MPower Financing, a Washington, D.C.-based student loan provider to international students, raised $110m in funding.
The round was led by Gray Matters Capital and Community Investment Management, with participation from Breega Capital, Potencia Ventures, University Ventures, Village Capital, 1776, VARIV, Fresco Capital, Zephyr Management, K Street and Goal Structured Solutions.
The company intends to use the funds for product growth and technology enhancements as well as expansion of the student loan portfolio.
Co-founded by Mike Davis, Chief Investment Officer, and Manu Smadja, CEO, MPower Financing provides educational loans to high-potential international and DACA students, by leveraging both overseas and U.S. credit data, as well as future earning potential.
The company, which also has offices in New York City and Bangalore, India, works with more than 200 top universities and colleges across the nation to provide financing to students from over 200 countries.
Since 2014, it has received close to $1B in loan application volume on its platform.