B2B Fintech Purchasing Power Lands $177M Debt Financing
Purchasing Power, which links employees and companies to provide flexible purchasing benefits, has secured $177M credit facility. This financing underscores investors’ confidence in its platform that enables employees to buy electronics and services through payroll deductions. It will further Purchasing Power’s growth in linking corporations and staff.
ATLANTA, Sept. 12, 2023 Purchasing Power, LLC, a voluntary benefit company that offers the leading employee purchase program through the convenience of payroll deduction, announced today it closed a $177 million revolving credit facility. The credit facility is backed by Barclays Bank, who served as Administrative Agent, and Waterfall Asset Management. The new credit facility which closed on August 25 will support Purchasing Power’s growth plan through the majority of 2025.
“This credit facility further reinforces Purchasing Power’s strategy to continue to provide a unique voluntary benefit to employees of large companies and offering a platform for individuals to purchase goods and services regardless of credit, with no interest or fees,” said Ron Oertell, Chief Financial Officer at Purchasing Power. “We were very pleased with the level of support and confidence we received from Barclays Bank as well as our Class B lender, Waterfall.”
“We have known and followed the Purchasing Power name for some time. We are excited to partner with an established leader in the industry,” said Justin Myers of Waterfall Asset Management. “Purchasing Power is an ideal fit for our investment strategy.”
Purchasing Power serves employees as a voluntary benefit offered through large businesses including more than 50 Fortune 1000 companies, trade associations, unions and government agencies. Using the employee purchase program, workers have an opportunity to purchase from 45,000 of the latest brand-name consumer products and household necessities, including major appliances, electronics, furniture and automobile tires, online education services and vacation packages through payroll deduction. They make manageable, fixed payments over 6 or 12 months with no ballooning interest, credit checks, hidden fees, or late fees associated with high-interest credit cards and other sub-prime financing options.
About Purchasing Power, LLC
more information, visit https://corp.purchasingpower.com/.
Purchasing Power is a registered trademark of Purchasing Power, LLC.
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