Array purchases Payitoff to expand private-label portfolio with consumer debt management tools
New York-based Array has acquired debt infrastructure firm Payitoff for an undisclosed sum, broadening its embedded finance products platform with no-code debt management tools.
Payitoff’s infrastructure enables fintechs, financial institutions and digital brands to integrate tools that help consumers manage debt across student loans, credit cards, mortgages, personal loans and car loans.
The company claims to have managed over $1.5 billion in loan value across 200,000 loans since launching in 2017, with clients including EarnUp, Earnest, Greenpath, Splash Financial, LendKey and U.S. Bank.
Array, founded in 2020 by former Pentius CEO Martin Toha, plans to enhance its private-label portfolio by incorporating Payitoff’s debt guidance solutions.
Currently, Array offers a suite of financial health tools for consumers, including Subscription Manager to track recurring payments, BuildCredit Rent to report rent payments for credit building, My Credit Manager for credit tracking and management, Identity Protect for monitoring and restoring identity theft, and Privacy Protect, which helps remove personal data, having reportedly assisted over four million individuals so far.