With $2 million in seed funding provided by several well-known Philadelphia CEOs, co-founders of King of Prussia-based PowerPay David Haas and Mike Petrakis managed to find success and add 100 employees to their fintech startup during the pandemic, writes Michelle Caffrey for the Philadelphia Business Journal.
PowerPay helps home contractors offer financing to customers. The company had its launch with ten employees just three months before COVID-19 hit.
“We were charging ahead, our lenders were ready to go, we got everything turned on, and the pandemic hits,” Haas said. “We were thinking ‘Oh my gosh, what’s going to happen? Are we going to be out of business?’”
But the opposite occurred. Demand for home repairs and renovations skyrocketed and the company benefited. Now, PowerPay is beginning the year with a staff that has increased more than ten times and plans to grow to 200 within a year.
It has already originated over $1 billion in loans through its network of more than 7,000 contractors.
The company also began turning a profit just six months in.
“We expect that to continue to grow, and we reinvest everything into the business,” said Haas.
Read more about PowerPay at the Philadelphia Business Journal by clicking here.
