- 1CAN acquired Republic Bank Finance's equipment finance portfolio and platform
- 2The division will operate as CAN Capital Equipment Finance
- 3CAN's brokers and referral partners can offer it alongside existing products
CAN Capital has acquired the equipment finance portfolio and platform of Republic Bank Finance. The division will continue under the name CAN Capital Equipment Finance, according to a press release announcing the deal.
The purchase reflects growing synergy between the working capital and equipment finance industries. CAN's broker network and referral partners will be able to offer the new product alongside its existing lineup.
What the CEO said
CAN Capital CEO Ed Siciliano said the company has a large, established network of broker relationships, and many of those brokers already offer an equipment finance option to small business customers. Adding the product, he said, should deepen those relationships and better serve ISOs, especially the ones already offering equipment finance.
In the release, Siciliano called the deal a natural extension of CAN's long-term growth strategy. He said CAN has built a scaled, durable platform that can grow both organically and through acquisitions, and that equipment finance broadens its product range, strengthens its market position and lets it serve more businesses.
Market size
The equipment finance industry is large: recent valuations put it at $1.3 trillion annually.
Source reporting: deBanked.
