Emerging markets-focused student lender MPOWER Financing has landed fresh funding from Latin American VC firms VARIV Capital and Chilango Ventures.
The Washington DC-based company aims to provide financing to international students to attend US universities who do not fit the traditional criteria of banks or lenders.
MPOWER was founded in 2014 and has a pipeline of more than $120m in loan applications from students across Asia, Europe, Latin America and Africa which it expects to fill this year.
The new funding comes as a part of the closing of the firm’s Series A round and will be used to expand its presence in Latin America. The region already represents 25% of the company’s outstanding loan portfolio.
MPOWER chief investment officer Alonso Garza said: “We have worked diligently to attract sophisticated investors like VARIV Capital and Chilango Ventures who know and understand the regions we are working in.
“As someone who was born and grew up in Mexico, I know how important it is for MPOWER Financing to have trusted partners who are part of the fabric of the country and who can help us attract the best and brightest from Mexico and other Latin American countries looking to study at the best universities in the US.”
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