Technology platform Thrive Financial has closed a $1bn (£740m) asset purchase facility with alternative asset manager TPG.
Under the agreement, TPG has committed to purchase up to $1bn of home-improvement loans originated by Thrive. The partnership will expand Thrive’s origination capacity while enhancing access to flexible financing for homeowners and merchants.
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“Thrive is excited to partner with TPG as we combine our strengths to unlock meaningful, synergistic wins for homeowners and contractors alike,” said Jasjeev Sawhney, chief executive and co-founder of Thrive.
“TPG’s deep expertise in asset management and product innovation makes them an ideal partner as we enter into a forward flow agreement and collaborate on new solutions that elevate the home improvement financing experience. Together, we’re building a platform that accelerates growth, expands access, and reshapes what’s possible for our industry.”
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TJ Durkin, managing partner and head of asset-based finance at TPG, added: “This partnership enables us to address unmet demand by delivering flexible and accessible solutions at scale, while maintaining strong underwriting and risk discipline.”
BayCrest Partners served as placement agent to Thrive for the transaction, assisting in the structuring and execution of the partnership with TPG.
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