Versabank Announces Thrive Financial as New Us Receivable Purchase Program Partner

VersaBank, a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, announced its wholly owned US subsidiary, VersaBank USA, has entered into an agreement with Thrive Financial Inc. (“Thrive Financial”), a Virginia-based technology platform for point-of-sale financing of home improvement projects, connecting homeowners, merchants, and lenders nationally, under which Thrive will utilize the Bank’s Receivable Purchase Program (RPP) in the United States. The Bank immediately completed an initial funding.

“We are thrilled to add Thrive as our latest RPP partner we continue to scale our unique and highly attractive RPP solution in the US,” said David Taylor, Founder and President, VersaBank. “Home improvement financing continues to be a major growth driver of our RPP business on both sides of the border, in part due to its economic resiliency. We are confident this collaboration will drive significant value for both organizations and further supports our confidence in achieving our US RPP portfolio target of US$290 million.”

Read More on Fintech : Global Fintech Interview With Justin Meretab, Co‑Founder and CEO of Layer

Mr. Taylor added, “We are seeing strong momentum in the growth of our Receivable Purchase Program portfolio. In addition to our anticipation of continuing to add new partners for our core RPP offering, we are seeing strong interest in our recently added securitized financing option within our RPP, having already completed several fundings, including two new partners who recognize the value of our “one-stop-shop” solution for attractive, readily available point-of-sale financing.”

“We are excited to partner with VersaBank to integrate their innovative and economically attractive solution as we focus on growing our business nationwide,” said Jasjeev Sawhney, Chief Executive Officer, Thrive Financial. “This partnership reflects our commitment to deliver great value to our merchants and homeowners, enhancing our ability to offer competitive loan products through our partner banks and scale our platform efficiently.”