Sunlight Financial, which provides point-of-sale financing solutions, has landed a $50m investment from FTV Capital.
As part of the transaction, FTV Capital managing partner Brad Bernstein and vice president Mike Vostrizansky have joined the company’s board of directors.
Sunlight partners with solar companies to secure financing for solar systems, batteries and roofs. Its loans are homeowner-friendly, with a simple approval process.
Sunlight’s technology includes an intuitive installer portal and robust APIs that enable a fast and frictionless point-of-sale process for both homeowners and strategic partners. To date, the company has secured more than $1bn of capital for loans to homeowners, as solar ownership has overtaken leasing and the $60bn solar and energy efficiency market continues to grow.
It will use the proceeds to expand its product suite, enhance its technology platform, add strategic partners, and deepen existing partnerships with companies that offer affordable loans for home improvement upgrades, including the installation of solar systems, batteries and roofs.
“We are very excited to partner with FTV Capital as we embark on our next phase of growth and enhance our already differentiated product and platform to meet the needs of both homeowners and our strategic partners,” said Matt Potere, CEO of Sunlight Financial.
“For the past two decades, FTV has helped high-growth companies scale successfully, and its investment affirms Sunlight’s position as a leading specialty finance company and the fastest growing solar financing provider nationwide. In addition to its proven growth equity track record, FTV brings access to potential future capital providers through its Global Partner Network.”
Last month, Tango Card, a digital rewards card company, netted $35m in its latest equity round from FTV Capital. The investment came a few after FTV backed Brazil-headquartered payments processor EBANX.
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