California — Loanpal announced its first external investment round of more than $800 million led by NEA and WestCap Group, as well as Brookfield Asset Management, Riverstone Holdings and private investors.
As part of the transaction, which closed in 2020, Scott Sandell, Managing General Partner at NEA, and Laurence Tosi, Managing Partner of WestCap Group, have joined the company’s board of directors.
“We are solving big world problems with industry-leading technology that makes it easier for everyone to live a more sustainable lifestyle,” said Hayes Barnard, Founder, Chairman and CEO of Loanpal. “Everything on our platform is available as a convenient ‘buy now, pay later’ solution to help homeowners swiftly install smart home upgrades. The mission is to scale an easier deployment of carbon-reducing products that benefit the planet while empowering more Americans to work in mission-driven jobs.”
Loanpal’s proprietary point-of-sale payment platform equips businesses with the fast and frictionless digital tools they need to deploy sustainable home solutions at scale.
The technology removes cost barriers for homeowners by providing flexible payment options and creates an efficient channel for financial institutions to deploy their capital in high-performing environmental, social and governance (ESG) assets.
Loanpal has provided approximately $5.8 billion of capital for solar and other home efficiency products since 2018, empowering more than 175,000 families to upgrade their homes with modern, sustainable technologies. The platform is accessed by more than 12,000 sales professionals, supporting more than 20,000 clean energy jobs across the United States.
“Loanpal’s commerce platform puts sustainable home solutions within easy reach for homeowners, while creating tens of thousands of jobs and slashing carbon emissions in the process,” said Scott Sandell, Managing General Partner, NEA. “As with any market transformation, the path to sustainability requires a compelling value proposition and Loanpal’s offering squarely hits the mark. It’s one of the best businesses I’ve seen in my career, addressing a critical need for our planet, and I’m thrilled to support this team and its mission.”
“We believe this is just the beginning of a world-changing movement to empower homeowners through access to sustainable energy solutions,” said Laurence Tosi, Founder and Managing Partner, WestCap. “The Loanpal culture and mission reflects a passion for protecting our planet, enabling installers and helping homeowners easily adopt renewable energy technologies.”