Fintech company TimePayment has acquired LeaseQ. 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.
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. The acquisition will also deliver accretive originations volume and expanded funding capabilities to TimePayment’s vendor business unit.
“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, TimePayment president and chief operating officer.