MPOWER nabs $6m to finance international students

MPOWER Financing has raised $6m in a Series A round led by private equity firm Zephyr Peacock India.

Investment also came from University Ventures, 1776 Ventures, Goal Structured Solutions, VilCap Investments and Fresco Capital.

The Washington DC and Bangalore-based company aims to help finance international students studying in the US by partnering with universities and investors to facilitate loans.

China and India are two of the largest contributors to the growing number of international students enrolling in US universities but the financial services available to students from these markets are limited.

Zephyr Peacock India’s director Abhijeet Kudva said, “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.”

MPOWER uses tech-driven credit evaluations to determine a student’s future earning potential and says the capital will be used to enhance its technology platform.

The funding will also drive its marketing efforts in emerging markets.

Copyright © 2016 FINTECH GLOBAL

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