Axiom Bank in Orlando, Fla., has bought Allied Affiliated Funding, a factoring lender in Dallas.
The acquisition “adds a lender finance line of business, scalable factoring and an asset-based lending platform to Axiom,” the $579 million-asset company said Tuesday. Allied provides working capital for businesses through accounts receivable factoring.
Allied’s focus on factoring “fits well with Axiom’s broader business plan to diversify and expand our commercial lending operation,” Daniel Davis, president and CEO at Axiom, said in a press release.
Clay Tramel, Allied's CEO, will become the leader of a division known as Axiom Factoring.
Axiom has 24 branches, mostly inside Walmart stores. It launched a completely digital account in March for underserved customers and was recently approved as a preferred lender under the Small Business Administration's 7(a) loan program.