Industry News

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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Loans to a Business Not Paying Their Payroll Taxes Results in the Banker Being Convicted

July 29, 2017
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Arrested

Here’s a chilling situation that lenders, factors and MCA funders working with merchants who are behind on their taxes might want to take note of. On June 27th, Douglas Corriher, a bank VP, was hit with a 32-count superseding indictment over a factoring fraud conspiracy with a staffing company in North Carolina. Despite the dozens […]

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Bizfi Founder Stephen Sheinbaum Joins World Business Lenders

July 24, 2017
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World Business Lenders Ribbon Cutting Jersey City

Above: Ribbon cutting at World Business Lenders’ Jersey City office in July 2016 Stephen Sheinbaum has joined NJ-based World Business Lenders as a managing director. Sheinbaum founded Bizfi (Originally Merchant Cash and Capital) in 2005 and served for years as the company’s CEO. Former Lending Club exec John Donovan has been the chief executive of […]

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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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Russian Billionaire Is Betting Big on Fintech (And Online Lending)

July 20, 2017
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oleg boyko

Above: Oleg Boyko Russian billionaire Oleg Boyko is putting his chips on fintech. According to an announcement made by one of his companies, Finstar Financial Group, on Wednesday, he is committing $150 million of new capital towards financial technology startups over the next 5 years. And that money may be aimed at online lenders if […]

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Former Bizfi COO Now at iPayment

July 18, 2017
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Former Bizfi chief operating officer Tomo Matsuo is now a senior vice president at iPayment, according to LinkedIn. Matsuo worked at Bizfi from February 2011 until June 2017. In addition to running the company’s operations, he was also president of Bizfi’s Asia affiliate. Last month, iPayment, a payments company with more than 140,000 customers, entered […]

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Bizfi Layoff Tally

July 17, 2017
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According to labor records, Bizfi gave a 90-day layoff notice to 74 employees on May 15th. Less than a month later on June 12th, the company gave notice to another 43 employee, bringing the total to 117. Those layoffs are scheduled to take place on August 13th and September 10th accordingly.

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Daniel Gorfine Moves On From OnDeck to CFTC

July 10, 2017
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Daniel Gorfine has moved on from OnDeck, according to a public announcement made by his new employer, the US Commodity Future Trading Commission (CFTC). Gorfine served as OnDeck’s VP of External Affairs and Associate General Counsel for a little over 2 and a half years. His new job, an appointment made by Acting CFTC Chairman […]

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CAN Capital Resumes Funding

July 6, 2017
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CAN Capital Resumes Funding

CAN Capital is back in business, thanks to a capital infusion by Varadero Capital, an alternative asset manager. Terms of the capital arrangement were not disclosed. CAN Capital stopped funding late last year and removed several top officials after the company discovered problems in how it had reported borrower delinquencies. The discovery also resulted in […]

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What Happened to Bizfi?

July 1, 2017
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This past week, Bizfi gave their remaining employees a 90-day warning notice, according to sources familiar with the matter. It was the latest wave of layoffs to hit the company over the last few months. At its peak, Bizfi, which provided capital to small businesses, employed more than 200 people. Some of those riding out […]

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