Equifax acquires PayNet to help expand access to capital for small and mid-sized businesses
Equifax Inc., (NYSE: EFX) a global data, analytics and technology company has acquired PayNet, a company that provides commercial credit risk underwriting and management solutions to online and alternative finance lenders, and commercial finance and leasing companies in the U.S. and Canadian markets.
PayNet has established a unique and highly regarded data asset in the commercial lending and leasing market. Equifax data combined with PayNet’s differentiated and valuable commercial leasing data assets and capabilities strengthens the Equifax Commercial business, data assets, and analytics capabilities. The combined companies’ capabilities will be able to provide innovative solutions to commercial customers, helping them grow their business while better 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, Equifax. “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 of PayNet’s expansive commercial leasing payment data combined with Equifax’s differentiated commercial data assets will help drive customer growth in the small and medium commercial space.
“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.”
PayNet and its employees are now part of the largest Equifax business unit, United States Information Solutions.
PayNet, Inc., is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit processes at lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time marketing intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information, visit www.PayNet.com.