TimePayment Acquires Wheaten Financial

TimePayment, a financial technology company and provider of sales financing for specialty equipment sellers, acquired Wheaten Financial. The transaction closed and Wheaten will now operate as a wholly-owned subsidiary of TimePayment. Aimee McChurch, founder of Wheaten, will continue to lead the business out of its Irvine, CA, headquarters.

“Wheaten is a company we’ve admired for a while now and we’re excited to be adding this great business to our portfolio of niche-focused, strategic business units,” Jay Haverty, TimePayment’s president and CEO of TimePayment, said. “Expanding our position in the specialty vehicle and titled equipment segments has been a priority. And Wheaten checks all the boxes. They bring outstanding leadership, a team with deep market knowledge and long-standing industry relationships, both at the dealer level and with the end users/operators they finance. Their track record speaks for itself.”

“The Wheaten acquisition is consistent with our strategy to add new asset classes to the mix of specialty markets that TimePayment serves,” Hank Reeves, chairman of TimePayment, said. “Wheaten’s market reach and growth trajectory in their verticals has been impressive. Our entire board is excited and optimistic about the opportunities to further scale the business with technology and greater access to capital.”

Wheaten has steadily grown its market share since 2007 and more than tripled new loan originations over the past few years. It is an equipment finance company primarily focused on commercial vehicles and titled equipment.

“TimePayment truly presented everything that we needed to take us to the next level. The technology platform that they’re able to provide us with is second to none. We’ve always been a customer-first enterprise and TimePayment shares this passion. We need to keep growing to stay relevant to this industry, and we’ll now be able to reach far more customers and do it faster than ever,” McChurch said.

“It’s a great combination. Working with Aimee and her team, we’ll be able to serve more small business owners than ever. We are simply a much more valuable company with Wheaten as part of our enterprise,” Haverty said.

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