A collaborative partnership between Goldman Sachs and MPOWER Financing has resulted in the closing of a $150 million revolving asset-backed warehouse facility. MPOWER Financing is a mission-driven fintech company that specialises in providing non-cosigned loans to deserving students globally.

The money will help democratise access to higher education even more, according to Manu Smadja, CEO and co-founder of MPOWER Financing. "91% of our students say an MPOWER loan is essential to their ability to study abroad," he said.

The company will utilise the money to increase the number of student loans in the MPOWER portfolio. These loans are intended exclusively for international and DACA students who are enrolled in more than 400 schools and institutions in the US and Canada.

This financing agreement with Goldman Sachs follows one that MPOWER Financing had signed with Deutsche Bank in 2022. A group of investors, including Tilden Park funding Management and King Street Capital Management, also helped the business secure $100 million in equity funding in 2021.

MPOWER inaugurated a cutting-edge 22,000 square foot headquarters in Bengaluru, India, earlier this year to create collaboration opportunities and further boost staff morale. MPOWER, a company with headquarters in Washington, D.C., offers financing options to students in more than 200 countries by using proprietary algorithms that assess both domestic and international credit data as well as anticipated future earnings.

The parent business of UniScholars, UniCreds, and UniAcco, Adventum Student Living (ASL), secured $5 million in a bridge equity fundraising round last month, led by Cornerstone Ventures and including existing investors. The international student education sector is thought to be about $200 billion, with tuition fees (40%) and housing (25%) being the two largest categories. Every year, more than 6-7 million students travel overseas for study.