Financing Services startup MPOWER raises $6 million from Zephyr Peacock
MPOWER is a startup that works towards removal of financial barriers that might come up as a hurdle in your dream of getting higher education in the U.S. To accomplish this mission, MPOWER works with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college.
As per the latest information regarding the startup, this fintech company that provides lending solutions to international students pursuing higher education in the US, MPOWER Financing has received $6 Mn in a funding round led by PE fund Zephyr Peacock. Other investors in the round included University Ventures, 1776 Ventures, Goal Structured Solutions, VilCap Investments, and Fresco Capital.
Speaking on the occasion, Abhijeet Kudva, Director, Zephyr Peacock India, mentioned
“However, these loans are only available to US citizens or permanent residents. International students have to rely on scholarships and financing from home countries, and cannot avail low cost available loans in the US. Considering that most of the Chinese students fund their education through family savings, India becomes the most important market for MPower. Hence, the company plans to build local presence to cater to the huge market Indian student’s offer.”