ImpactAlpha, January 26 — MPower works with 350 universities and colleges in the U.S. and Canada to provide loans for international and DACA (for “Deferred Action for Childhood Arrivals”) college students from over 200 countries. The Washington, D.C.-based fintech firm offers loans based on students’ future earning potential without requiring cosigners, credit histories or collateral.
New York-based investment manager Tilden Park Capital Management backed MPower for its “strong credit quality and social mission,” said MPower’s Manu Smadja.
Half of MPower’s borrowers come from families earning less than $15,000 annually. More than four out of five borrowers said they had no other option to finance their degrees (see, “MPower’s impact report makes the case for student-centric finance”).