# EDGAR Filing Document

**Accession Number:** 0002014561
**File Stem:** 0001193125-25-242443
**Filing Date:** 2025-10
**Character Count:** 19120
**Document Hash:** bcd5f25318bae789663071faef705932
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-242443.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001193125-25-242443

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251017

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PowerPay Securitization Funding LLC
- **CENTRAL INDEX KEY:** 0002014561

**ORGANIZATION NAME:**
- **EIN:** 831239221
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07021
- **FILM NUMBER:** 251400691

**BUSINESS ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
- **BUSINESS PHONE:** 800-397-4485

**MAIL ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PowerPay Securitization Funding LLC
- **CENTRAL INDEX KEY:** 0002014561

**ORGANIZATION NAME:**
- **EIN:** 831239221
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
- **BUSINESS PHONE:** 800-397-4485

**MAIL ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PowerPay Securitization Funding LLC
- **CENTRAL INDEX KEY:** 0002014561

**ORGANIZATION NAME:**
- **EIN:** 831239221
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07021

**BUSINESS ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
- **BUSINESS PHONE:** 800-397-4485

**MAIL ADDRESS:**
- **STREET 1:** 2900 HORIZON DRIVE
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER REPORT** 

**Pursuant to Section 15G of the** 

**Securities Exchange Act of 1934** 

**Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:** 

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period __________ to ___________** 

**Date of Report (Date of earliest event reported): October 2, 2025** 

**(Exact name of securitizer as specified in its charter)** 

---

| | |
|:---|:---|
| **(Commission File Number of securitizer)** | **(Central Index Key Number of securitizer)** |

---

**Name and telephone number, including area code,** 

**of the person to contact in connection with this filing** 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

## PowerPay Issuance Trust 2025-1
**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of sponsor: 0002014561** 

**Central Index Key Number of issuing entity (if applicable):** 

**Central Index Key Number of underwriter (if applicable):** 

**Mike Petrakis, (800) 397-4485** 

**Name and telephone number, including area code,** 

**of the person to contact in connection with this filing** 

------

**PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** 

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer** 

Attached as Exhibit 99.1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures dated October 2, 2025, of KPMG LLP, with respect to certain agreed-upon procedures performed by KPMG LLP.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | [Report of Independent Accountants on Applying Agreed-Upon Procedures dated October 2, 2025, of KPMG LLP.](d817178dex991.htm) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| PowerPay Securitization Funding LLC<br> (Sponsor) | PowerPay Securitization Funding LLC<br> (Sponsor) |
| By: | /s/ Mike Petrakis |
|  | Name: Mike Petrakis |
|  | Title: Chief Executive Officer |

---

Date: October 17, 2025.

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g817178g55p07.jpg) |  |
|  | KPMG LLP<br> Suite 700<br> 20 Pacifica<br> Irvine, CA 92618-3391 |

---

**Independent Accountants' Agreed-Upon Procedures Report** 

PowerPay, LLC (the "Company")

KeyBanc Capital Markets Inc.

(together, the "Specified Parties")

Re: PowerPay Issuance Trust 2025-1, Asset-Backed Notes, Series 2025-1 – Data File Procedures

We have performed the procedures described below on the specified attributes in electronic data file entitled "2025-1 Tape 20250831 RPT 20250929—KPMG.xlsx" provided by the Company on September 29, 2025, containing information on 22,412 consumer loans (the "Loans") as of August 31, 2025 (the "Data File"), which we were informed are intended to be included as collateral in the offering by PowerPay Issuance Trust 2025-1. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "compared" means compared to the information shown and found it to be in agreement, unless
otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%,
respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Cutoff Date" means August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The "Initial Data File" means an electronic data file entitled "2025-1 Tape 20250831 RPT 20250918 – KPMG.xlsx" provided by the Company on September 25, 2025, containing information on the 22,412 Loans as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Source Documents" means the following information provided by the Company for each Selected
Loan (defined below): (i) Loan Documents and (ii) Company's servicing system screenshots for "Payment History", "Account Information", and "Loan Activity" (together, the "Servicing System
Screenshots"). The Source Documents were represented by the Company to be copies of the original documents or electronic records contained within the Company's servicing systems. We make no representation regarding the validity or
accuracy of these documents or the execution of the loan documents by the borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Provided Information" means the Cutoff Date and Source Documents.

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

![LOGO](g817178g21i00.jpg)

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. We randomly selected 150 Loans from the Initial Data File (the "Selected Loans"). A listing of the
Selected Loans is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Loans we were instructed to randomly select from the Initial Data File.

B. For each Selected Loan, we compared the specified attributes in the Initial Data File listed in Exhibit B to
the corresponding information included in the Source Documents. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree to the indicated information from the Initial Data File to
the Source Documents for each of the attributes identified constituted an exception. The Source Documents are listed in the order of priority.

Other than the Debt-to-income ratio, Monthly payment amount, Principal paid in period, and Interest paid in period, we found such information to be in agreement except as listed in Exhibit C. We found differences in Debt-to-income ratio, Monthly payment amount, Principal paid in period, and Interest paid in period and the Company informed us that such information was incorrectly extracted from its servicing system.

C. As a result of the differences we identified in the performance of Procedure B, the Initial Data File was
revised by the Company. The Data File reflected the revision of the Debt-to-income ratio, Monthly payment amount, Principal paid in period, Interest paid in period, and
the differences reported in Exhibit C.

We reperformed Procedure B for the Selected Loans in the Data File. We found such information to be in agreement.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Loans, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Loan being securitized, (iii) the compliance of the originator of the Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Loans that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

------

![LOGO](g817178g21i00.jpg)

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/KPMG LLP

Irvine, California

October 2, 2025

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**Exhibit A** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected**<br> **Loan #** | **Unique Identifier<br>(account_number) \*** | **Selected**<br> **Loan #** | **Unique Identifier**<br> **(account_number) \*** | **Selected**<br> **Loan #** | **Unique Identifier**<br> **(account_number) \*** |
| 1 | 2025110551 | 31 | 2025192179 | 61 | 2025108350 |
| 2 | 2025111350 | 32 | 2025195975 | 62 | 2025101099 |
| 3 | 2025117841 | 33 | 2025175496 | 63 | 2025101023 |
| 4 | 2025114969 | 34 | 2025189408 | 64 | 2025104131 |
| 5 | 2025120663 | 35 | 2025164924 | 65 | 2025117327 |
| 6 | 2025119165 | 36 | 2025195311 | 66 | 2025137494 |
| 7 | 2025129467 | 37 | 2025178656 | 67 | 2025119414 |
| 8 | 2025125173 | 38 | 2025106046 | 68 | 2025136578 |
| 9 | 2025134616 | 39 | 2025100746 | 69 | 2025101937 |
| 10 | 2025120299 | 40 | 2025197157 | 70 | 2025138417 |
| 11 | 2025134151 | 41 | 2025103293 | 71 | 2025138848 |
| 12 | 2025134527 | 42 | 2025108309 | 72 | 2025167589 |
| 13 | 2025140180 | 43 | 2025119322 | 73 | 2025166474 |
| 14 | 2025138940 | 44 | 2025117812 | 74 | 2025168023 |
| 15 | 2025158858 | 45 | 2025112267 | 75 | 2025168733 |
| 16 | 2025160477 | 46 | 2025169773 | 76 | 2025167358 |
| 17 | 2025153502 | 47 | 2025106086 | 77 | 2025167433 |
| 18 | 2025153465 | 48 | 2025198866 | 78 | 2025171530 |
| 19 | 2025158620 | 49 | 2025122658 | 79 | 2025176090 |
| 20 | 2025167325 | 50 | 2025122348 | 80 | 2025174529 |
| 21 | 2025165992 | 51 | 2025113529 | 81 | 2025176051 |
| 22 | 2025156559 | 52 | 2025128210 | 82 | 2025177043 |
| 23 | 2025177791 | 53 | 2025129563 | 83 | 2025184312 |
| 24 | 2025157069 | 54 | 2025125330 | 84 | 2025172273 |
| 25 | 2025181933 | 55 | 2025126848 | 85 | 2025181767 |
| 26 | 2025184695 | 56 | 2025125503 | 86 | 2025178748 |
| 27 | 2025180765 | 57 | 2025128657 | 87 | 2025186611 |
| 28 | 2025162302 | 58 | 2025139409 | 88 | 2025186558 |
| 29 | 2025175670 | 59 | 2025109096 | 89 | 2025184760 |
| 30 | 2025176648 | 60 | 2025140154 | 90 | 2025188808 |

---

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![LOGO](g817178g21i00.jpg)

**Exhibit A** 

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| | | | |
|:---|:---|:---|:---|
| **Selected**<br> **Loan #** | **Unique Identifier**<br> **(account_number) \*** | **Selected**<br> **Loan #** | **Unique Identifier**<br> **(account_number) \*** |
| 91 | 2025168235 | 121 | 2025126703 |
| 92 | 2025192563 | 122 | 2025103428 |
| 93 | 2025188752 | 123 | 2025109470 |
| 94 | 2025190470 | 124 | 2025130777 |
| 95 | 2025196029 | 125 | 2025113104 |
| 96 | 2025199003 | 126 | 2025130612 |
| 97 | 2025188072 | 127 | 2025130130 |
| 98 | 2025173843 | 128 | 2025191027 |
| 99 | 2025182608 | 129 | 2025136708 |
| 100 | 2025198713 | 130 | 2025138404 |
| 101 | 2025195677 | 131 | 2025138939 |
| 102 | 2025187859 | 132 | 2025122518 |
| 103 | 2025100900 | 133 | 2025143464 |
| 104 | 2025101625 | 134 | 2025136783 |
| 105 | 2025183389 | 135 | 2025146415 |
| 106 | 2025196211 | 136 | 2025113076 |
| 107 | 2025192526 | 137 | 2025132704 |
| 108 | 2025196709 | 138 | 2025144142 |
| 109 | 2025107160 | 139 | 2025155248 |
| 110 | 2025194506 | 140 | 2025132964 |
| 111 | 2025110361 | 141 | 2025160861 |
| 112 | 2025103020 | 142 | 2025127479 |
| 113 | 2025198382 | 143 | 2025168455 |
| 114 | 2025190007 | 144 | 2025171457 |
| 115 | 2025196281 | 145 | 2025169822 |
| 116 | 2025105112 | 146 | 2025134546 |
| 117 | 2025126338 | 147 | 2025163096 |
| 118 | 2025174954 | 148 | 2025140248 |
| 119 | 2025121703 | 149 | 2025171992 |
| 120 | 2025106744 | 150 | 2025139150 |

---

(\*) The Company has assigned a unique 10-digit Loan Number to each Loan in the Data File. The Unique Identifier Numbers referred to in this Exhibit are not the actual Company's Loan Numbers.

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![LOGO](g817178g21i00.jpg)

**Exhibit B** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**#** | **Attribute Name** | **Attribute Name in the<br>Initial Data File / Data File** | **Source Documents** |
| 1 | Account number | Loan_Number | Loan Documents |
| 2 | Borrower state | State | Loan Documents |
| 3 | Original principal balance | OriginalBalance | Loan Documents |
| 4 | Original interest rate | Interest Rate | Loan Documents |
| 5 | Monthly payment amount | CurrentScheduledPayment | Loan Documents or Servicing System Screenshots |
| 6 | FICO score | BorrowerFICO | Servicing System Screenshots |
| 7 | Current principal balance | Current Balance | Servicing System Screenshots |
| 8 | Debt-to-income ratio | DTI | Servicing System Screenshots |
| 9 | Loan purpose | CollateralCode | Loan Documents |
| 10 | Original loan term | TermMonths | Loan Documents |
| 11 | Product code | ProductCode | Loan Documents |
| 12 | Principal paid in period | Principal Paid for Period | Servicing System Screenshots |
| 13 | Interest paid in period | Interest Paid for Period | Servicing System Screenshots |
| 14 | Original promotional term | PromoTerm | Loan Documents |

---

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![LOGO](g817178g21i00.jpg)

**Exhibit C** 

**Exceptions List – Initial Data File** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected**<br> **Loan #** | **Unique Identifier**<br>**(Loan_Number)** | **Attribute Name** | **Attribute Name in**<br> **the Initial Data**<br> **File** | **Per Initial**<br> **Data File** | **Per Source**<br> **Documents** |
| 64 | 2025104131 | Borrower state | State | CA | NV |
| 43 | 2025119322 | Original principal balance | OriginalBalance | $8991.48 | $9046.00 |
| 35 | 2025164924 | Original loan term | TermMonths | 174 (months) | 180 (months) |

---