MPower Financing, a Washington, DC-based lending platform for higher education, secured $6M in Series A equity funding.
The round was led by Zephyr Peacock India Fund III with participation from 1776 Ventures, Goal Structured Solutions (GS2), and VilCap Investments (Village Capital), as well as new backers DreamIt Ventures, Fresco Capital, and University Ventures.
The company intends to use the funds to enhance its technology platform and expand its outreach efforts in emerging markets.
Led by CEO Manu Smadja and CTO Mike Davis, MPower works with investors and universities to lend to students at top U.S. universities using a tech-driven credit evaluation process based on a thorough assessment of the borrower’s academic credentials and career prospects. In addition to providing access to financial resources, the company offers personal finance education, and gateway financial products for life after college.