Equifax acquires PayNet to boost SME credit access
Equifax has acquired PayNet to help drive customer growth in the SME space, reports Jane Connolly.
Global data, analytics and technology company Equifax sees PayNet’s differentiated commercial leasing data assets and capabilities as a useful addition to its own business strengths.
The focus will be on combining the two companies’ capabilities to offer innovative solutions to commercial customers, while helping them to grow and manage risk.
Mark W Begor, CEO of Equifax, says: “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,” says 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.”
He adds: “This will help our customers grow safely and more importantly, help Main Street American business gain access to needed capital.”
PayNet is now part of Equifax’s largest business unit, United States Information Solutions.
