Stream Innovations has secured a $400 million warehouse facility from Goldman Sachs to expand its portfolio of home improvement loans.
The company, which provides point-of-sale financing for home improvement and solar installations, currently has $670 million in loans under management and expects to originate $800 million in home improvement loans in 2024, Stream Innovations said in a Thursday (June 13) press release.
“A financing of this size from one of the world’s top financial firms is not only validation of our vision and work to date, but also a substantial advantage coming remarkably early in our company’s history that will fuel growth and innovation for years to come,” PJ Singh, CEO of Stream Innovations, said in the release.
Stream Innovations has also changed its name from Stream Financial — saying its new name reflects its technology stack and its big-picture thinking — and has relocated to new office space in Conshohocken, Pennsylvania, to accommodate its plans to grow its staff and to gain better access to Philadelphia, the international airport and surrounding locations, according to the release.
The firm conducts business across the United States, the release said.
Founded in 2020, its primary merchant partner today is Power Home Remodeling, a full-service exterior home remodeler specializing in energy-efficient exterior home improvements, per the release.
“Stream is focused on financing sustainability-related home improvement projects,” Singh said in the release. “It combines best-in-class origination technology and processes with an empathetic servicing approach, providing confidence in the quality of loans we underwrite and service.”
In another recent development in the home improvement space, consumer finance company Synchrony and contractor-focused software platform ServiceTitan partnered in April to make it easier for contractors to offer financing to customers.
In that partnership, Synchrony lets contractors in the field give customers the option to apply for financing through ServiceTitan’s platform.
When it comes to home improvement retail, millennials are taking the lead. One in four shoppers in this generation said they made a purchase of building materials, hardware or tools in the previous 30 days, according to “The Online Features Driving Consumers to Shop With Brands, Retailers or Marketplaces,” a PYMNTS Intelligence and Adobe collaboration.
Read the full article here
