MPOWER, a public benefit corporation and start-up lender, and Flywire, a leading provider of cross-border payment solutions, announced today at the 2016 Arizona State University (ASU) GSV Summit that they are partnering to bring new loan repayment options to the nearly one million international students who study in the United States each year.
Both MPOWER and Flywire were founded on a common principle: international student payments should be simple and transparent, from application to payment. Today, these organizations joined forces to further support this vision, creating a seamless process for international students to repay loans in their local currencies.
“Our goal is to make the loan process as easy as possible for students,” said Michael Davis, CTO and co-founder, MPOWER. “We want to provide options that meet our borrowers’ needs in every way. International students should have an option to pay in their local currencies, and Flywire helps us achieve that goal.”
With Flywire, students can make and confirm loan payments quickly and securely in just a few steps on a mobile device or computer. The scalable cross-border platform accepts bank wire transfers, ACH, and credit and debit cards in numerous currencies, providing currency conversion at exchange rates that can offer significant savings when compared to rates from international banks and credit card providers.
“Flywire is focused on making international student payments easy, efficient and transparent for students, families and institutions, so partnering with MPOWER makes perfect sense,” said Jason Moens, VP of Product, Flywire. “By connecting the world through simple, secure payments, we are helping support a lifetime of global experiences.”
MPOWER presented today at ASU GSV as part of the Venture Company Presentations. More information is available at http://asugsvsummit.com/.
About MPOWER Financing
As a public benefit corporation, MPOWER removes financial barriers to higher education in the U.S. by working with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college. For more information, visit mpowerfinancing.com.
Flywire, formerly peerTransfer, is a leading provider of high-ticket payment solutions, connecting institutions on six continents with consumers from around the world. Introduced four years ago as a way for international students to pay their tuition for studies abroad, Flywire is now welcomed by over 900 colleges and universities. The company processes payments from 220 countries and territories, in 70 local currencies. Convenient, fast and secure, Flywire’s scalable platform accepts bank transfers, online banking, and credit and debit cards − providing currency conversion at exchange rates that can offer significant savings when compared to home-market banks and credit card providers. Committed to a great end-to-end customer experience, the company offers multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking.
Flywire is headquartered in Boston, MA with international operations in London, Manchester (UK); Shanghai, China; Tokyo, Japan; and Valencia, Spain. For more information, visit www.Flywire.com.