Education fintech MPOWER Financing is partnering with Wisconsin-based Bank of Lake Mills in a deal which will see MPOWER Financing’s online lending offered to students in all 50 states. The company’s list of participating universities now numbers 223.
MPOWER Financing offers loans to domestic, DACA and international students not fitting traditional credit criteria. Its presence as an international student loan origination platform attracted Bank of Lake Mills, EVP/CFO Peter Schleicher said.
“We are looking forward to a fruitful relationship with MPOWER Financing as we work together to expand its audience of eligible students seeking loans to finish their higher education in the U.S. As it services international and DACA students, as well as domestic students, MPOWER Financing fills an important niche in the education landscape, which makes them a particularly attractive partner.”
“This partnership with Bank of Lake Mills is very important to us as we are able to instantly increase our loan volume with a forward-thinking bank that knows the educational loan market like few others,” said Manu Smadja, CEO and co-founder of MPOWER Financing. “Being able to offer our services in every state, including those with a high concentration of international and DACA students such as Texas and California, marks a key milestone in delivering on our mission to remove the financial barriers to higher education in the U.S. for those who fall outside of the standard credit system.”