PowerPay, a leading fintech platform offering home improvement and patient financing solutions, has strengthened its financial foundation with the addition of Synovus Bank, a Georgia-based institution managing $62 billion in assets, to its committed warehouse lending syndicate. PowerPay is joining forces with New York-based Nearwater Capital to back its securitization program through Risk Retention Financing.
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These new partnerships significantly boost PowerPay’s capital structure, giving the company the resources it needs to scale its lending program and better serve its growing network of more than 12,000 contractors, merchants, and medical professionals across the U.S.
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“We’re thrilled to welcome these two respected institutions to the PowerPay platform,” said Mike Petrakis, Chief Excutive Officer and Founder of PowerPay. “Their commitment validates our performance, credit quality, and operational rigor. This additional capital is crucial for our growth strategy, helping us meet the rising demand for our point-of-sale financing solutions as we expand our securitization program.”
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Thanks to PowerPay AI, the company has secured three major national home improvement partnerships, projected to generate an additional $800 million in annual originations. This expansion not only broadens PowerPay’s market presence but also reinforces its leadership in embedded finance, making it one of the largest integrated consumer finance platforms in the U.S.
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