TimePayment, which is backed by Fortress Investment Group, has acquired LeaseQ, an online equipment financing marketplace. No financial terms were disclosed.
BURLINGTON, Mass., April 3, 2019 /PRNewswire-PRWeb/ — TimePayment, an award-winning FinTech company, announced that it has acquired LeaseQ Inc. The acquisition adds immediate value to TimePayment’s strategic focus of offering vendor partners a leading platform, differentiated product offerings, faster funding, and improved services. Additionally, LeaseQ delivers accretive originations volume and expanded funding capabilities to TimePayment’s vendor business unit.
Founded in 2011, LeaseQ was the first online equipment financing marketplace to show multiple competing financing offers to prospective borrowers. The marketplace remains an innovative sales financing option for vendors who would like to provide both instant approvals and pricing transparency. The firm has grown quickly over the last three years, supporting vendors across more than a dozen vertical markets including some of the country’s largest restaurant equipment and automotive supply vendors. LeaseQ’s marketplace will continue to operate under the LeaseQ brand while the underlying technology is integrated into TimePayment’s product offerings.
“Equipment vendors need a sales financing partner that brings speed and simplicity to their process while also delivering the modern and transparent customer experience that prospective borrowers have come to expect. With the LeaseQ acquisition, we accelerate delivery of differentiated features to TimePayment’s SMB financing platform. Our combined platform provides vendors a point of sale application, approval, and closing experience powered by next generation technologies,” said Jay Haverty, President and Chief Operating Officer.
TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. Fortress is owned by SoftBank Group Corp., a global technology investor focused on advancing the Information Revolution by forming long-term partnerships with the most superior companies in the information industry. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.
Learn more at https://www.timepayment.com.