[Portfolio News] Zephyr Peacock-backed fintech firm MPOWER raises debt from Goldman Sachs
Zephyr Peacock invests in small and medium sized enterprises operating across financial services, food and agriculture, and infrastructure ancillaries sectors. The Fund identified education finance as a high growth sector and invested in MPOWER Financing, a provider of education loans to international students pursuing higher education in North America. MPOWER has raised US$ 100 million in debt capital from Goldman Sachs.
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Below are excerpts from the post that first appeared on VCCircle on 19 August 2019:
Fin-tech company MPOWER Financing Inc has raised $100 million (roughly Rs 714 crore at current exchange rates) in debt capital from US-based investment banking firm Goldman Sachs. MPOWER, which counts private equity firm Zephyr Peacock as its backer, will use the funds to broaden its reach to students looking to study in the US and Canada.
The company had raised $100 million in loan from Community Investment Management last year, and the latest round takes its total loan financing capital to $200 million.
“This partnership with Goldman Sachs puts us one step closer to securitization of a new, global, impact-focused asset class,” said Lana Lodge, SVP – business operations, MPOWER Financing.
Besides the debt or loan capital, VCCircle exclusively reported in June 2017 that MPOWER was looking to raise about $15 million (Rs 97 crore then) in Series B round to strengthen its India presence and cater to loan growth. MPOWER had raised $500,000 from global startup incubator 1776’s venture fund, which also invested in its Series A round.
