Partnership empowers consumers with increased access to embedded lending options for home improvement projects

Hatch Bank (“Hatch” or “the Bank”), a purpose-built, tech-forward sponsor bank that provides specialized financial products and services, today announced a partnership with Thrive Financial (“Thrive”), a leading financial technology platform for point-of-sale financing specializing in home improvement projects, that efficiently connects homeowners, merchants, and capital providers. Through this partnership, Hatch will serve as the originating bank for certain loans sourced through Thrive’s modern technology platform.

Hatch and Thrive’s embedded lending relationship generates both increased sales for contractors and democratizes consumer access to credit for home improvement projects. Strong consumer appetite for home improvement projects is undeniable—but inadequate financing and software tools result in less projects converted due to lack of access and awareness, resulting in a loss of up to 30% of sales opportunities. Through the Hatch partnership, Thrive provides consumers with access to financing by working directly with contractors and other home service providers to integrate a simplified loan application into home improvement SaaS (software-as-a-service) experiences at the point-of-sale when the consumer is evaluating their buying decision.

The combination of Thrive’s modern loan application and servicing platform and Hatch’s custom-built solutions, partner-driven models, and lending capabilities creates industry-leading experiences for home improvement merchants to offer financing to their consumers. Consumers also benefit, with broader purchasing power, options available for a wide range of credit profiles, and lower cost options for qualified consumers – making the turnkey solution a win-win for consumers and businesses alike.

“Hatch’s partnership with Thrive demonstrates our continued commitment to partnering with innovative and experienced home improvement and home efficiency fintech platforms,” said Jeffrey Green, Interim President of Hatch Bank. “We’re excited to be working with the experienced team at Thrive to provide more borrowers with access to embedded lending experiences, empowering consumers through frictionless financing optionality.”

Beyond point-of-sale lending capabilities, Hatch also supports Thrive in its capital markets strategy, providing efficient capital solutions that help streamline Thrive’s ability to successfully navigate a complex and fluid private capital landscape.

“To build a modern home improvement lending platform from the ground up, we needed a bank partner with flexible financing capabilities and extensive experience in sponsor banking,” said Ryan Cannon, Co-Founder and Chief Risk Officer of Thrive Financial. “The Hatch team’s sponsor banking expertise, capital markets fluency, and understanding of risk management makes them an ideal partner for us in our mission to simplify and broaden access to home improvement financing, benefiting consumers and businesses alike.”

To learn more about Hatch’s partnership with Thrive, visit the Hatch website.

About Hatch Bank

Hatch Bank is a purpose-built, tech-forward sponsor bank that forgoes the one-size-fits-all approach to offer specialized financial products and services. Hatch empowers lending partners to be successful by providing tailored financial solutions, deep industry expertise, and collaborative partnerships. Hatch offers a variety of embedded lending solutions, including solar and healthcare financing, commercial cards, and retail point-of-sale. Headquartered in San Marcos, California, the bank has approximately $150mm in total assets and is a member of the Federal Deposit Insurance Corporation. To learn more and hatch a partnership that goes beyond banking, please visit the Hatch Bank website, www.hatchbank.com.

About Thrive Financial

Thrive is the modern technology platform to connect merchants, consumers and financial institutions in creating deep and lasting relationships. Thrive provides home improvement merchants seamless access to a full spectrum product suite via Thrive's partner banks; and pairs industry leading approval rates with deep analytics, risk management, and white glove servicing. By partnering with innovative financing providers, Thrive helps democratize access to credit for homeowners and helps merchants grow their business. To learn more please visit the Thrive website, www.partnerwiththrive.com.

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