UCC Searching and Filing Tool

Our journey began with firsthand problems that EquipmentShare experienced when trying to finance equipment. Anytime EquipmentShare finances an equipment purchase, the lender must conduct a UCC lien search on EquipmentShare. These banks need to identify any outstanding loans with EquipmentShare to secure their position on the collateral EquipmentShare is offering. These lenders will often search many different state databases to find this information. Then they must manually search through each file to try to identify any conflicting collateral. 

 

There are 20M of these searches conducted each year in the U.S. This process takes hours and costs banks over $100 for each search creating a $2B market. PitaTech is creating a centralized search engine for UCC data. We are leveraging computer vision to extract key information to reduce the hours of searching down to minutes. We are uniquely positioned to solve this problem by partnering with EquipmentShare - the largest equipment purchaser in the country.