Archive for 2018
Brief deBanked San Diego Recap
October 6, 2018
More than 300 people attended the first deBanked CONNECT event on the west coast at the Andaz Hotel in San Diego. The half-day learning and networking conference drew people in the small business finance space from across the country, including New York, Philadelphia, Detroit, Houston, Salt Lake City, and cities in Florida and all throughout California.
Sam Bobley, CEO of Ocrolus, which provides technology solutions mostly to direct funders, was among the first to check in before the official start time at 1:30 p.m. He came in from New York.
“We went to Broker Fair in Brooklyn and made a lot of connections,” Bobley said. “We go to the other events, LendIt and Lend360, which are great, but they’re fairly broad. There, 1-2 out 5 people might be relevant [to online lending.] Here, everyone is. There’s no wasting time.”
The learning component of the day focused on sales and dealing with new regulations, primarily coming out of California.
“We wanted to learn about [the status of CA regulations],” said Kyle Readdick, CEO of Synergy Direct Solution in San Diego, a lead generator and funder in San Diego. “It’s obviously a concern.” He attended with his brother and CFO, Travis Readdick.
On the sales sides, Jennie Villano of Kalamata Advisors, Matt Price of Reliant Funding and Ilya Fridman of BFS, gave advice during the “Tips for ISOs” seminar. Technology and CRMs was one area of particular focus among the panelists as a must-have to scale.
“I’m so happy to be here,” said Mike Brooks, ISO relations manager with Smart Business Funding who flew in from New York. “I’m here to meet people, make contacts and make some money.”
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Greenbox Capital Introduces On Demand Loan Checkout Process
October 3, 2018Miami Gardens, Fl, 10-03-18
This latest on demand loan process function grants ISO partners the ability to increase term and funding amounts up to one month and 10%, respectively, without submitting a request. “The Box” was developed by CEO Jordan Fein and the innovative Greenbox IT team to give brokers additional flexibility.
The development mandate was to eliminate extraneous steps between the merchant and the broker which would further enhance those relationships and promote long lasting partnerships. “The Box” is now considered the most efficient, convenient user technology available.
“When the difference between winning and losing a deal is time, Greenbox Capital has provided a solution that allows our brokers to make more favorable terms, instantly! We have our pulse on the industry and the needs of our ISO partners. We regularly request feedback and implement upgrades to our technology to meet industry needs,” states Fein.
Greenbox Capital specializes in alternative funding options for small-and medium-sized business averaging at least $7,500 in revenue in each of the past 3 months. Greenbox Capital’s fast business cash advances and short-term small business loans make goals attainable.
The company’s small business financing programs include:
- Merchant Cash Advances (in available USA regions)
- Small Business Loans (in available USA and Canada regions)
- Invoice Factoring
- Business Lines of Credit
- Unsecured Financing
- Collateral-backed Funding
“We empower business owners to succeed by providing what they need most: access to working capital. We are committed to industry leadership in technology and will continue to develop processes that lead to a positive outcome for both merchant and broker,” adds Fein.
Greenbox Capital
855.442.3423
Info@greenbox.capital
Everest Business Funding is a Sponsor of deBanked CONNECT – San Diego
October 3, 2018Everest Business Funding is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Funding Metrics is a Sponsor of deBanked CONNECT – San Diego
October 3, 2018Funding Metrics is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
National Funding Promotes Justin Thompson
October 3, 2018
National Funding announced today that Justin Thompson, formerly Executive Vice President of Sales, has been promoted to Chief Revenue Officer of National Funding. The new position is an expanded role that will include Thompson’s previous management of a 100-person sales division that includes Direct Sales, Renewal Sales, Broker Sales, Equipment Financing and the responsibilities of developing the company’s new Strategic Partnership vertical.
“On the heels of our acquisition of QuickBridge, and the explosive profitable growth of National Funding, this is a great time to expand our offerings to clients with new products and solutions,” said Dave Gilbert, National Funding founder and CEO. “Justin has led sales through the biggest growth period in our 20-year history and I am thrilled for him to continue building on this strong record.”
Thompson started working as Director of Sales for National Funding in 2002, according to his LinkedIn profile, and he has remained with the company until now, with the exception of a two year stint at Reliant Services Group working as Director of Sales & Operations.
“I have never been more excited about the future of National Funding as I am now,” said Thompson. “With the acquisition of QuickBridge, expansion of our strategic partnership channel, and the ever-improving performance of National Funding, we have a lot to offer our customers and brokers – making us an important resource for small and medium-sized businesses nationwide.”
National Funding has also made two additions to support the growth of Strategic Partnerships. Jason Osiecki, previously Head of Sales for QuickBridge, has been named Vice President, Strategic Partnership for National Funding. He will be tasked with driving growth opportunities in the merchant processing, leasing, B2C, Lender Decline and other markets. And Kevin Kane has been appointed as Director of Business Alliances. He will manage day-to-day relationships with brokers across the country.
Nelnet Withdraws Application in Latest Controversy Over ILC Banks
October 2, 2018Nelnet announced that it has withdrawn its application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Nelnet Bank, a Utah-chartered industrial bank, or an ILC (Industrial Loan Company) bank. This could have been made possible through an existing, yet controversial, policy established over 100 years ago which gives FDIC protection to non-deposit taking financial institutions.
The ILC concept was initially intended to create bank-like institutions to serve poor industrial workers who had trouble finding a commercial bank they could work with, according to Chris Cole, Senior Regulatory Counsel at the Independent Community Bankers of America (ICBA).
“We appreciate the constructive dialogue we have had with the FDIC and UDFI regarding our application,” said Nelnet President Tim Tewes. “Withdrawing our application is a temporary step back in what we knew could be a long process. The need for more financially secure, borrower-focused, and FDIC-insured lenders in the private student loan marketplace is increasing [and] we believe Nelnet is an ideal candidate to be such an institution with our financial strength, customer focus, and experience.”
Opponents of ILC banks, like the ICBA, celebrated the news that Nelnet had withdrawn its application to become an ILC bank.
“ICBA opposed Nelnet’s deposit-insurance application to establish an industrial loan corporation and supports an end to the ILC loophole,” ICBA President Rebeca Romero said in a statement. “The ILC loophole allows commercial interests to own full-service banks while avoiding Bank Holding Company Act regulations and consolidated supervision by the Federal Reserve.”
Nelnet filed its industrial bank charter application on June 28, 2018. It is not the first fintech company to withdraw an application of this kind. SoFi Bank and Square also sought industrial bank charters, but SoFi withdrew its application in October of 2017 and Square with its application in July of this year.
Broadway Advance is a Sponsor of deBanked CONNECT – San Diego
October 2, 2018Broadway Advance is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
National Funding Acquires QuickBridge
October 2, 2018
National Funding announced today that it has purchased QuickBridge. The two companies will combine back-end resources, including advanced technology, innovation and product development, but they will continue to operate independently, as separate brands. Ben Gold, QuickBridge’s founding President, will remain in his current post and will work closely with National Funding founder and CEO Dave Gilbert.
“QuickBridge has an unbelievable front end system that knows how to underwrite small businesses extremely efficiently,” Gilbert told deBanked.
Gilbert also said he was particularly interested in QuickBridge’s 10 year loan product.
National Funding was a minority interest owner in QuickBridge since the company’s founding in 2011, so this acquisition was essentially a buyout of five other partners.
In addition to the technology, Gilbert said QuickBridge’s people and its headquarters in Irvine, California were elements that made it very appealing.
“There’s a lot of great talent in Orange county and there are a lot of finance companies out there, so it’s going to be a great recruiting hub,” Gilbert said.
Given the high quality pool of talent, Gilbert said he believes he can scale QuickBridge quickly. Together, National Funding and QuickBridge have provided more than $3 billion in financing to small and mid-sized businesses and their combined overall financing volume will exceed $600 million this year, according to National Funding. QuickBridge has been recognized in recent years for its rapid rise, including year-over-year double or triple digit percentage growth.
The way that both companies get business is slightly different. Gilbert said that QuickBridge derives 75 percent of its business from ISOs and 25 percent from direct marketing, whereas National Funding’s ratio is the inverse, with a sizable direct sales team.
In addition to QuickBridge’s headquarters in Irvine, it also has a small satellite office in New York, which will remain. Of the company’s roughly 100 employees, Gilbert said that virtually all of them will stay on. Founded by Gilbert in 1999, National Funding is based in San Diego and employs roughly 230 people.
