MPOWER is a fintech firm and provider of education loans to international and DACA (Deferred Action for Childhood Arrivals) students interested in studying in the US and Canada. The loans that it offers are non-co-signed and entirely digital as most of its clients are first-generation college students interested in studying in STEM.
The decision whether to extend a loan is made using an algorithm that can analyse the future earning ability as well as both the domestic and overseas credit data of the loaner.
As indicated in the press release, MPOWER is currently working with over 400 universities from Canada and the US, and it provides loans to students from over 200 countries.
MPOWER’s funding track record
This funding is not the only one of this type that the company has obtained recently. In 2022, MPOWER received financing from Deutsche Bank, and in 2021 it raised USD 100 million in funding from various…