Nate Stulman

Managing Director

Role

Nate Stulman is a Managing Director and leads PJ SOLOMON’s Financials & FinTech sector. He joined the firm in 2020.

Experience

Nate previously served as a Managing Director at Moelis & Company and at Greenhill & Company. He advises established and emerging financial services, commerce and technology companies, as well as financial sponsors and SPACs, on mergers & acquisitions, capital raising and major strategic partnerships. Core areas of expertise include banking, credit cards, digital assets, lending, loyalty, point of sale and the underbanked.

2021 announced transactions to date include Gap Inc. on its movement of its $3.8B credit card business to Barclays and Mastercard from Synchrony and Visa; Bakkt (ICE) on the proposed $2.7B merger of Bakkt into VPC Impact Acquisition Holdings, a SPAC associated with Victory Park Capital; CIBC on its proposed C$3B acquisition of the Costco Canada credit card portfolio from Capital One; PayBright on its C$340M sale to Affirm; a newly-formed financial sponsor on a $175M capital raise anchored by Oaktree Capital Management in conjunction with the acquisition of a digital mortgage originator; Credit Ninja on its proposed acquisition of Liberty Bank; Mattress Firm on its renegotiation of its credit card partnership with Synchrony Financial (all as sole financial advisor); and CIBC on its proposed acquisition of the Costco Canada credit card portfolio from Capital One.

Nate is a leading investment banker to the North American credit card sector. In addition to the recent engagements for Gap Inc. and CIBC, he advised Walmart on the movement of its $8B credit card portfolio to Capital One from Synchrony; Aimia on its sale of Aeroplan to Air Canada and the renegotiation of credit card partnerships among TD Bank, CIBC, Visa and American Express; L.L.Bean on the movement of its multi-billion dollar credit card partnership to Citi and Mastercard from Barclays and Visa; Dillard’s on the movement of its multi-billion dollar credit card portfolio to Wells Fargo from GE Capital; and TD on its acquisitions of $2B of credit card assets associated with Nordstrom and $6B of credit card assets associated with Target. He has relationships with all major issuers, networks, processors and merchant partners as well as with FinTechs and others seeking to enter and transform the credit card ecosystem.

In addition to credit cards, Nate has substantial experience in lending and payments, including bank, nonbank and captive; traditional and tech-enabled; consumer and SME; unsecured and secured; and prime and nonprime. Outside of lending, he has leading expertise in loyalty, credit marketing, deals & offers, point of sale and data & analytics. He also advises retail, commerce and technology companies on their ambitions in financial services.

Over the years Nate has advised Alliance Data Systems, American Express, Bank of America, CIBC, Citi, Citizens, FNBO, First Republic, Synchrony, TD, Wells Fargo and other major financial institutions on M&A and strategic partnerships involving credit cards, FinTech and other areas. Historical nonbank clients include CreditNinja, ECN, GoodLeap, GreenSky, LendingClub, Merlin Securities, Prove, Quadpay and Zip Pay.

Education

Mr. Stulman holds an MBA from Harvard Business School and a BA in Economics and Political Science from Swarthmore College.

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