The funding rundown: These D.C.-area companies raised millions in … – The Business Journals
May’s funding rundown highlights three local companies developing new tools for well-established industries: student lending, internet search and tax preparation.
D.C. student loan startup, MPower Financing announced May 8 that it closed a $150 million financing facility with Goldman Sachs Group Inc. It plans to use the funds to expand its portfolio of student loans issued to international and Deferred Action for Childhood Arrival students.
DACA students are young adults who live in that middle ground between undocumented immigrant and citizen, where they can’t be deported and have work authorization for temporary, renewable periods, but are ineligible for federal benefits like Medicaid and the Children’s Health Insurance Program. The financing from Goldman Sachs (NYSE: GS) follows two rounds of funding it received in 2021 — $30 million in the first quarter of that year followed by a $100 million raise in July 2021 — and brings MPower’s total lifetime funding to $410 million.
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