Archive for 2017

OnDeck Shares Drop Again

May 10, 2017
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The market continued to express their unhappiness with OnDeck on Tuesday by driving the stock down another 6% to $4.06. The stock had already fallen by 7% the previous day after OnDeck posted their quarterly report. Tuesday’s rout may have been caused by a profile published in the Wall Street Journal Monday evening that asserted […]

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CFPB to Collect Data on Small Business Lending, Implement Section 1071 and Circulate RFI

May 10, 2017
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Director Cordray

Watch a recap of the hearing below Read the transcript here Update: We are streaming the hearing LIVE on our home page. Update: You can download the CFPB’s Request for Information here. A transcript of Cordray’s prepared remarks are at the bottom of the page. Update: CFPB White paper estimates that merchant cash advances are […]

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Exercise of Ordinary Intelligence Would’ve Revealed Merchant Cash Advance Contract Was Not a Loan, Court Says

May 9, 2017
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Signing a contract

In the New York Supreme Court, the Honorable Linda S. Jamieson was tasked with ruling on twelve causes of action in a merchant cash advance contract case. While the 18-page decision covers a lot of ground, one notable section was the plaintiffs’ request for rescission based on “misrepresentations or unilateral mistake” and “damages for fraudulent […]

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Kabbage’s Next Growth Phase

May 9, 2017
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Victoria Treyger, Kabbage

Victoria Treyger, Chief Revenue Officer, Kabbage When you consider the recent milestones Kabbage has achieved it makes it difficult to think of the fintech lender as a startup. In recent weeks Kabbage surpassed a couple of major milestones comprised of extending $3 billion in funding to 100,000-plus small businesses. More than half of those loans […]

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OnDeck On the Path to Profitability?

May 8, 2017
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OnDeck NYSE

In their earnings announcement this morning, OnDeck predicted that GAAP profitability would be achieved in the second half of 2017. For now, the GAAP net loss in Q1 was only $11.1 million, down from $36.5 million in Q4. The company originated $573 million worth of loans for the quarter. OnDeck has been under pressure from […]

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No-Login-Required Bank Statement Review Automation Starts with Strategic Funding Source

May 5, 2017
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company news

Wall Street, NY — Ocrolus, the emerging leader in bank statement review automation, is pleased to announce its arrival in the lending community with flagship customer Strategic Funding Source. The PerfectAudit API, powered by Ocrolus, analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology allows lenders, for the first time, […]

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Two Small Biz Owners Talk Online Borrowing

May 5, 2017
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online small business loan

Katie Basson, President of Birch Tree Promotions During National Small Business Week, we wanted to see what we can glean from a couple of small business owners who have taken to the Internet for their capital needs. Entrepreneurs Katie Basson of Birch Tree Promotions and Asha Waterstreet of Tasteful Additions document their experience as first-time […]

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MCA Company Wins Case After Judge Actually Reads the Contract

May 5, 2017
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Courtroom

An explosive New York Supreme Court decision in December against a merchant cash advance company just lost some of its bite, thanks to a decision handed down by the Honorable Catherine M. Bartlett in Orange County. By all accounts, plaintiff Merchant Funding Services, LLC (“MFS”) had reason to be worried when Long Island attorney Amos […]

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Square Lent $251 Million to Small Businesses in Q1

May 4, 2017
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Square IPO

It was another big quarter for Square Capital, who originated more than 40,000 business loans for a total of $251 million. That’s an increase of 64% year-over-year but only up 1.2% from the previous quarter. The company had $51 million in loans held for sale on their balance sheet as of March 31st. Overall, Square, […]

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System Error: Prosper Showed Incorrect Returns to Investors

May 3, 2017
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Prosper Marketplace

Investor returns weren’t what they claimed for at least seven quarters, according to a notice Prosper issued on Wednesday. It recently came to our attention that the annualized net return numbers displayed on your account overview page were inaccurate due to a system error. This error affected the Annualized Net Return and Seasoned Net Annualized […]

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