PowerPay, a leader in digital point-of-sale lending for home improvement and patient financing, has successfully secured a $60m investment through a corporate bond issuance.
KeyBank played a pivotal role, acting as the sole private placement agent for the deal. This strategic financial maneuver is set to significantly enhance PowerPay’s operational capabilities and broaden its market reach.
The $60m raised will be strategically invested back into the business, with plans to upgrade technology, expand service offerings, and develop innovative lending solutions.
At the core of its operations, PowerPay is committed to transforming the digital lending landscape. The company focuses on providing accessible financing solutions tailored to home improvement projects and healthcare needs, striving to improve the overall customer experience through technological innovation.
The funds from this corporate bond will primarily be used to accelerate PowerPay’s growth, enhance its technological framework, and further its financing initiatives.
Mike Petrakis, founder & CEO of PowerPay, said, “We are thrilled to partner with KeyBank in this important financing round. This financing will allow us to accelerate our growth, enhance our technology, and better execute on the Company’s financing initiatives.”
This financing represents a significant milestone for PowerPay, as it continues to strengthen its position within the home improvement and elective healthcare industries. With KeyBank’s support, PowerPay is well-positioned to capitalize on the growing demand for flexible and innovative lending solutions.
Previously, since its inception in 2018, PowerPay has been impactful in the FinTech sector, processing over $8bn in consumer loans, demonstrating its capacity and commitment to meeting the financial needs of its customers.
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