Boston-based FinTech TimePayment announced the conclusion of a new $375 million revolving credit facility, which would enhance its financial position and support the sustained expansion of its sales financing for specialty equipment vendors.
TimePayment President and CEO Jay Haverty stated in a news release, “This new facility is an important element of our comprehensive, long-term capital markets strategy.” “As we continue to achieve record originations and profitability growth, the expansion and extension of our core facility was a priority.”
According to the announcement, TimePayment is focused on helping equipment vendors and financial intermediaries to provide their clients with rapid, paperless equipment lease financing. The firm provides financing and technological tools, such as its own credit rating and risk-based transaction model, as well as solutions for equipment buyers across the credit spectrum.
According to its website, the organization provides buyers and sellers of tool and equipment in 11 sectors, including car repair, beauty salons, spas, and water purification and filtration.
“Our tailored lending plans enable equipment suppliers to convert one-time purchases into long-term connections,” according to the business. “Our technology accelerates and simplifies purchasing and selling by converting upfront costs into easy monthly payments, better matching your customers’ spending with income growth.”
The announcement comes approximately four months after TimePayment purchased Wheaten Financial, which funds equipment and commercial vehicle acquisitions.
Wheaten Financial officials stated at the time that the firm has consistently increased its market share since its inception in 2007, noting that TimePayment’s technological platform will expand Wheaten Financial’s reach.
“We’ve admired Whitten for a long time, and we’re thrilled to be adding this terrific firm to our portfolio of niche-focused, strategic business units,” Haverty said in May. “We have made it a goal to strengthen our position in the specialty vehicle and titled equipment markets.” And Wheaten checks every box.”
