Nate Stulman is a Managing Director and leads PJ SOLOMON’s Financials & FinTech sector. He joined the firm in 2020.
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 advising ICE/NYSE on the $2.7B merger of Bakkt into VPC Impact Acquisition Holdings, a SPAC associated with Victory Park Capital; Gap Inc. on the movement of its $3.8B credit card business to Barclays and Mastercard from Synchrony and Visa; a leading FinTech entrepreneur on a $150M capital raise to acquire a digital mortgage platform; PayBright on its C$340M sale to Affirm; and Mattress Firm on the renegotiation of its credit card partnership with Synchrony (all as sole financial advisor).
Nate is a leading investment banker to the North American credit card sector. In addition to the recent engagement for Gap Inc., 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 business to Citi and Mastercard from Barclays and Visa; Dillard’s on the movement of its multi-billion dollar credit card business 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 disrupt 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, 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 American Express, CIBC, Citi, Citizens Bank, First Republic, Synchrony, TD, Wells Fargo and other major financial institutions on M&A and strategic partnerships involving credit cards and FinTech. Historical nonbank clients include GreenSky, LendingClub, Merlin Securities, Prove, Quadpay and Zip Pay.
Mr. Stulman holds an MBA from Harvard Business School and a BA in Economics and Political Science from Swarthmore College.
April 2021 - $175,000,000
April 2021 - $3,800,000,000
January 2021 - $2,666,000,000
January 2021 - CAD $340,000,000