MPOWER Secures $6M Series A Funding from Institutional Investors
MPOWER Financing today announced that it has secured $6M in its Series A equity round, led by Zephyr Peacock India Fund III and followed by several other institutional backers, including initial investors 1776 Ventures, Goal Structured Solutions (GS2), and VilCap Investments (Village Capital), as well as newcomers DreamIt Ventures, Fresco Capital, and University Ventures.
October 27, 2017 ― Washington, DC ― MPOWER Financing today announced that it has secured $6M in its Series A equity round, led by Zephyr Peacock India Fund III and followed by several other institutional backers, including initial investors 1776 Ventures, Goal Structured Solutions (GS2), and VilCap Investments (Village Capital), as well as newcomers DreamIt Ventures, Fresco Capital, and University Ventures.
This latest funding allows MPOWER to create solutions for a greater number of students, offering more loan approvals to qualified candidates. MPOWER plans to use the capital to enhance its technology platform and expand its outreach efforts in emerging markets.
“Both our growth trajectory and the caliber of the members of our investor family speak to MPOWER’s unique ability to serve the unmet demand in student lending,” said MPOWER CTO and Co-founder Mike Davis. “Our investors share our vision as we work together to ensure high-potential students, regardless of nationality or socio-economic status, have the opportunity to achieve their true potential.”
Every year, nearly one million international students studying in the U.S. are ineligible for traditional student loans. MPOWER seeks to provide those students with loans using a tech-driven credit evaluation process based on a thorough assessment of the borrower’s academic credentials and career prospects, thus providing a solution that fits the student’s specific needs. Using proprietary credit risk models that evaluate a student’s future earning potential, MPOWER does not require a FICO score or co-signers on loans.
“MPOWER is a pioneer in developing technology-driven lending solutions for international students in the U.S.,” said Abhijeet Kudva, Director, Zephyr Peacock India. “Lack of financing options is a barrier for promising students seeking educational opportunities in some of the world’s most reputed universities, and MPOWER is seeking to eliminate these challenges. We are excited about our partnership with MPOWER Financing.”
About MPOWER Financing
As a Public Benefit Corporation, MPOWER removes financial barriers to higher education in the U.S. by working with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college. For more information, visit mpowerfinancing.com, or follow MPOWER on Twitter, Facebook, and LinkedIn.
About Zephyr Peacock India Fund
Zephyr Peacock India Fund makes private equity investments targeting India’s fast-growing Small and Medium market (SMEs) corporate segment. In addition to providing capital, Zephyr Peacock seeks to add value to the portfolio companies by leveraging its global relationships in the international corporate and financial markets. Zephyr Peacock India Fund is managed by Zephyr Management, the global emerging markets asset manager. For more information, visit http://www.zmlp.com/zephyr-peacock-india-fund/.
