QuickSpark Financial, a financing firm that specialized in financing eCommerce, has been purchased by TimePayment, a FinTech company with headquarters in Boston.
The Tempe, Arizona-based QuickSpark assists equipment suppliers and ends users in getting funding for their small to medium-sized businesses across more than 50 industries.
Although no financial information was provided, the deal states that QuickSpark would serve as a strategic business unit of TimePayment.
The QuickSpark staff is extremely skilled at connecting with e-commerce websites and assisting vendors, with a high-touch approach to e-commerce sales that engages customers and encourages larger purchase volumes, according to Hank Reeves, executive chairman of TimePayment. The acquisition is a good fit for TimePayment’s strategy and culture.
The two businesses have collaborated and competed to provide vendor finance, according to TimePayment President and CEO Jay Haverty.
The finest internal workflow and e-commerce solutions from both companies would be combined, he added, “to create superior technology and sales automation for the vendor finance market.”
While QuickSpark’s 500 vendor website integrations will continue to function as is, with intentions to transfer to TimePayment’s eCommerce platform later this year, more than 30 of QuickSpark’s staff were hired as TimePayment employees.
The information was released a week after TimePayment announced the conclusion of a new $375 million revolving credit facility, which the business claimed would improve its financial position and enable the further expansion of its sales financing for providers of specialist equipment.
According to Haverty, “This new facility is a crucial component of our comprehensive, long-term capital markets strategy.” “As we continue to accomplish record originations and profitability growth, the expansion and extension of our core facility was a priority.”
Wheaten Financial, which provides financing for the acquisition of machinery and commercial vehicles, was bought by TimePayment earlier this year.
Company management said that Wheaten Financial will expand its reach thanks to TimePayment’s technological platform at the time, stating that Wheaten Financial has steadily increased its market share since its founding in 2007.
