Loanpal, a California-based sustainable home-focused fintech, is opening an operating center in Northwest Arkansas with plans to create more than 100 jobs in the region.
The new operating center is set to open in Bentonville’s 8th Street Market in March 2021. According to Loanpal, multiple existing employees will relocate to the Bentonville offices to build the company’s regional presence.
As Loanpal builds out its presence, the company expects to hire for positions in a range of fields, including customer operations, partner management, software engineering and data science.
“I am inspired to accelerate the growth of our company in Arkansas and look forward to making meaningful contributions in the Heartland,” Loanpal founder, chairman and CEO Hayes Barnard said in a statement. “At the heart of our business is a drive to create more mission-driven American jobs that people are proud of, while building technology to connect a world in which we all live more sustainably.”
Founded in 2003, Loanpal is a proprietary “point-of-sale payment platform for sustainable home solutions.” According to its website, Loanpal partners with home improvement companies and professionals to make home improvement projects simpler, providing flexible payment options through its platform. The platform enables homeowners to purchase solar power, battery storage and other energy smart products.
Loanpal’s platform has been accessed by more than 12,000 sales professionals and processed $5.8 of capital in the solar and sustainable home improvement space since 2018. Approximately 175,000 families have reportedly been impacted by Loanpal since 2018.
Loanpal has raised more than $800 million in funding in 2021 during its first external investment round, which was led by NEA nad WestCap Group. Brookfield Asset Management, Riverstone Holdings and private investors also participated in the investment round.
The company started off 2021 with the news that it had closed a $474 million securitization of Loanpal solar loans that had previously been purchased by Goldman Sachs Lending Partners, Blackstone Credit, Davidson Kempner Capital Management LP and others. The securitization includes more than $430 million of notes.
“We’re excited to begin 2021 with another record-breaking residential solar loan securitization and are looking forward to our continued growth this year across the entire $100+ billion sustainable home improvement market,” Loanpal president and chief investment officer Tanguy Serra said. “Investor demand is incredibly strong for these high-quality assets as the combination of excellent payment performance and attractive yields are driving new buyers into the clean-energy marketplace.”