Commercial equipment finance software platform Trnsact has surpassed $1 billion in transaction volume on its platform and the company is on track for triple-digit growth this year.
Trnsact’s software-as-a-service (SaaS) platform enables equipment vendors to digitize their finance and insurance (F&I) and sales operations, as well as connect vendors (dealers) with lenders, according to a Trnsact release.
The platform services the agriculture, construction, material handling and transportation industries, co-founder and Chief Executive Beckham Thomas told Equipment Finance News.
“As of last month, Trnsact has processed $1 billion in total transaction volume since inception in 2020,” he said. “This represents 23,000 equipment buyers.”
Trnsact’s projected annual growth volume is trending above 120%, Thomas said. Our “current growth rates project total transaction volume in 2024 to be $1.6 billion,” he said.
The company’s services and operational setup are comparable to that of Dealertrack on the automotive side, Thomas said. Dealertrack connects finance providers with consumers purchasing motor vehicles at auto dealerships and allows aftermarket and warranty products to be rolled into installment contracts.
Compliance, security and data collection are key elements of Trnsact’s growth, Thomas said. As lenders lean more heavily on vendors for data collection under Section 1071 of the Dodd-Frank Act, the ability to securely collect customer data within the requirements will be key.
“A lot of [Trnsact’s growth] has been fueled by a desire to be compliant, to securely capture customer information and sensitive credit information, and [to help] dealers submit data to lenders,” Thomas said.
