PowerPay Completes $118.9 Million Asset-Backed Securitization to Further Growth
PHILADELPHIA, April 4, 2024 /PRNewswire/ -- PowerPay, a leading fintech company specializing in real-time lending and payment solutions for contractors and physicians announced the closing of their inaugural securitization obtained by home improvement and elective medical loans, and a 144A transaction rated by KBRA.
- This is PowerPay's first securitization (PWRP 2024-1).
- The Company partnered with CapitalOne Securities and Chartway Federal Credit Union, Virginia Beach, VA to achieve this milestone.
- "The transaction provides the Company a securitization program that will allow us to obtain access to capital markets while providing a diversified funding source to fuel continued growth for the foreseeable future," said Mike Petrakis, PowerPay Founder & CEO.
- The securitization, totaling approximately $118 million and issued as PWRP 2024-1, consists of Class A, B, and C notes with ratings of A-, BBB, and BB-, respectively, from Kroll Bond Rating Agency.