MPOWER Financing, a mission-driven fintech firm and the leading provider of no-cosigner loans to promising international students, has forged a groundbreaking partnership with BorderPass, an innovative online platform that supports international students moving to Canada. This unique collaboration is set to revolutionize the immigration process for students, offering high-achieving students from around the world unparalleled support in navigating the Canadian study permit application process.
Through this partnership, students who get financing from MPOWER to pursue a top Master’s or MBA degree in Canada will access the BorderPass platform for immigration support. BorderPass supports international students as they navigate the study permit process, providing comprehensive services and expert advice through every step of their application, visa, documentation, work permit, and student life.
Headquartered in Washington, D.C., and with employees worldwide, MPOWER Financing works with over 400 top universities across the U.S. and Canada to finance students from over 200 countries. Its team primarily consists of former international students and provides students with personal financial education and career support to prepare them for their professional careers after graduation. Last week, the company completed its first securitization, enabling approximately US$215 million of education loans for international graduate students at leading universities. The first in the U.S. for international student loans, the securitization was completed with Goldman Sachs & Co. LLC serving as structuring agent and joint book-runner and Deutsche Bank Securities Inc. as joint book-runner.
Speaking about the development, Lisa Kaplan, Head of Product & Digital Platforms at MPOWER Financing, said:
MPOWER has always been committed to helping talented international students secure a high-calibre education in Canada. Our partnership with BorderPass marks a significant milestone in our commitment to assist international students with benefits beyond education funding. We’re thrilled that BorderPass’s guidance will enable more opportunities for students worldwide to study in Canada.
The BorderPass partnership is a testament to MPOWER Financing’s commitment to removing barriers to education and offering financially sustainable loans to international students. In addition to receiving MPOWER’s collateral-free and cosigner-free loans for international students studying at Canadian and American universities, students benefit from visa and immigration guidance, job search and career support and access to financial resources like credit cards, debit cards and other exclusive offers through MPOWER’s Path2Success programme.
Sally Daub, the Co-founder of BorderPass, shared a vision about the partnership:
BorderPass and MPOWER are dedicated to empowering international students to fulfil their dreams by offering comprehensive support for their financial and immigration journeys. Together, we provide students with the tools and assistance they need to unlock access to Canadian education, ensuring a secure and seamless journey throughout their studies and beyond, wherever their aspirations may lead them.
BorderPass was founded by legal and tech experts to improve the immigration management and compliance process for learning institutions and international students by providing a software platform focused on student success and employment outcomes. The platform supports esteemed colleges and universities in remaining compliant with government mandates and standards of practice through accurate data and visibility into the status of their international student body.
