TimePayment, a FinTech involved in sales financing for specialty equipment sellers, has acquired Wheaten Financial Inc., which finances purchases of equipment including commercial vehicles, according to a Monday (May 9) Press release.
Wheaten, based in Irvine, Calif., will operate as a wholly owned subsidiary of TimePayment and will continue to be led by its founder, Aimee McChurch, according to the announcement. TimePayment is based in Boston.
“Wheaten is a company we’ve admired for some time now and we’re thrilled to add this great company to our portfolio of strategic, niche-focused business units,” said TimePayment President and CEO Jay. Haverty, in the ad. “Expanding our position in the specialist vehicle and titled equipment segments has been a priority. And Wheaten ticks all the boxes.
TimePayment Chairman Hank Reeves added in a prepared statement, “The acquisition of Wheaten is consistent with our strategy to add new asset classes to the mix of specialist markets served by TimePayment.”
Wheaten was founded in 2007 and “has steadily increased its market share since its inception and more than tripled the number of new loans in recent years,” the statement said.
McChurch said in a prepared statement that one of the attractions of Wheaten being acquired by TimePayment is TimePayment’s technology platform. “We must continue to grow to stay relevant in this industry, and now we will be able to reach many more customers and do so faster than ever before,” she said.
Haverty agreed, saying, “It’s a great combination. By working with Aimee and her team, we will be able to serve more small business owners than ever before. We are simply a much more valuable company with Wheaten as part of our business.
According to TimePayment, it has over 100,000 active accounts and transaction sizes ranging from $500 to over $500,000.