Welcome to the Tearsheet Podcast. I’m Zack Miller. Earlier in 2019, Equifax acquired Paynet, a company that provides commercial credit risk underwriting to online and alternative finance lenders, and commercial finance and leasing companies in the U.S. Bill Phelan is the co-founder of PayNet and is now the svp and general manager of Equifax Commercial Solutions. The combined entity now covers about 30 million US private businesses and about $4 trillion worth of capital. Bill joins us on the podcast to talk about the intended synergies of bringing together Equifax’s data with PayNet’s. We then discuss what’s driving the growth in non bank lenders targeting SMBs and how small banks are investing in tech to take share back. We also cover some of the nuances of digital lending, like how it’s more inclusive for minorities, women and rural borrowers. Bill Phelan is my guest today on the Tearsheet Podcast. I’d like to thank our sponsor MX for supporting Tearsheet’s work. MX is the leading data platform for banks, credit unions and fintechs, enabling its clients and partners to easily collect, enhance, analyze, present and act on financial data.