Articles by deBanked Staff

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Former CFO of Credibly Moves On to Western Funding

August 19, 2017
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Credibly’s former chief financial officer and product officer, Jim Murray, has moved on to become President of Western Funding, according to LinkedIn. Murray was with Credibly for 5 years, originally starting as the company’s chief operating officer.

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SoFi Hit With Class Action Lawsuit Over Wage Issues

August 19, 2017
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Five SoFi employees have joined together to file a class action lawsuit against SoFi in the Superior Court of California. According to the docket, Sean Pullen, Christina Cane, Michael Carrera, Matthew Taylor and Yulia Zamaora are claiming employment improprieties with regards to how wages were paid. The suit is separate from a similar suit that […]

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The Employee Suing SoFi Only Worked There for Three Months

August 15, 2017
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Courtroom

On Monday, several news outlets reported that a former employee of SoFi was suing for wrongful termination after he not only reported sexual harassment in the workplace, but also exposed an internal loan cancellation scheme designed to pad the bonuses of certain employees. According to the complaint, which you can read for yourself here, plaintiff […]

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Damage From the Nulook Capital Bankruptcy Shows Up In GWGH Earnings

August 10, 2017
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broken window

In April, we reported that Nulook Capital, a boutique merchant cash advance funder on Long Island had declared Chapter 11. The move was seemingly a response to a lawsuit filed against them by a secured creditor, GWG MCA, a subsidiary of publicly traded financial services company GWG Holdings Inc. (NASDAQ: GWGH). In that bankruptcy, a […]

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Funding Circle Rebrands

August 10, 2017
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Funding Circle new vs old

Funding Circle is ditching their old circular logo with arrows in favor of a more modern purple logo. The website has also undergone a redesign as well. On the new website, the company states that they are “revolutionising a broken system” and emphasize that “we believe in those made to do more.” In a recent […]

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On Bloomberg: Watch Lending Club CEO Scott Sanborn Talk Q2

August 9, 2017
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Sanborn Bloomberg

On Bloomberg, Lending Club CEO Scott Sanborn said that banks were a critical piece of their platform. In Q2, 44% of all originations were funded by banks. Watch below: Video not loading? Click here

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Has OnDeck Turned The Corner?

August 7, 2017
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OnDeck NYSE

OnDeck’s loan origination volume declined by approximately 20% in the second quarter to $464.4 million but more importantly the company only recorded a GAAP net loss of $1.5 million. That’s down from the $11.1 million loss recorded in Q1 and in line with the company’s plan to achieve profitability in the second half of the […]

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Square Capital Funded $318M in Q2

August 3, 2017
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Square IPO

Square’s small business lending arm, Square Capital, issued 49,000 business loans for a total of $318 million in Q2, according to their earnings report. That’s a quarter-over-quarter increase of 26.7% and slightly more than half the loan volume that their rival OnDeck originated in Q1. That statistic is significant because Square is a payment processor […]

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Yellowstone Capital Originated $45M in Funding in July

August 1, 2017
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yellowstone capital signage

NJ-based Yellowstone Capital originated $45 million in funding for small businesses last month, according to a company email obtained by deBanked. Two sales reps alone funded 170 deals and 139 deals respectively for a combined $7.45 million. The monthly volume was only $2 million shy of the $47 million originated in June.

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Revisiting Funding Circle

July 21, 2017
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Funding Circle Logo

Funding Circle’s SME Income Fund delivered profits last year not only in the UK segment, but also in the US segment, according to sources. As the UK is Funding Circle’s home market, it naturally generated more revenue from it, but the margins were actually a lot higher in the US. The Fund’s 12-month calendar year […]

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