MPOWER Financing, a fintech platform that is one of the leading providers of education loans to college students around the world aspiring to study in the U.S. and Canada, announced July 14 that it has raised an equity investment of $100 million — underscoring investors’ confidence in MPOWER’s position as the leading financial platform for students aspiring to study in the U.S. and Canada.
There are more than one million international students currently studying in the U.S. and 600,000 studying in Canada; numbers which are expected to rise rapidly as Covid-19 restrictions continue to be lifted. Education funding and covering related on-campus costs are a primary concern among prospective students, which MPOWER addresses by providing scholarships and loans to students from more than 200 countries. Among those studying in other fields, MPOWER provides loans to MBA and other graduate business students.
“We’re delighted to be working with experienced investors who share our vision of empowering the brightest students from around the world,” says CEO Emmanuel (Manu) Smadja, who founded MPOWER Financing in 2014. “The new funds will be used to directly support students, automate and scale our operations, and grow our team in Bangalore, India. We look forward to supporting an even greater number of qualified students from around the globe as they venture to study in the U.S. and Canada.”
MICHIGAN ROSS DEEPENS HEALTHCARE INVESTMENT WITH MAJOR NEW ACCELERATOR
The past year and half has shown how the healthcare industry needs impactful innovations. The new Pinkert Healthcare Accelerator at the University of Michigan’s Ross School of Business aims to support that innovation by helping students develop and launch their creative ideas for addressing major challenges in healthcare.
Managed in the Zell Lurie Institute at Michigan Ross, the Pinkert Healthcare Accelerator adds to the extensive world-class healthcare and entrepreneurial offerings available to Michigan Ross and University of Michigan students. The accelerator provides student teams with grant seed funding; expert mentorship from U-M faculty, staff, and alumni; and advising from a board of leaders in healthcare entrepreneurship and investing.
The new accelerator was created thanks to a dedicated fund included in a $5.4 million gift from Eleanor and Michael Pinkert, MBA ’65/BSE ’64. That gift also established the Pinkert Scholars Program, which provides full-ride scholarships for Michigan Ross Full-Time MBA students focused on healthcare. The accelerator is led by Faculty Director Mike Johnson, MD/MBA ‘11, and Program Director Anne Perigo, BBA ‘91.
WHARTON MBA APPOINTED TO HEAD INDIA’S MINISTRY OF ELECTRONICS & INFORMATION TECHNOLOGY
Ashwini Vaishnaw, a Wharton MBA graduate, has been appointed as the new Electronics and Information Technology minister of India, the Indian government announced on Tuesday.
The 2010 graduate from Wharton’s two-year MBA program and graduate of the Indian Institute of Technology Kanpur, a premier public technical university in India, has taken on the roles of Minister of Railways, Communications, and Electronics and Information Technology, Bloomberg reported.
The appointment comes during an ongoing push for greater control over major technology companies, such as Twitter and WhatsApp, by the Indian government, news outlets wrote. The former Electronics and Information Technology minister, Ravi Shankar Prasad, had stepped down during the political struggle with the technology giants.
TEXAS A&M MAYS TO EXPAND CAMPUS
Texas A&M University has announced that it will be expanding the Mays School of Business by adding a state-of-the-art Business Education Complex.
The complex will begin construction during the Fall of 2022 and will be located in the westward expansion of the campus. The new complex will be three stories high and will hold many departments in the Mays School Of Business.
The Business Education Complex will feature a grand atrium, rooftop garden, a broadcast studio and more.
JOHNS HOPKINS CAREY JOINS FORTÉ FOUNDATION
Johns Hopkins Carey Business School is joining the Forté Foundation as an MBA partner and Forté Fellows partner school.
Forté Foundation is a non-profit consortium of multinational corporations and business schools that was founded to address inequity in business. As one of 55 member schools, Carey Business School will collaborate with Forté Foundation to expand opportunities for women seeking MBAs and graduate business education.
“We are extremely pleased to become a member of Forté Foundation after years of successful collaboration. Forté’s mission aligns with our longstanding commitment to supporting the education, development, and support of women in business, and fostering an inclusive environment,” said Alex Triantis, dean of the Carey Business School. “At Carey we recognize the essential role women play as leaders of businesses and society, and we work to ensure that women have access to business education and support throughout their careers.”