NewtekOne Forms Strategic Alliance with Payroc, Gaining Access to 190,000 Merchants
Summary
NewtekOne has formed a strategic alliance with Payroc, a global payments processor, to embed its banking, lending, and insurance solutions into Payroc's platform. This partnership gives NewtekOne direct access to Payroc's network of over 190,000 active merchants, who collectively process more than $125 billion in annual card and ACH volume. This is a significant expansion of NewtekOne's distribution, following a period of strong financial results and record loan originations. The alliance could materially increase NewtekOne's loan volume, deposit base, and fee income from its financial solutions.
At the time of this announcement, NEWT was trading at $13.22 on NASDAQ in the Finance sector, with a market capitalization of approximately $381.5M. The 52-week trading range was $9.59 to $14.91. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.