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Array buys Payitoff

Array, a leading embedded consumer products platform, announced the acquisition of Payitoff, a pioneer in embedded debt guidance solutions.

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This acquisition fortifies Array’s position as the industry leader in intelligent debt management solutions, empowering financial institutions, fintechs, and digital brands with seamless, no-code debt management tools that improve consumer outcomes, accelerate growth efforts, and unlock new revenue streams.

Payitoff was founded by Bobby Matson, who created the company out of a personal need to manage his family’s student loans and other debt in order to buy a home. His team first launched student loan management before broadening its offerings to encompass a comprehensive suite of debt management tools. These user-friendly, embeddable tools seamlessly integrate into digital platforms without the need for complex coding, empowering financial institutions, fintechs, and digital brands to elevate their consumers’ financial experiences.

The company has gained significant market traction, including wins with Earnest, EarnUp, Greenpath, LendKey, Splash Financial, and U.S. Bank, resulting in over 200,000 loans managed by Payitoff with a combined value of over $1.5 billion. These companies value the ability to add debt management features into their digital experience without the need to build the product themselves.

Consumers can quickly link their debt accounts, explore repayment options, choose the most suitable plan, and apply—all within a few minutes. For student loans, a recent analysis found that users can save an average of $323 per month* that can be invested in other ways.

“Financial institutions and other providers of financial products in digital experiences realize that helping their consumers better understand and manage their debt is a powerful way to increase deposits, revenue, and brand loyalty,” said Martin Toha, Founder and CEO of Array. “We acquired Payitoff because our companies have a shared vision to provide seamless, embeddable products that fuel financial progress. This provides our clients with the best of all worlds: bringing valuable products to market faster without additional resources and overhead.”

“The opportunity for impact between Array and Payitoff is massive,” said Bobby Matson, CEO of Payitoff. “Student loan payments resumed a year ago, and with delinquencies starting to impact borrowers’ credit this month, the timing of this acquisition couldn’t be more critical. Array’s reach, combined with our debt management tools, will empower financial institutions and fintechs to help their consumers manage debt and save thousands—all with a seamless integration.”

Payitoff Expands Array’s Private-Label Offerings
The Array platform helps companies drive engagement and revenue by monetizing traffic private-labeled financial, identity and privacy protection products that build brand loyalty with users and help them take control of their financial lives. These products include:

My Credit Manager helps consumers view, understand, and manage their credit information. They can receive score change alerts, interact with a score simulator, and view credit score factors and debt analysis components.
Identity Protect includes identity monitoring, insurance, and restoration services that help keep users safe from fraud. It also features dark web monitoring, alerts, and identity theft restoration services.
Privacy Protect offers consumers the most effective data removal – more than 200 million records to date and assisting more than 4 million individuals.
Subscription Manager is an embeddable, private-label app that helps financial institutions, fintechs, and digital brands attract and retain consumers by providing insight into and control over recurring payments.​​
BuildCredit Rent helps consumers build credit or establish credit history when they opt to share their rent payments with a credit bureau.
*Represents actual average savings of borrowers who linked their account with Payitoff and qualified for a federal repayment plan. The sample is based on an aggregated set of data representing over $1.5 billion in loan volume across 215,000+ loans on the Payitoff platform. 

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