Articles by deBanked Staff

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Nulook Capital Bankruptcy Envelops PSC

April 27, 2017
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bankruptcy court

Nulook Capital was not the only casualty of its April 4th Chapter 11 bankruptcy filing. On Wednesday, April 26th, a federal judge in a separate action issued an order aimed at one of Nulook’s alleged creditors, PSC. PSC is also a Long Island-based company engaged in the merchant cash advance business. In the order, the […]

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Rough Year? Market Tells Different Story for Alternative Lenders So Far

April 25, 2017
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stocks up

A decent day for OnDeck’s stock on Tuesday was enough to place the company’s share price in positive territory year-to-date, where just about every other public online lender finds themselves as well. According to the new deBanked Tracker, Square is up more than 33% on the year and Yirendai up 19%. Even Lending Club, whose […]

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FinTech Ventures Fund, LLLP Sheds More Than Half of its Shares in IOU Financial

April 22, 2017
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FinTech Ventures Fund, LLLP (“FinTech”), a major shareholder of IOU Financial, shed more than half of its holdings in the Canadian-listed company last week. The 7 million shares sold represented nearly 10% of IOU’s outstanding common shares. According to a statement: FinTech will review and monitor its options and alternatives with respect to additional acquisitions […]

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Catching Up With Marketplace Lending – A Timeline

April 20, 2017
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A timeline of alternative finance

This article is from deBanked’s Mar/Apr 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE 2/17 Prospa, an online small business lender based in Australia, was valued at $235M (AUD) in a $25M capital raise Square announced funding $248 million worth of business loans in Q4 2016 2/21 A Massachusetts state court vacated a […]

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Nulook Capital Has Filed Chapter 11

April 13, 2017
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chapter 11

NY-based merchant cash advance funding company Nulook Capital filed for Chapter 11 on April 4th, according to court records. They listed more than $2.6 million in creditor claims. The largest among them was a secured claim for $2 million by a specialty finance company. Two other creditors in the bankruptcy proceeding are also involved in […]

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Sneak Peek at the Mar/Apr 2017 Issue of deBanked

April 11, 2017
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Mar/Apr 2017 deBanked Tease

In the March/April 2017 issue of deBanked magazine, we delve into the industry’s latest trend, the push back towards traditional banking. The featured story is titled accordingly as “Re-Banked” and our many sources lay out a compelling narrative. Our cover, a sketch of a young tech CEO shedding the hoodie to reveal the suit-and-tie attire […]

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Lending Club to Beta Hardship Plans for Borrowers (and Protect Returns for Investors)

April 5, 2017
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Scott Sanborn - Lending Club

Lending Club wants to make it easier to accommodate borrowers facing hardship and in the process potentially protect the investor from unnecessary losses. A full explanation of the program was sent out to Lending Club investors on Wednesday, the full text of which we’ve pasted below: At Lending Club, we are committed to improving experiences […]

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Does Fintech Have a Distinctively British Accent? – From Congressman McHenry’s Speech

April 1, 2017
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Congressman McHenry

Regulation around technology-enabled lending has generally been a point of contention in the US. Even regulators are finding themselves at odds with other regulators, like the OCC vs. the NYDFS for example. Might relationships like these be contributing to America’s innovative decline? At LendIt last month, Congressman Patrick McHenry (R-NC) said, “Is it any wonder […]

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Update in the Argon Credit Bankruptcy Case

March 31, 2017
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bankruptcy court

On March 28th, United States Bankruptcy Judge Deborah L. Thorne, ordered the trustee in the Argon Credit case to transfer the net proceeds and loan portfolio payments to the biggest creditor, Fund Recovery Services (FRS). That cash will be used to satisfy the approved secured claim of $37.3 million. FRS is an assignee of Princeton […]

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StreetShares Reports $2.8M Loss on Just $277,000 in Revenue For Last Six-Month Period

March 30, 2017
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Veterans small business lending

StreetShares, an online small business lender that is self-described as proudly veteran-run, published their most recent financial statements with the SEC earlier this week. For the six-month period ending December 31st, 2016, StreetShares recorded a $2.8 million loss on $277,883 in revenue. Over the same period in the prior year, they recorded a $1.35 million […]

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