MPower lands $10M in funding — and a new line of credit to make student loans

District student loan startup MPower Financing has locked down $10 million in new funding and a $100 million credit facility it can use to make fresh loans, according to the company.

The funding round will boost the company’s marketing and hiring and help propel it into a new 11,000-square-foot headquarters near Dupont Circle next June, co-founder and Chief Investment Officer Mike Davis told me.

The raise brings MPower’s total funding to about $20.5 million, including a $6 million round in 2016. New investors are Breega Capital, Potencia Ventures, University Ventures, Gray Matters Capital and Community Investment Management. Existing investors Village Capital, 1776, VARIV, Fresco Capital, Zephyr Management, K Street and Goal Structured Solutions also participated.

Community Investment Management is also providing the credit facility, though lending terms were not disclosed. The credit will allow MPower to provide student loans in the U.S; the company has focused on the international…

Read the full story from the Washington Business Journal.