First Acquisition of 2022 Bolsters TimePayment’s Presence in Waste, Home Care, and Test and Measurement.
We are beyond elated to announce the acquisition of Diversified Capital Credit Corporation (DCC), an equipment financing firm with concentrations in the Waste/Recycling, Home Care/Healthcare, Test and Measurement, Transportation, Photography, and Energy industries.
“A big part of what sets TimePayment apart is how deeply embedded we are in the verticals we serve. DCC’s vast experience in the booming waste/recycling sector, as well as their expertise in home health and testing and measurement, are a perfect fit for our philosophy and for the superior level of service we provide. They know their industries inside and out,” said Jay Haverty, TimePayment’s President, and Chief Executive Officer.
The union is also a great fit for Diversified Capital Credit Corporation, according to Bruce Smith, Founder, Owner, and President who will stay on at TimePayment as a VP of Sales. “We’re excited to work with a company that’s been in the market for 35 years with a great track record. The TimePayment acquisition allows us access to a FinTech Company with a high-level technology platform and high-level marketing capabilities.”
Founded in 1994 and operating out of New Jersey and Georgia, DCC is known in the market via a variety of trade names, including Waste Funding, FotoFunding, and Healthcare Equipment Funding. DCC is largely small-ticket focused, with transaction sizes averaging $50-60K and typical customer credit scores between 675–785. Much of their business comes from repeat customers.
TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.