, the company works with over 400 top universities across the US and Canada to provide financing to students from over 200 countries.
“The investors were impressed by our nine-year track record, steady credit quality through Covid and varying rate environments, and ultimately by the quality of students we lend to: graduate students, primarily in STEM at top universities, who leave everything behind in their home countries to invest in their futures,” said Christopher Zaki, Head of Capital Markets at Mpower Financing.
–IANS