Boston-based FinTech TimePayment announced the closing of a new $375 million revolving credit facility Tuesday (Aug. 30), which will strengthen its capital position and support the continued growth of its sales financing for specialty equipment sellers.
“This new facility is an important part of our overall, long-term capital markets strategy,” TimePayment President and CEO Jay Haverty said in a press release. “The expansion and extension of our primary facility was a priority as we continue to realize record originations and earnings growth.”
TimePayment is focused on enabling equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers, per the release. The company offers capital and technology tools, including its proprietary credit scoring and risk-based transaction model, which offers solutions for equipment buyers across the credit spectrum.
The company serves tool and equipment buyers and sellers in 11 industries, including auto repair, beauty salons, spas and water purification and filtration, according to its website.
“Our custom funding programs enable equipment sellers to turn one-time transactions into long-term relationships,” the company said. “Our platform makes buying and selling faster and easier with financing solutions to turn up-front cost into simple monthly payments, better aligning your customer’s expenses with revenue generation.”
The announcement comes about four months after TimePayment acquired Wheaten Financial, which finances equipment and commercial vehicle purchases.
At the time, company executives said Wheaten Financial had steadily grown its market share since its founding in 2007, noting that TimePayment’s technology platform would extend the reach of Wheaten Financial.
“Wheaten is a company we’ve admired for a while now and we’re excited to be adding this great business to our portfolio of niche-focused, strategic business units,” Haverty said in May. “Expanding our position in the specialty vehicle and titled equipment segments has been a priority. And Wheaten checks all the boxes.”