Fintech company TimePayment has acquired LeaseQ, the online equipment financing marketplace, for an undisclosed sum.
The deal will provide 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.
It has grown quickly over the past three years, supporting vendors across more than a dozen vertical markets, including some of the largest restaurant equipment and automotive supply vendors in the US.
LeaseQ’s marketplace will continue to operate under the LeaseQ brand while the underlying technology is integrated into TimePayment’s product offerings.
Jay Haverty, president and chief operating officer, TimePayment, said: “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.”
TimePayment is based in Boston, US, and is owned by affiliates of Fortress Investment Group, an investment management division of SoftBank Group, the global technology investor.
TimePayment serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.