Nate Stulman joined Solomon Partners in March 2020 to build and lead the firm’s Financial Services & FinTech franchise. Core subverticals of expertise include banking, commerce enablement, consumer finance, credit cards, digital assets, loyalty, market infrastructure, marketing/acquisition, point of sale, and sales finance.
Nate previously served as a Managing Director at Moelis and Greenhill. He has approximately 18 years of experience advising established and emerging financial services, commerce, and technology companies, as well as financial sponsors, on mergers & acquisitions, capital raising, strategic partnerships, and other transactions.
Selected recent M&A and other transactions include:
- Bakkt, a subsidiary of Intercontinental Exchange, on its merger into VPC Impact Acquisition Holdings, a SPAC associated with Victory Park Capital
- Bakkt on its acquisition of Bumped Financial
- CIBC on its acquisition of the Costco Canada credit card portfolio from Capital One
- CURO on the sale of its Flexiti subsidiary to Questrade
- ECN Capital on its sale of Kessler Group to Stone Point Capital
- On the Barrelhead on its sale to NerdWallet
- PayBright on its sale to Affirm
- Stoic Lane on a capital raise anchored by Oaktree in conjunction with the acquisition of Interfirst Mortgage
- A leading Point of Sale consumer lending platform on a forward flow agreement with a top 15 US bank holding company
Nate is the most active investment banker in the North American credit card sector, including with respect to M&A, cobrand and private label program agreements and transactions, portfolio valuations, and other advisory engagements. Selected recent and historical engagements include:
- Aimia on the sale of Aeroplan to Air Canada and the renegotiation of credit card partnerships among TD Bank, CIBC, Visa and American Express
- Bank of America on the valuation of a credit card portfolio in connection with a sale to Bread Financial
- BJ’s Wholesale Club on the movement of its credit card program to Capital One from Bread Financial
- CIBC on the acquisition of the Costco Canada credit card portfolio from Capital One
- Dillard’s on the movement of its credit card program to Wells Fargo from GE Capital
- Gap on the movement of its credit card program to Barclays and Mastercard from Synchrony and Visa
- L.L.Bean on the movement of its credit card program to Citi and Mastercard from Barclays and Visa
- Mattress Firm on the renegotiation of its private label credit card program with Synchrony Financial
- TD Bank on the acquisitions of credit card portfolios from Nordstrom and Target
- Walmart on the movement of its credit card program to Capital One from Synchrony Financial
- A major U.S. bank on the renegotiation of its credit card program with a major U.S. airline
Nate has relationships with established and emerging issuers, networks, merchant partners, and other participants in the credit card ecosystem. Over the years Nate has advised such major players as American Express, Bank of America, Bread Financial, CIBC, Citi, Citizens, ECN, FNBO, LendingClub, Synchrony Financial, TD Bank, and Wells Fargo.
In addition to credit cards, Nate has substantial experience in banking, commerce enablement, consumer finance, credit cards, digital assets, loyalty, market infrastructure, marketing/acquisition, point of sale, and sales finance.
Nate holds an MBA from Harvard Business School and a BA in Economics and Political Science from Swarthmore College.
Served as sole financial advisor to CURO on its sale of Flexiti to Questrade
Served as sole financial advisor to Bakkt on its acquisition of Bumped Financial
Served as financial advisor to ECN Capital Corp. on its sale of the Kessler Group to Stone Point Capital
Served as valuation advisor to Bank of America with respect to the sale of its AAA cobrand credit card portfolio to Bread Financial
Served as sole financial advisor to On the Barrelhead on its sale to NerdWallet
Served as financial advisor to CIBC on its acquisition of the Costco Canada credit card portfolio from Capital One
Served as sole financial advisor to BJ’s Wholesale Club on its agreement to move its credit card program and portfolio to Capital One from Bread Financial
Served as sole financial advisor to StoicLane on its capital raise anchored by Oaktree Capital Management in conjunction with its acquisition of Interfirst Mortgage Company