WAYNE, PA — PowerPay has strengthened its financing platform with the addition of Synovus Bank and Nearwater Capital to its funding network, a move that significantly expands the company’s capital base as it accelerates growth in consumer lending.
Synovus Bank, a Georgia-based institution managing $62 billion in assets, has joined PowerPay’s committed warehouse lending syndicate. At the same time, New York-based Nearwater Capital will provide Risk Retention Financing in support of PowerPay’s securitization program. Together, the partnerships are expected to enhance the company’s lending capacity and bolster its position as one of the largest integrated consumer finance platforms in the country.
PowerPay currently serves more than 12,000 contractors, merchants, and medical professionals nationwide, offering point-of-sale financing solutions across multiple industries. The expanded capital structure will allow the company to continue scaling originations and meeting growing demand.
“We are thrilled to welcome these two respected institutions to the PowerPay platform,” said CEO and Founder Mike Petrakis. “These new commitments are a strong validation of our Company’s performance, credit quality, and operational rigor. The additional capital is instrumental to our growth strategy and will allow us to meet the surging demand for our point-of-sale financing solutions as we further expand our securitization program.”
The company’s lending program has been further strengthened by PowerPay AI, which has driven three major national partnerships in the home improvement sector. These agreements are projected to generate an additional $800 million in annual originations, expanding PowerPay’s market footprint and reinforcing its role in the fast-growing embedded finance sector.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.