Boston-based FinTech TimePayment introduced the closing of a brand new $375 million revolving credit score facility Tuesday (Aug. 30), which can strengthen its capital place and assist the continued development of its gross sales financing for specialty gear sellers.

“This new facility is a crucial a part of our total, long-term capital markets technique,” TimePayment President and CEO Jay Haverty stated in a press launch. “The enlargement and extension of our major facility was a precedence as we proceed to comprehend report originations and earnings development.” 

TimePayment is targeted on enabling gear sellers and monetary intermediaries to supply quick, paperless gear lease financing to their prospects, per the discharge. The corporate provides capital and expertise instruments, together with its proprietary credit score scoring and risk-based transaction mannequin, which provides options for gear patrons throughout the credit score spectrum. 

The corporate serves instrument and gear patrons and sellers in 11 industries, together with auto restore, magnificence salons, spas and water purification and filtration, in line with its web site. 

“Our customized funding applications allow gear sellers to show one-time transactions into long-term relationships,” the corporate stated. “Our platform makes shopping for and promoting sooner and simpler with financing options to show up-front value into easy month-to-month funds, higher aligning your buyer’s bills with income technology.”

The announcement comes about 4 months after TimePayment acquired Wheaten Monetary, which funds gear and business automobile purchases.

Learn extra: Time Fee Acquires Gear Financing Agency Wheaten Monetary 

On the time, firm executives stated Wheaten Monetary had steadily grown its market share since its founding in 2007, noting that TimePayment’s expertise platform would lengthen the attain of Wheaten Monetary. 

“Wheaten is an organization we’ve admired for some time now and we’re excited to be including this nice enterprise to our portfolio of niche-focused, strategic enterprise models,” Haverty stated in Could. “Increasing our place within the specialty automobile and titled gear segments has been a precedence. And Wheaten checks all of the packing containers.” 

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