This milestone reflects MPOWER’s continued commitment “to socio-economic mobility for bright minds across the globe.”
MPOWER Financing, a mission-driven fintech firm and a provider of scholarships and no-cosigner loans to promising students from around the world, announced today that it has completed a 2-year process to become a Certified B Corporation (B Corp), “another key milestone in its long-term commitment to making a positive social impact on a global scale.”
Certified B Corps are considered to be leaders in “the worldwide movement to drive an inclusive, equitable, and regenerative economy, according to B Lab, the nonprofit organization that verifies and credentials B Corp applicants.”
B Lab performed “a comprehensive review of MPOWER’s social and environmental policies and processes across five categories: governance, workers, community, environment and customers. Notable B Corps include Patagonia, Toms Shoes, Etsy, and Ben & Jerry’s on the retail side, Laureate Education and Coursera in the Education space, and Lemonade Insurance and Aspiration Bank in financial services.”
Manu Smadja, CEO and Co-Founder of MPOWER Financing, said:
“This certification is a testament to MPOWER’s continued commitment to democratizing access to education for millions of promising students from around the world. We were incorporated in Delaware as a Public Benefit Corporation (PBC) nearly a decade ago, we’ve been GIIRS-rated multiple years, we measure and publish our impact according to UN metrics yearly, and we continue to positively change the lives of bright minds around the world with each and every loan we make. We’re impacting 10,000 students this year alone.”
MPOWER publishes an annual Social Impact Report that “analyzes the role that its financing plays in helping international students obtain a high-quality education and the many positive outcomes these students achieve when they are empowered to follow their dreams.”
As one MPOWER student recently wrote:
“Many brilliant students can see their dreams of studying abroad become a reality thanks to [MPOWER’s] support.”
The report also serves to “encourage higher-education institutions, policymakers, and the private sector to collectively further remove barriers that these students face when pursuing higher education.”
The B certification comes “on top of several other impact distinctions that MPOWER received this year, including being a Certified Great Place to Work, topping the Washington Business Journal’s Corporate Diversity Index, and Fintech Futures Banking For Good.”
As covered, MPOWER Financing, “co-headquartered in Washington, D.C. and Bengaluru, India, is a mission-driven fintech company and the leading provider of global education loans.”
Its proprietary algorithm “analyzes overseas and domestic credit data as well as the future earning potential to serve promising international and DACA students. MPOWER works with over 400 top universities across the U.S. and Canada to provide financing to students from over 200 countries.”
The MPOWER team consists of former international students and “provides students with personal financial education and career support to prepare them for life after school.”