Archive for 2018

How a Computer Game Master Applied His Talents to Online Lending

December 28, 2018
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Eden Amirav is co-founder and CEO of Lending Express. The 29 year old spends his days trying to grow his company, an online lending platform for small businesses. But about 15 years ago, as a teenager in Israel, he spent his evenings and school breaks fighting orcs, defending construct units and mostly defeating enemies in […]

Newtek Hosted Uncommon Investor Call Yesterday

December 27, 2018
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Newtek Business Services Corp. (NASDAQ: NEWT) CEO Barry Sloane held a conference call at 8:30 a.m. EST yesterday morning to address investors. “This is somewhat of an unorthodox call, the day after Christmas,” Sloane said. “But given a lot of the events in the market with tremendous market nervousness, I wanted to speak to as […]

How Most Americans Handle a $1000 Emergency Expense

December 26, 2018
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A recent survey conducted by LendingTree found that more than half of Americans cannot cover a $1,000 emergency with cash or savings. Forty-eight percent of Americans say they could handle a $1,000 emergency expense by using cash or savings in their bank accounts. Of the those Americans who could not handle a $1,000 emergency, whether […]

deBanked’s Most Popular Stories of 2018

December 22, 2018
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Five of the top 10 most read stories of 2018 were related to the saga of 1st Global Capital; The bankruptcy, SEC charges, the revelation that they had made a $40 million merchant cash advance, and finally the devastating news of that deal falling apart. We decided to lump all of them together in our […]

Less Than Perfect — New State Regulations

December 21, 2018
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rules and regulations

This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE You could call California’s new disclosure law the “Son-in-Law Act.” It’s not what you’d hoped for—but it’ll have to do. That’s pretty much the reaction of many in the alternative lending community to the recently enacted legislation, known as […]

2019 Alternative Finance Predictions

December 21, 2018
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2019 Loading

With 2019 approaching, deBanked asked executives in the funding and payments industry if they had any predictions for the new year. We kept it pretty open-ended and received forecasts regarding technology, regulations, and the evolving relationship between fintech companies and banks. And yes, we also asked a few lawyers in the small business lending space […]

For Sale: 60,000+ Leads From 1st Global Capital

December 21, 2018
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AUCTION PADDLE

Since 1st Global Capital went out of business, the company’s treasure trove of leads has been up for sale. Beginning in October, 41 companies were propositioned by 1st Global Capital’s bankruptcy advisors to make a bid on the company’s data. Ten companies actually entered into non-disclosure agreements to access a data room. That led to […]

Square Renews Effort to Become a Bank

December 19, 2018
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Outside the Square Headquarters in San Francisco

Square has plans to refile paperwork with state and federal regulators to open a wholly owned bank in Utah, according to a report in The Wall Street Journal today. In 2017, the company applied with the Federal Deposit Insurance Corp (FDIC) for a licence to become an Industrial Loan Company (ILC) bank, but it withdrew […]

Open Banking — A U.S. Pipe Dream or Near-Term Reality?

December 18, 2018
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open banking

This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE Some alternative funders are anxious for “open banking” to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition. Open banking refers to the use of open APIs (application program interfaces) that enable third-party […]

Janene Machado Wins PCMA’s RISE Award

December 18, 2018
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Janene Machado

Janene Machado, deBanked’s event planner, was honored by the Professional Convention Management Association (PCMA) last week with the RISE Award. The RISE Award is given to a new member who has made the most impact to the chapter. With more than 7,000 members and an audience of more than 50,000 individuals, the PCMA is the […]

Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

1st Global Capital Sues Capital Stack and Others Over Momentum Auto Group

December 18, 2018
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Momentum Auto Group

The notorious $40 million merchant cash advance deal has a new twist, even more cash advances. On Friday, the now-bankrupt 1st Global Capital filed a lawsuit against Momentum Auto Group, related entities, and 4 merchant cash advance companies including Capital Stack. According to documents filed in the case, Momentum Auto was behind on taxes and […]

Wintrust Expands Accounts Receivables Financing

December 17, 2018
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Today, Wintrust announced the creation of Wintrust Receivables Finance, an expansion of the company’s asset-based lending group, according to a story in Monitor Daily. This translates to the addition of a specialized team focused on accounts receivables financing to middle market companies, with revenues between $10 million and $300 million. “We think this team is […]

THE ABCs OF SBDCs

December 16, 2018
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This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE An often-overlooked national network of nearly a thousand Small Business Development Centers has the potential to help alternative funders cement relationships with existing clients and locate new ones. The centers, known as SBDCs, offer free or low-cost training and […]

Business That Left Merchant Cash Advance Companies Hanging is Under FBI Investigation

December 16, 2018
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African Queen

In 2017, several judgments were issued in the New York Supreme Court against one Michael Willhoit, a resident and business owner in Springfield, Missouri. No lawsuits were filed, Willhoit had merely confessed judgment to nearly a half million dollars collectively. By the following summer, a visitor would come knocking on the door of Willhoit’s fully-customized […]

Bloomberg Reporter Wipes His Twitter Account After deBanked Story

December 15, 2018
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tweet unavailable

Hours after deBanked drew attention to a suspicious exchange on twitter between a senior editor at Bloomberg LP and a New York State Senator, one of the Bloomberg reporters behind the highly questionable merchant cash advance series took drastic action, he deleted every tweet he’s ever posted. The series of events began on Thursday when […]

deBanked’s “Ice Edition”

December 14, 2018
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deBanked Ice

deBanked’s final issue of 2018 is in the mail. We’re calling it the ice edition because of how the cover’s colors came out. For November/December we cover the new legislation in California, what’s happening in New Jersey, and what may be still to come. In addition we tackle the concept of open banking, delve into […]

Ingo Money QuickConnect Allows for Push-to-Card Payments

December 14, 2018
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Lisa McFarland, Chief Product Officer, Ingo Money Yesterday, Ingo Money announced the launch of Ingo Money QuickConnect, a new solution that allows companies that issue payments – including loans – to disperse funds directly to a merchant’s debit card. Ingo Money has partnered with Visa Direct to facilitate these direct payments. This is the official […]

The Strange Connection Between Bloomberg, the AG’s Office, and the State Senator Proposing Legislation

December 14, 2018
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strange

On Thursday, Bloomberg Senior Editor Robert Friedman publicly thanked New York State Senator Brad Hoylman and his colleagues over twitter for pledging to propose legislation in response to the (highly questionable) merchant cash advance series he produced with reporters Zachary Mider and Zeke Faux. When deBanked Chief Editor Sean Murray replied to it, to urge […]

Trial of Debt Settlement Mastermind Sergiy Bezrukov Postponed

December 13, 2018
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Scammer of Salamanca

The trial of debt settlement mastermind Sergiy Bezrukov has been postponed until January 14, court records indicate. The trial was supposed to begin on Dec 17 but a possible scheduling conflict with another complex trial taking place in Buffalo right now may be the reason for delay. Bezrukov is charged with conspiracy to defraud, mail […]