Archive for 2019

Enova’s Small Business Division Garner’s Limelight in Q2

August 16, 2019
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Late last month, Enova released its second quarter report for 2019. Generally bearing positive news, the report asserts that the company is in a good position due to increasing demand, growth in various areas, and reductions in financing costs. Total revenue is up from Q2 2018, rising 13% from $253 million to $286 million, just […]

Alan Heide, CFO Of 1 Global Capital, Hit With Criminal Charge & SEC Violations

August 15, 2019
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The former CFO of 1 Global Capital, Alan Heide, was stacked with bad news on Thursday. The US Attorney’s Office for the Southern District of Florida lodged criminal charges against him at the same time the Securities & Exchange Commission announced a civil suit for defrauding retail investors. Heide was criminally charged with conspiracy to […]

The 2019 Top Small Business Funders By Revenue

August 14, 2019
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The below chart ranks several companies in the non-bank small business financing space by revenue over the last 5 years. The data is primarily drawn from reports submitted to the Inc. 5000 list, public earnings statements, or published media reports. It is not comprehensive. Companies for which no data is publicly available are excluded. Want […]

LendingPoint Places Seventeenth on Inc. 5000

August 14, 2019
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Today Inc. 5000 released is 2019 list of the fastest growing private companies in America, featuring alternative finance company LendingPoint in seventeenth place after it witnessed a three-year revenue growth of 9,265%. LendingPoint offers consumer loans of up $25,000 and provides financing to merchants, service providers, and medical institutions via its LendingPoint Merchant Solutions program. This is […]

Canada Fintech Week Launches in Toronto

August 12, 2019
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Toronto Canada

This week sees the first ever Canada Fintech Week (CFW) in Toronto. Running from August 12th to the 15th, the four-day celebration of everything fintech in Canada features a slew of events and panels for those in the industry. Ranging from how to incorporate blockchain technology in Holocaust asset recovery to cybersecurity, to the future […]

Gone with the Lend: Chase Bank Withdraws from Canada, Forgives All Credit Card Debt

August 12, 2019
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Chase Bank

In January 2018 Chase Bank released a statement detailing that it will be closing all of its Canadian credit card accounts on March 15 of that year, but customers should continue to pay their bills. Last week all of those debts were cancelled. Coming as a shock to many Chase customers, the decision comes as […]

1 Global Capital’s Carl Ruderman Consents To Judgment With The SEC

August 10, 2019
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Courtroom

The SEC’s lawsuit against Carl Ruderman, the former CEO of Hallandale Beach-based 1 Global Capital, has come to an end. He has consented to judgment in a settlement and the penalties are devastating, papers filed on friday with the Court show. Specifically, Ruderman is liable for disgorgement of $32,587,166 representing profits gained as a result […]

Lending Club Still Logging Losses, But Not For Long?

August 9, 2019
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Scott Sanborn

LendingClub released its second quarter report this Tuesday. Loan originations reached a new high of $3.1B, but the year-over-year growth rate for the quarter clocked in at only 11%, down from the 18% growth experienced the three straight previous quarters in a row. The company also generated a net loss of $10.6M. Beyond Q2 however, […]

Funding Circle Originated $377M of US Loans in First Two Quarters of 2019

August 8, 2019
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Funding Circle Logo

Funding Circle originated $377M of loans in the US in the first six months of 2019, according to their latest public report. The company said that “growth was proactively controlled” and that they tightened higher risk band lending and increased prices. They’ve now loaned more than $2B cumulatively in the US since inception and their […]

Funding Circle Co-Founder & Managing Director James Meekings to Step Down

August 8, 2019
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funding circle co-founder james meekings

Funding Circle’s lackluster business performance has led to a casualty. Co-founder James Meekings, who serves as Managing Director of the UK Business (the company’s primary market), will be transitioning to a non-executive role on the UK board in Q3. He will no longer be MD, the company announced. Lisa Jacobs, Funding Circle’s Chief Strategy Officer, […]

Michele Romanow on Clearbanc’s Recent $300M Series B

August 7, 2019
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Michele-RomanowPic

Last week Clearbanc announced it had secured $300 million in a Series B. Specializing in the provision of capital to business owners for the purchasing of ads on digital platforms such as Facebook and Instagram, the company operates in an untapped niche. Alternative financing for the acquirement of a highly specific product, this product being the […]

Fox Corp / Credible Deal – What’s Online Lending Got To Do With TV Broadcasting?

August 5, 2019
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Fox Flag

On Sunday Fox Corp announced it had agreed a deal to buy a majority share of 67% in Credible, a San Francisco-based online lending platform that is publicly traded in Australia. Credible, which was valued at $397 million by Fox, provides credit checks for mortgages, personal loans, and student loans; gathers the information yielded; and […]

Square Capital Originated $528M in Loans in Q2

August 5, 2019
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Square in San Francisco

Square Capital facilitated 78,000 loans for $528M last quarter, according to their recent earnings report, an increase of 36% year-over-year. Thr growth is the exact percentage increase experienced by rival Shopify. Square says that they continued to see an average loss rate of less than 4% for their core Flex Loan product. deBanked ranked Square […]

Shopify Issued $93M in MCAs and Loans in Q2, Has Begun Offering Funding to Non-Shopify Payment Customers

August 4, 2019
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shopify glyph

Shopify, a publicly traded e-commerce platform, is quickly growing its merchant cash advance and loan originations through its Shopify Capital brand. The company issued $93M in Q2, up 36% year-over-year and an increase from the prior quarter of $5.2M. Shopify’s loan product is only available in Arizona, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, North […]

Import/Export SMBs Introduced to Fintech Lending Options

August 2, 2019
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Early this week TangoTrade announced its partnership with the online lender Fundation. TangoTrade, which deals primarily in payment assurances for US small business importers and exporters, will now offer alternative financing to SMBs with the help of Fundation. The development is a reaction to the struggles faced by small businesses who engage in global trade. Sam […]

Chinese Funder MYBank Using Advanced Tech to Provide Capital

August 1, 2019
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social credit china

MYBank, the largest non-bank funder in China, is using new technological systems to approve loan applicants. The company, which is backed by Alibaba founder, second richest person in China, and former English teacher Jack Ma, is now in its fourth year of operations and has thus far provided 2 trillion yuan ($290 billion) in funding […]

Clearbanc Raises $300M in a Series B

July 31, 2019
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Michele Romanow speaks at deBanked CONNECT Toronto

Above: Clearbanc President & co-founder Michele Romanow speaks at deBanked CONNECT Toronto | July 25, 2019 Toronto-based Clearbanc, a company founded on the idea of providing business owners with capital to purchase facebook and instagram ads in exchange for a percentage of their future sales, has raised $300M in a Series B. $50M of it […]

Maria Vullo Joins Emigrant Bank

July 31, 2019
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Maria T Vullo

Maria Vullo, who served as the Superintendent of New York’s Department of Financial Services (NYDFS) from 2016 to February 2019, has been elected to Emigrant Bank’s Board of Directors. As well as this, Vullo will be joining Emigrant’s holding company, New York Private Bank & Trust (NYPB&T). The move comes five months after the end […]

Ken Rees, CEO of Elevate, Resigns

July 30, 2019
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Ken Rees

Ken Rees, the CEO of consumer lending company Elevate, resigned on Monday. The announcement coincided with the release of the company’s Q2 financials in which Rees described the business as performing “extremely well.” Thus far, in 2019, we have already delivered over $19 million in net income or $0.43 per fully diluted share. We are […]

Spotlight on deBanked CONNECT Toronto

July 30, 2019
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deBanked CONNECT Toronto

As the heat of the Toronto sun split the stones outside, the crowd inside the Omni King Edward’s seventeenth-floor Crystal Ballroom mingled and munched as part of deBanked’s most recent CONNECT event. The first of its kind to be held in Toronto, the CONNECT series are half-day events that take place in both San Diego […]