PowerPay Hits $1 Billion in Home Renovations Loans
Mar 08, 2021, 09:00 ET
PHILADELPHIA, March 8, 2021 /PRNewswire/ — PowerPay, the nation’s fastest-growing home improvement financing provider, has surpassed $1 billion in loan originations following its launch in December 2019.
Through its network of 7,000 home improvement contractors, the company has financed over 50,000 projects nationwide with an average project cost of $20,000. By the end of 2021, PowerPay aims to reach a run rate of $3 billion while doubling the contractor network and employee base to exceed 200 employees.
“We believe that we must provide a great consumer experience when installing bathrooms, windows and decks, while remaining affordable. PowerPay offers the best programs in the market today and we are glad to be a part of their tremendous growth” – Brian Gottleib, CEO of Tundraland, one of the nation’s largest remodelers.
“We appreciate the importance of home improvement financing, which enhances a family’s most important asset. Our partnership with PowerPay has allowed us to expand into innovative point-of-sale home improvement financing programs that provide real economic benefits to both families and contractors. We are thrilled to be a part of PowerPay’s success” – Bruce K. Foulke, President & CEO, American Heritage Credit Union
Mike Petrakis, CEO of PowerPay, states: “We are really proud of our performance to date but we have much bigger plans for the company. We continue to invest in technology and people, adding new compelling products, to help our contractors expand their offering. We anticipate consolidation in the industry and are looking to make acquisitions and explore growth opportunities.”
Launched in 2019, PowerPay is a financial technology company providing seamless home improvement financing solutions to over 7,000 contractors. The company helps contractors to grow their businesses with a simple point of sale financing platform enabling access to loans of up to $100,000 over 15 years with rates starting at 4.99%. getpowerpay.com
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