MPOWER Financing, which provides education loans, on Tuesday said it has raised an equity investment of USD 100 million (about Rs 744.8 crore) from Tilden Park Capital Management, King Street Capital Management and others.
The new funding is in addition to the USD 30 million raised by the company earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital on behalf of ETS, a statement said.
"Other investors in the current round include King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management," it added.
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing aims to democratise education by reducing financial barriers for high-promise students from India and other countries.
"The new funds will be used to directly support students, automate and scale our operations, and to grow our team in Bengaluru. We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada," MPOWER Financing Chief Executive Officer Emmanuel (Manu) Smadja said.
MPOWER Financing, headquartered in Washington, D.C. and with offices worldwide, works with over 350 top universities across the US and Canada to provide financing to students from over 200 countries.
MPOWER counts Bengaluru and New York-based Zephyr Peacock, which helped establish MPOWER's Bengaluru office and expand its presence in India, as one of its early investors. The team is additionally backed by Breega, Potencia Ventures, Goal Solutions, Gray Matters Capital, Cometa, AI8, DreamIt, 1776, Village Capital, Fresco, K Street, and University Ventures.
"The team's mission and commitment to their students are inspiring. We are thrilled to support MPOWER Financing as it continues to expand its global reach and support even more students. We look forward to building on the company's successes together," Chris Gamaitoni, Managing Director of Tilden Park Capital Management, said.