D.C.-based student loan firm MPOWER Financing is aiming to double the number of students it lends to in 2023.
The nine-year-old D.C. financial technology firm issued loans to 5,000 students in 2022 — it focuses mostly on master’s students and MBAs — and it wants to increase that to 10,000 new students in the new year, according to CEO and co-founder Manu Smadja. To get there, it’s planning to hire, increase marketing — including for a year-old student loan refinancing product — and fine-tune the customer experience. All that, while aiming to reach profitability in the next 12 to 24 months.
Led by Emmanuel “Manu” Smadja, MPOWER finances loans predominantly for international students coming to the U.S. and Canada for college degrees. Its loans in all cases are fixed rate at an average of 12% and do not require collateral or a co-signer. The public benefit corporation has clients from about 200 countries and works with over 400 universities in the U.S. and Canada. A small part…
Read the full story from the Washington Business Journal.
