NewLane Finance is the new name of WSFS Bank’s equipment financing business division following the combination of Neumann Finance and Beneficial Equipment Finance Corporation.
On March 1, WSFS Bank’s parent company, WSFS Financial Corporation completed the acquisition of Beneficial Bancorp, Inc. and its subsidiary, Beneficial Bank. Both Neumann and Beneficial Equipment were part of Beneficial Bancorp. WSFS is based in Wilmington.
As part of the combination, Neumann was rebranded to NewLane Finance with the tagline, Business Lending Done Right.
WSFS Bank unveiled a new logo that represents the “new lane” the company has created to service businesses nationwide by delivering simple, fast and competitive financing solutions with a “Customer first” approach, a release stated.
NewLane utilizes advanced technologies to provide on-the-spot financing, helping equipment dealers increase their sales and enabling small businesses to acquire the equipment they need to grow, the release noted.
The two organizations will operate as one later in 2019 and will be headquartered at NewLane’s offices in Center City, Philadelphia.
“Combining Neumann Finance and the Beneficial Equipment Finance Corporation to create NewLane Finance is strategically compelling,” said Rodger Levenson, CEO, WSFS Bank. “It enables us to build our equipment financing business on a single platform and to make critical investments for the sustained, long-term growth of NewLane.”