Financial institution PowerPay enters into a $300 million collaboration with Synovus Bank and Nearwater Capital.
PowerPay, a leading player in embedded finance, has announced significant developments that are set to reinforce its leadership in the industry. The company has secured three major national home improvement partnerships, projected to generate an additional $800 million in annual originations.
These partnerships involve Synovus Bank and Nearwater Capital, a leading New York-based provider of asset-based financing solutions. The new partnerships are seen as a validation of PowerPay's company performance, credit quality, and operational rigor.
Synovus Bank, which manages $62 billion in assets, has joined PowerPay's committed warehouse lending syndicate. Nearwater Capital will provide Risk Retention Financing to PowerPay, a move that is expected to provide the company with the capital needed to continue scaling its originations.
The additional capital secured is instrumental to PowerPay's growth strategy. Mike Petrakis, PowerPay's CEO and Founder, expresses enthusiasm about the new partnerships, stating, "These partnerships mark a significant milestone in our journey towards becoming a leading player in the embedded finance industry."
The new commitments are expected to help PowerPay further expand its securitization program and significantly expand its market footprint. PowerPay serves a network of over 12,000 contractors, merchants, and medical professionals nationwide.
The expanded capital structure will enhance PowerPay's capacity to bolster its lending program. The additional capital will allow PowerPay to meet the surging demand for its point-of-sale financing solutions. The partnership is also expected to provide PowerPay with the capital needed to continue scaling its originations.
The new partnerships and originations are expected to significantly expand PowerPay's market footprint. PowerPay's lending program is one of the largest integrated consumer finance platforms in the U.S. The partnerships reinforce PowerPay's leadership in embedded finance, positioning the company for continued growth and success.
Synovus Bank and Nearwater Capital began their partnership with PowerPay in March 2024. The partnership is expected to provide PowerPay with the capital needed to continue scaling its originations, a move that is instrumental to PowerPay's growth strategy. The new partnerships and capital are expected to help PowerPay further expand its securitization program and continue its growth trajectory.
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