Loanpal, a San Francisco, CA-based point-of-sale payment platform for sustainable home solutions, received more than $800m in its first external funding round.
The round was 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.
The company intends to use the funds to continue tom expand operations and its business reach.
Led by Hayes Barnard, Founder, Chairman and CEO, Loanpal provides a proprietary point-of-sale payment platform that equips businesses with digital tools to deploy sustainable home solutions at scale. The company 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.