Equifax, an Atlanta, Georgia-based global data analytics and technology company, as per recent reports this week, has announced acquiring PayNet, a Skokie, Illinois-based financial services firm, in its bid to boost customer growth in small and medium enterprises.
In its view, Equifax sees PayNet as a differentiated leader in the fintech space, owing to its commercial leasing data assets and capabilities, and considers them as a useful addition that will benefit Equifax in strengthening its own businesses.
With this acquisition, the prime focus of these two companies now will be on combining their capabilities to come up with innovative solutions to benefit commercial customers, while continuing to help them grow and manage risk.
Speaking on this context, Mark W Begor, CEO of Equifax, states, “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.”
“I co-founded and ran PayNet with the belief that when commercial lenders are assured of risk, they are more likely to make credit available, unlocking opportunity for small businesses,” states Bill Phelan, president and co-founder of PayNet. “The combined companies create the premier set of data on the private credit market in the US and Canada.”
Adding further, Bill says: “This will help our customers grow safely and more importantly, help Main Street American business gain access to needed capital.”
With this acquisition, PayNet is now part of Equifax’s largest business unit –United States Information Solutions.