RateGenius Loan Services Inc. and Autopay Direct Inc. have successfully completed their merger transaction. Upon closing this all-stock merger of equals, the two companies became operating units of The Savings Group, creating the most diversified consumer marketplace for automotive finance and refinance.
The Savings Group will be led by co-CEOs and Autopay co-founders Jeff Hutcheson and Seth Meyer, while the previous RateGenius CEO Christopher Speltz will take over as executive chairman and chairman of the board.
“This merger represents years of growth on behalf of both companies, and now is the perfect time to make this move as consumers have increasingly embraced digital lending and as auto finance activity has shifted outside the dealership,” said Speltz. “We’re very excited to complete the merger agreement with Autopay and together lead the way to offer the best rates and products to consumers.”
“We’re incredibly fortunate to merge with a company in RateGenius that shares our passion for helping consumers save money on their auto loans,” said Hutcheson. “We’re excited for this new venture that will provide even more options for consumers to secure the best rate and terms possible.”
“In The Savings Group, we’re positioned to become the market leader in auto finance and refinance, combining resources from two of the industry’s leading platforms under one company with expanded offerings,” said Meyer. “More options increase a consumer’s confidence in making the right decision when picking the best loan terms. There are expanded options for everyone and that is what matters most.”
Portico Capital Advisors served as the exclusive financial advisor to Autopay throughout the transaction. Autopay is a portfolio company of FM Capital, while RateGenius is a portfolio company of Tritium Partners.