Thrive Financial, a Virginia-based technology platform for point-of-sale financing of home improvement projects, connecting homeowners, merchants and lenders nationally, closed an asset purchase facility with TPG, a global alternative asset management firm. Under the agreement, TPG has committed to purchase up to $1 billion of home-improvement loans originated by Thrive.
The partnership will support Thrive’s continued growth by expanding origination capacity and enhancing access to flexible financing for homeowners and merchants nationwide.
“Thrive is excited to partner with TPG as we combine our strengths to unlock meaningful, synergistic wins for homeowners and contractors alike,” Jasjeev Sawhney, CEO and co-founder of Thrive, said. “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.”
TJ Durkin, managing partner and head of asset-based finance at TPG, said, “As homeowners stay in their existing homes longer, their demand for home improvement financing continues to grow, and Thrive has built a platform designed to meet that need efficiently. This partnership enables us to address unmet demand by delivering flexible and accessible solutions at scale, while maintaining strong underwriting and risk discipline. Our 15+ years of experience in the residential mortgage business gives us a unique advantage, allowing us to provide homeowners with convenient financing options. We are proud to empower homeowners to invest in their homes and set ourselves apart as preferred partners through our expertise in this space.”
BayCrest Partners served as placement agent to Thrive for the transaction, assisting in the structuring and execution of the partnership with TPG.
