Equifax announced that it has acquired PayNet, a provider of credit ratings on small businesses (SMBs).
Through its use of state-of-the-art analytics, PayNet provides commercial credit risk underwriting and management solutions to online and alternative finance lenders, and to commercial finance and leasing companies in the U.S. and Canadian markets. The acquisition aims to bolster the Equifax Commercial business, data assets and analytics capabilities, as well as provide solutions to commercial customers that will enable them to grow their businesses while also managing risk.
"Equifax is focused on being a global leader in differentiated data, advanced analytics, and technology that creates innovative solutions and insights for our customers," said Mark W. Begor, CEO of Equifax, in a press release. "We are intensely focused on adding unique and valuable data assets to couple with our industry-leading data and analytics capabilities. The PayNet acquisition brings unique and valuable commercial leasing data assets to our leading commercial data assets, and insights capabilities to enhance decisioning and access to credit for small and medium-sized businesses."
The addition to PayNet's expansive commercial leasing payments data, coupled with Equifax's differentiated commercial data assets, can boost customer growth in the SMB commercial space.
How far we’ve come. @paynetinc's @WilliamHPhelan explains to @BankDirector what has and hasn’t changed about commercial lending in a world that expects fast service and faster decisions: https://t.co/vVFsJ856ZY#PayNetCommunity #lendconfidently #sparkingtransformation #credit
— PayNet (@paynetinc) August 12, 2019
"I co-founded and ran PayNet with the belief that when commercial lenders are assured of risks, they are more likely to make credit available, unlocking opportunity for small businesses. I believe this aligns perfectly with the Equifax vision," said Bill Phelan, president and co-founder of PayNet. "The combined companies create the premier set of data on the private credit market in the U.S. and Canada. This will help our customers grow safely, and more importantly, help Main Street American business gain access to needed capital."