Archive for 2019

For ISOs Only — How To Develop Your Factoring Brokerage Business (Part 1)

November 17, 2019
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Let me ask you a question; If you were walking down the street and saw a $100 bill on the sidewalk, would you stop and pick it up? Of course you would, unless you didn’t see it. Or would you say, “I’m in a hurry and it’s ONLY $100. I’ll make a lot more money […]

Clearbanc Offering Funding to Combat US-China Tariff Costs

November 16, 2019
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Clearbanc, the Toronto-based funding company co-founded by Dragons’ Den’s Michele Romanow, has announced this month that it will be expanding its funding options to support those small businesses who need assistance purchasing inventory from Chinese suppliers. Specializing in funding businesses who require capital for digital adverts, the Canadian firm decided to expand its offerings after […]

Google to Begin Offering Checking Accounts in 2020

November 16, 2019
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This week Google announced that it plans to offer checking accounts to customers in 2020. The news comes after the release of the Apple Card, Apple and Goldman Sach’s controversial joint project, in August; this week’s release of Facebook Pay; and the mass exodus by payments companies from Facebook’s Libra Association last month. Titled as […]

“Predatory Lenders” Slammed as Bill to Ban Confessions of Judgment Nationwide Advances

November 14, 2019
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Above: Rep Nydia Velázquez and Michael Bloomberg | Brooklyn, 2011(Bloomberg is majority owner of Bloomberg News parent Bloomberg LP) Rep. Nydia Velázquez (D) celebrated the advancement of a bill on Thursday that aims to outlaw confessions of judgment (COJs) in commercial finance transactions nationwide. HR 3490, dubbed the Small Business Lending Fairness Act, made its […]

IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability

November 14, 2019
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iou homepage

IOU Financial originated $41.4M in business loans in Q3, according to the company’s latest published financial statements. The figure is a modest increase over Q2’s $38.5M. IOU also kept up its trend of profitability with net income $1M. Shares of IOU, which trade on the Toronto Stock Exchange, are valued at around (CAD) 14 cents […]

Apple Card Under Investigation by State Financial Regulator

November 14, 2019
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apple card

Apple and Goldman Sachs came under fire this week after numerous users of the Apple Card, a joint venture by the two companies, took to social media claiming that the algorithm used to determine credit limits discriminated against women. It began when Danish tech entrepreneur and racecar driver David Heinemeier Hansson wrote up an expletive-laden […]

Brian Holloway, America’s #1 Most Requested Motivational Team Builder, to Speak at deBanked CONNECT Miami

November 13, 2019
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brian holloway

Salespeople, are you ready for… Total Market Domination?!?! Stanford All-American, 5 time NFL All-Pro, and All-Star front line competitor Brian Holloway will be speaking at deBanked CONNECT Miami on January 16th, two weeks before the Super Bowl takes place just down the road. deBanked CONNECT is taking place at the Loews in South Beach. Last […]

BFS Capital Hires New COO

November 12, 2019
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BFS Capital Website

BFS announced this morning that it has hired Brian Simmons as its new Chief Operating Officer. The news come as the company is preparing for the North American launch of its tech platform in December, a move that is part of BFS’s vision to become a more customer-focused business. This planned “journey,” as CEO Mark […]

Costs, Losses Soar At StreetShares

November 12, 2019
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military metal

StreetShares increased revenue by nearly 40% year-over-year, according to the company’s latest fiscal year 2019 filing, but costs soared and increased by almost 90%. StreetShares reported a staggering $12.3M loss on only $4.4M in revenue. That loss was much wider than the previous year’s loss of $6.5M on $3.2M in revenue. Whereas startups may spend […]

Funding Circle UK Referring Some Large Loan Applicants to Competitors

November 11, 2019
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Peer to Peer

Funding Circle UK has begun to refer applicants seeking an amount above their maximum loan size limit of £500,000 to Iwoca, MarketInvoice and French bank BNP Paribas, The Sunday Times reported. Previously, Funding Circle would just turn them away.

2019 Top 25 Executive Leaders in Lending – Canadian Lenders Association – Presented By BMO

November 11, 2019
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The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. The Top 25 finalists in this report represent various innovations in […]

Canadian Lender’s Association Awards Leading Executives and Companies

November 11, 2019
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cla leaders

Today the CLA announced the winners for its 2019 Leaders in Lending Awards. Highlighting the efforts of exceptional players within the fintech and alternative finance fields, the awards seek to “celebrate the industry and celebrate all the cool fintech things happening in Canada,” according to the CLA’s Strategic Partnerships Director Tal Schwartz. Now in its […]

2019 Top 25 Company Leaders in Lending – Canadian Lenders Association – Presented By BMO

November 11, 2019
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cla leaders

The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. The Top 25 finalists in this report represent various innovations in […]

Factoring for Freelancers

November 8, 2019
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Freelancers

The number of freelancers in America is quickly growing year on year, with a recent study indicating the percentage of full-time freelancers has increased from 17% of the workforce in 2014 to 28% in 2019. Representing a host of fields, from writing and photography to marketing and programming, the incomes and needs of such workers […]

Selecting a Third-Party Commercial Collection Agency

November 8, 2019
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Third Party Collections

It’s said that anyone can lend money out but the hard part is getting paid back. The latter part is full of nuance, a 32-page white paper authored by Minnesota-based Dedicated Commercial Recovery (Dedicated) reveals. “Choosing a third-party commercial collection agency is a matter of comparing potential returns and risks in order to achieve an […]

COJ Enforcer Gets COJ’d By City of New York And Is Forced to Resign NYC Marshal Position

November 7, 2019
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cojs

A New York City marshal at the center of a controversial Bloomberg News story series last year about “predatory lending,” has resigned after a city probe, the City of New York announced. Marshal Vadim Barbarovich was allegedly a prolific enforcer of New York judgments obtained by confession. After irregularities were discovered by the Department of […]

David Goldin is BACK – The Scoop Behind His Return

November 7, 2019
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David Goldin

“When I started, the term merchant cash advance didn’t even exist. There really were no business loans back then, the word ‘fintech’ didn’t exist, ‘alternative lender’ didn’t exist … Back in the day it was all about getting a credit facility, and that was like the iPhone 5, and now we’re the iPhone 11. There’s […]

PIRS Capital, Fundera Make Crains’s Fast 50

November 7, 2019
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newspaper headline

Crain’s New York Business has revealed its Fast 50 companies. Among them are Fundera (#22 with 720% 3-year growth) and PIRS Capital (#50 with 230% 3-year growth). Crain’s says that to be considered for the Fast 50, firms had to be at least four years old, generate at least $10 million in 2018 revenue and […]

Who Exactly Got Paid In Knight Capital’s Sale… And How Much? ($27.8M)

November 6, 2019
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Knight Capital Sale

Update 11/7/19 9:05 AM: Ready Capital Corporation confirmed this morning that Knight Capital’s total sale price was $27.8M. $10M was in stock. When Ready Capital Corporation acquired Knight Capital last week for $10 million in stock and an undisclosed amount of cash, questions abounded over who directly benefitted from the sale and how much cash […]

Lendio Says There’s Been a Strong Uptake Of Sunrise

November 6, 2019
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Brock Blake Lendio

Last week Lendio announced that its bookkeeping and invoicing service, Sunrise, had partnered with WePay, an integrated payments business of JPMorgan Chase, to form the freemium product Sunrise Pay. Stemming from an acquisition in Q1 of this year, Sunrise, formerly Billy, was picked up by Lendio after the company realized many of its customers who […]