b2b-daily
Search
Close this search box.
Search
Close this search box.
Home | FinTech | Digital Lending / Digital Payments

PowerPay Secures $60 Million Bond to Enhance Lending Technology

Avatar photo
by Mikhail Hamilton
November 5, 2024
Image Credit: Freepik
PowerPay Secures $60 Million Bond to Enhance Lending Technology

PowerPay, a US-based digital lender known for its innovative digital point-of-sale lending solutions and established in 2017, has recently secured a $60 million corporate bond exclusively facilitated by KeyBank. With over $8 billion in consumer loans processed to date, PowerPay specializes in home improvement, healthcare, and solar finance lending solutions. This substantial investment aims to enhance the company’s operational capabilities, invest in advanced technology, and develop new solutions. Additionally, the funding will help PowerPay expand its market reach amidst increasing competition in the fintech sector. This move signifies PowerPay’s strategic efforts to strengthen its financial position and advance its technological capabilities, reinforcing its commitment to growth and innovation.

This announcement comes on the heels of Scotiabank’s decision to acquire a 14.9% stake in KeyCorp, the parent company of KeyBank, for $2.8 billion. The acquisition will take place in two phases: a 4.9% stake by the fourth quarter of FY2024 and an additional 10% by FY2025. Armed with this new financial backing, PowerPay is poised to leverage the bond to not only enhance its technological framework but also to explore and implement new and emerging fintech solutions. The collaboration between PowerPay and KeyBank underscores a robust partnership that could drive significant advancements within the digital lending market. As the fintech landscape continues to evolve, PowerPay’s latest move positions it favorably to meet future challenges and seize new opportunities.

Digital TransformationDiversity In TechMoney Management

Explore more

CMOs: Tackling Future Challenges in Marketing Strategy
June 17, 2025

In today’s business environment, the role of Chief Marketing Officer (CMO) has evolved into a cornerstone of organizational strategy. CMOs are tasked with steering their companies through a landscape that is constantly changing due to economic volatility, technological advancements, and shifting consumer preferences. With marketing continuing to undergo dynamic transformation, CMOs must now confront a range of new challenges. Adapting

Can Automation Boost Customer Retention in Car Dealerships?
June 17, 2025

As the automotive industry continuously seeks innovative ways to connect with customers, one intriguing development is the integration of automation into dealership operations. The recent collaboration between TradePending and Authenticom highlights a strategic shift toward using advanced technology to enhance customer retention and engagement. By automating communications with sold and serviced vehicle owners, dealerships can maintain important customer relationships over

Arcoro Expands Leadership with New CTO and CFO Appointments
June 17, 2025

In an industry often characterized by rapid shifts and innovation demands, Arcoro stands out by addressing the specific HR software needs of the construction sector. Recently, the company made significant waves with strategic executive appointments that promise to shape its future trajectory. By bringing aboard Senthil Subramanian as Chief Technology Officer and Cody Ellis as Chief Financial Officer, Arcoro strengthens

AI Insights: Bridging Experience and Performance in Enterprises
June 17, 2025

In the era of digital transformation, businesses are increasingly striving to balance exceptional customer experiences with high operational efficiency. This quest is often a challenging endeavor, as enterprises face the dilemma of personalization complicating operations while efficiency might diminish the emotional engagement of customers. The tension between these priorities has given rise to the “experience-performance gap,” a crucial area where

Is YouTube Punishing Ad-Block Users with Slow Playback?
June 17, 2025

In recent months, a new debate has emerged in the digital realm concerning claims that YouTube is potentially hindering video performance for users employing ad-blockers. This assertion has ignited discussions within tech communities, spotlighting YouTube’s persistent efforts to protect its advertising-based revenue stream. As a significant platform for video sharing worldwide, YouTube enables content creators to earn through advertisements. However,