Funds will support platform automation and team growth as MPOWER finances thousands of additional international and DACA students at over 350 universities across North America
WASHINGTON, Jan. 26, 2021 /PRNewswire/ — MPOWER Financing, an innovative fintech platform and the leading provider of educational loans to high-promise international and DACA students, announced that it recently raised $25M from Tilden Park Capital Management LP, a New York-based investment management firm.
“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 come in addition to $9 million that MPOWER raised last year and will be invested in further automating MPOWER’s digital loan platform, which leverages proprietary underwriting technology to provide a loan decision to students within minutes. The funds will also help MPOWER grow its team in Washington, DC, and Bangalore, India where it plans to hire 50+ employees this year across Engineering, Marketing, Operations, Underwriting, Analytics, HR, and Finance.
MPOWER was named one of the best places to work in Washington DC, one of the best tech workplaces for diversity, and one of American Banker’s top fintech firms to work for the third year in a row. Predominantly ex-international students themselves, the MPOWER team directly relates to the challenges that international students face due to Covid and fast-changing immigration policies, and the company is honored to support international students at this critical time in history.
MPOWER Financing, headquartered in Washington, D.C., and with offices worldwide, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $2B 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.
Tilden Park Capital Management LP is a multi-strategy fixed-income-focused alternative asset manager headquartered in New York City. The firm concentrates primarily on structured products and mortgages, fixed income relative value and related corporate credit and equity strategies. Tilden Park is led by Chief Investment Officer Josh Birnbaum, who previously co-managed trading at Goldman Sachs’ Structured Products Group.
Press release sourced from Source link