Education loan platform MPOWER raises $100 million from Tilden Park
July 20, 2021 @ 10:25 pm By Priyanka Pani
MPOWER Financing, a global education loan provider, has raised an equity investment of US$100 million. The new funding is in addition to the US$30 million MPOWER raised earlier this year from Tilden Park Capital Management that also participated in the current round along with ETS Strategic Capital. Other investors were King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.
Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing aims to democratize education by reducing financial barriers for students wanting to go for higher studies worldwide. MPOWER provides instant loans at competitive interest rates without requiring a cosigner or collateral. It also provides students with academic, financial, and career guidance.
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July 19, 2021 @ 10:13 pm By Priyanka Pani
Capital India, a financial conglomerate, has invested USD 25 million in a mix of equity & debt in Credenc, a fintech-focused on education loans. With this investment, Credenc is looking to build a loan book of $400 million by 2025.
The New Delhi-based
Credenc, founded by Avinash Kumar and Mayank Batheja in 2017, works as the digital finance desk for 1000+ colleges across 17 cities in India.
S K Narvar, promoter of Capital India, said, “The annual spend on college fees in India is around $50 billion of which organized lenders finance only 5%. With Credenc, Capital India intends to change the segment perception and reduce underwriting risk basis Credenc’s future employability score. Also, the founders will continue to run operations for Credenc as we would not want to disrupt the organization’s working and believe they know the business best.”
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