PowerPay, a leading fintech platform for home improvement and patient financing, has announced a major PowerPay partnership with Synovus Bank and Nearwater Capital. This $300 million agreement aims to strengthen its capital base and accelerate growth in embedded finance solutions.
Expanding Capital Structure for Growth
Synovus Bank, a Georgia-based financial institution with $62 billion in assets under management, joins PowerPay’s committed warehouse lending syndicate. Nearwater Capital, a New York-based provider of asset-based financing solutions, will supply Risk Retention Financing to support the Company’s securitization program.
These strategic partners significantly expand PowerPay’s capital structure. The additional funding will help scale originations and serve over 12,000 contractors, merchants, and medical professionals nationwide.
PowerPay CEO and Founder Mike Petrakis said, “We are excited to welcome these respected institutions to our platform. These commitments validate our credit quality and operational strength. The extra capital supports our growth plans and enables us to meet rising demand for our point-of-sale financing solutions.”
AI-Driven Expansion in Embedded Finance
Leveraging PowerPay AI, the Company has secured three new national home improvement partnerships. These deals are projected to generate $800 million in additional annual originations. This growth will expand PowerPay’s market presence and reinforce its leadership in the embedded finance sector.
The PowerPay partnership marks another step in scaling one of the largest integrated consumer finance platforms in the United States. By combining strong capital support with AI-driven innovation, PowerPay is positioned for sustained industry leadership.
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News Source: Prnewswire.com
