Trnsact Inc., a software platform in the commercial equipment finance industry, announced the company has processed over $1 billion transaction requests on its Software-as-a-Service platform.

Trnsact platform enables thousands of on-road and off-road equipment dealers to digitize their sales, finance & insurance processes. The platform provides a variety of solutions including online credit applications, automated payment offers, instant lender decisioning, lending-as-a-service, and automated workflows. It connects dealers with their preferred lenders via secure and digital workflows.

“We have transformed the way financing is done for customers, dealers, lenders, and the entire ecosystem. The continued exponential growth in our business is a testimony of the value we are adding for our customers,” said Trnsact CEO and Co-founder Beckham Thomas. “We are committed to delivering better solutions and innovative products for industry stakeholders to not just manage credit applications, but also grow their market share with happier vendor partners.”

With the rapid expansion of its customer base and the adoption of its platform by a broad spectrum of vendors nationwide, Trnsact expects to reach the next billion-dollar mark in less than half the time by Q2 2024.