The funds will support platform automation and team growth as MPOWER funds thousands of additional international and DACA students at over 350 universities across North America.
, a promising international student education loan provider and DACA, said on Tuesday it had raised $ 25 million from New York-based investment management firm Tilden Park Capital Management LP to fund the automation of its platform loan and additional recruiting initiatives.
The funds will support platform automation and team growth as MPOWER funds thousands of additional international and DACA students at more than 350 universities across North America, the company said.
“We are honored to be working with Tilden Park and will greatly benefit from their capital markets and credit expertise, as well as their global investment experience,” said Manu Smadja, CEO of MPOWER, in a statement. “Tilden Park was drawn to MPOWER’s strong credit standing and social mission.”
The $ 25 million merger is in addition to the $ 9 million that MPOWER raised last year and will be invested in the automation of MPOWER’s digital lending platform, which leverages proprietary underwriting technology to provide a student loan decision within minutes, the company said.
The money will also help MPOWER grow its team in Washington, DC, and Bangalore, India. The company plans to hire more than 50 employees this year in its engineering, marketing, operations, underwriting, analysis, human resources and finance departments.
Essentially, MPOWER works with universities and colleges in the United States and Canada to provide funding to students from over 200 countries. Since 2014, it has received more than $ 2 billion in loan application volume on its platform, the company said.
This process helps students build their credit history and provides them with personal finance training and professional support to help them prepare for life after school. This is especially important now, as international students face greater challenges due to the coronavirus pandemic and changing immigration policies.
Tilden Park is a fixed income-focused alternative asset manager with a primary focus on structured products and mortgages, the relative value of fixed income and related corporate credit and equity strategies. .
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