TimePayment, a Boston-based FinTech, announced the closing of a new $375 million revolving credit facility, which would strengthen its financial position and enable the further development of its sales financing for specialty equipment vendors.
In a news release, TimePayment President and CEO Jay Haverty noted, “This new facility is a critical component of our complete, long-term capital markets strategy.” “As we continue to achieve record originations and earnings growth, expanding and extending our main facility was a top priority.”
According to the statement, TimePayment is focused on assisting equipment suppliers and financial intermediaries in providing speedy, paperless equipment lease financing to their clients. The company offers funding as well as technology tools such as its own credit rating and risk-based transaction model, as well as solutions for equipment buyers across the credit spectrum.
The firm, according to its website, connects buyers and sellers of tools and equipment in 11 industries, including vehicle maintenance, beauty salons, spas, and water purification and filtration.
According to the company, “our bespoke loan arrangements enable equipment providers to transform one-time purchases into long-term commitments.” “By transforming upfront expenditures into easy monthly payments, our solution speeds and simplifies acquiring and selling, better aligning your clients’ spending with income development.”
The announcement comes approximately four months after TimePayment purchased Wheaten Financial, which funds equipment and commercial vehicle acquisitions.
Wheaten Financial officials noted at the time that the company has steadily improved its market share since its founding in 2007 and that TimePayment’s technical platform will help Wheaten Financial extend its reach.
“We’ve long admired Whitten, and we’re happy to be adding this fantastic firm to our portfolio of niche-focused, strategic business units,” Haverty said in May. “We have set a goal of strengthening our position in the specialty vehicle and titled equipment industries,” says Wheaten.
