Archive for 2018

Dan DeMeo is Back in Action… at Lendr

November 15, 2018
Article by:

dandemeo

Daniel DeMeo has been hired as Chief Revenue Officer by the Chicago-based funder, Lendr. DeMeo has been working as an independent consultant for the last two years, according to LinkedIn. Prior to that he was the CEO of CAN Capital, a company he had dedicated himself to for nearly seven years until an internal account […]

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IOU Continues to Post Positive Earnings

November 14, 2018
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Phil Marleau IOU Financial

Above: Phil Marleau, CEO, IOU Financial Loan originations for IOU Financial’s third quarter were $36.1 million, an 85% increase over last year’s Q3 originations of $19.6 million. This is also IOU’s fourth consecutive quarter with positive earnings. “IOU continued to deliver strong loan origination growth and earnings performance during the third quarter of 2018 and […]

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Prosper Tightens Credit and Introduces HELOCs

November 14, 2018
Article by:

Prosper Marketplace

Today, Prosper announced its third quarter financial results, showing that originations were $640 million for the quarter, down from $822 million last year. And net loss was $19.8 million, an improvement of $7.2 million from the previous year. The lending platform also announced today that it will launch a new digital Home Equity Line of […]

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Clearbanc Swaps VC Investing for MCA

November 13, 2018
Article by:

ClearBanc

The business model for many startups is that the business won’t even be close to profitable for years until it gets enough clients or users. But this isn’t the case for all startups. Some of them actually generate considerable revenue after just months. For companies like these, that also need capital for marketing or expansion, […]

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SoFi Has Another Loss in Q3

November 12, 2018
Article by:

SoFi sign

According to the WSJ, SoFi experienced a $12 million EBITDA loss in the 3rd quarter. That follows a $150 million loss in Q2. “We optimized for investing over profitability this quarter, and expect this to continue given the opportunity in front of us,” SoFi CEO Anthony Noto wrote in a letter to shareholders obtained by […]

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Another Debt Settlement Defendant Pleads Guilty, Faces 30 Years in Prison

November 11, 2018
Article by:

behind bars

Mark Farnham, a co-conspirator in a high profile merchant cash advance debt settlement fraud case, pleaded guilty on Friday to conspiracy to commit bank fraud. He faces a sentence of 30 years in prison and a $1 million fine. According to the Department of Justice, Farnham, along with others, used a number of fraudulent companies […]

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The Broker: How Industry Veteran Joe Cohen Closes Deals and Dodges Backdooring

November 11, 2018
Article by:

Joe Cohen Business Finance Advance

Role: I’m the manager of Business Finance Advance in Brooklyn. I manage a team of about 20.       Years in the business: Since the beginning. 2005/2006. How he closes a deal:    You have to really know the customer. You have to have a feel for what his needs are. Is his hot button the […]

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Newtek Announces Growth in SBA Funding

November 8, 2018
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Newtek website

In its third quarter financial statements released yesterday, Newtek Small Business Finance, LLC (NSBF) announced that it had funded $122.4 million of SBA 7(a) loans during the three months ended September 30, 2018. This is an increase of about 18% year over year compared to $103.6 million in Q3 2017. The company forecasts full year […]

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GreenSky Reports Record High Volume

November 8, 2018
Article by:

GreenSky IPO

GreenSky reported record high transaction volume in the third quarter of $1.4 billion, up 33% year over year, from $1.05 billion in 2017. It also reported a record net income of $46 million and its revenue increased 29% to $113.9 million year over year. Based in Atlanta, GreenSky (NASDAQ: GSKY) provides loans for home improvement […]

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Square Capital Loaned $405 Million in Q3

November 8, 2018
Article by:

Outside the Square Headquarters in San Francisco

Square Capital originated more than 62,000 business loans for a total of $405M in Q3, up from $390M in the previous quarter, according to the company’s latest earnings report. By contrast, OnDeck, a Square Capital competitor, reported loan originations of $648M for the quarter. Both companies find themselves facing new competition from a growing field […]

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