Neumann Finance and Beneficial Equipment Finance have combined forces to create NewLane Finance, a new equipment finance supplier.
The new company will be backed by WSFS Bank, a financial institution with approximately $13 billion in assets and the largest locally-headquartered bank in the Greater Delaware Valley.
NewLane Finance will combine the technology platform and industry expertise of Neumann Finance with the maturity and heritage of Beneficial Equipment Finance, the companies say.
The business will be led by Dan Dyer (pictured), chief executive officer, and George Pelose, president.
Dyer said: “Since launching Neumann Finance in 2017, we have built significant momentum with our unique business and servicing models.
“Our new name, combined with the strength of BEFC and the backing of WSFS, a $13 billion bank, will provide significant opportunities to scale our business.”