Archive for 2019

National Funding CEO David Gilbert Caddied For Tiger Woods For a Day

December 6, 2019
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David Gilbert, the CEO of National Funding, had the honor of caddying for Tiger Woods on Wednesday at the Hero World Challenge pro-am in the Bahamas. Gilbert earned the opportunity by being a very generous participant in a Woods charity event held earlier this year. The proceeds went to the TGR Foundation. Gilbert told deBanked […]

LendingClub Retail Investors Still Frozen Out In Several States After Sudden Restriction

December 5, 2019
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On September 23, retail investors on the Lending Club platform in 5 states received strange news, they had been temporarily restricted from buying notes because of the state they lived in. No further information was provided. 74 days later, investors in New York, Florida, Texas, Arizona, and North Dakota (the affected states) are still frozen […]

Hedge Fund Billionaire With Fintech Focus is Buying The New York Mets

December 4, 2019
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Steve Cohen, the hedge fund billionaire behind Point72 Asset Management, is reportedly buying a majority stake in the New York Mets. After a long infamous run at the helm of S.A.C. Capital Advisors, Cohen founded Point72 and with it, an early-stage venture capital fund that focuses on areas like fintech and artificial intelligence. Among the […]

The Broker: How Gerald Watson Mixes Factoring with MCAs

December 3, 2019
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Role? I’m the owner of The Watson Group, a factoring broker company.   How did you end up in the industry? I got started in what I call the contract financing industry about 35 years ago, kind of by accident. I had spent years working with a large management consulting company in Boston and we […]

StreetShares Discontinues Major Segment of Its Financing Business

December 3, 2019
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military metal

StreetShares quietly discontinued a major part of its financing business on November 15, a new disclosure filed with the SEC revealed. “For new customers, the Company is no longer offering to factor invoice receivables,” the letter signed by General Counsel and Chief Compliance Officer Lauren Friend McKelvey says. The company had purchased more than $112 […]

deBanked CONNECT MIAMI Cyber Monday Special!

December 2, 2019
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South Beach

Buy a deBanked CONNECT MIAMI ticket today and you’ll automatically be entered a raffle to win a free ticket to Broker Fair 2020 in New York City. The winner of the raffle will be announced on Instagram LIVE on Wednesday, December 4th at 3pm EST. The contest ends tonight at 11:59PM EST. So make sure […]

The Current State of SME Lending in Canada

December 1, 2019
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Canada Finance

According to the latest statistics, there were 1.18 million employer businesses in Canada, with the majority of them located in the provinces of Ontario and Quebec. 1.15 million (97.9%) represented small businesses 21.926 (1.9%) referred to medium-sized ventures Only 2.939 (0.2%) accounted for large corporations Small and medium companies are blooming in Canada: they represent […]

More Individuals Expected to Be Criminally Charged in 1 Global Capital Case

November 30, 2019
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Hallandale Beach

Federal prosecutors have asked a Court to consolidate criminal cases against 1 Global Capital defendants Alan Heide and Jan D. Atlas on the basis that there is substantial overlap between them and that additional individuals are expected to be charged. “Considerable judicial resources may be conserved if, going forward, a single judge is chosen to […]

Fast and Furious Funders – At The Canadian Lenders Association’s Venture Debt Summit

November 30, 2019
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Canadian Flag

Fast and Furious Funders was the name of a panel at the Venture Debt Summit hosted by the Canadian Lenders Association on October 23, 2019. Panelists included: Karanjit Bhugra, Managing Director, Deloitte Corporate Finance Jyotin Handa, Director of Finance, Espresso Capital Tanay Delima, Co-Founder, Clearbanc Keren Moynihan, Co-Founder, Boss Insights You can watch the video […]

Broker Fair / Black Friday ONE-DAY ONLY Special Price

November 28, 2019
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broker fair 2020

Broker Fair Returns to New York City on May 18, 2020. Take advantage of this special ONE-DAY only discount code and get 29% OFF THE EARLY BIRD PRICE. This incredible deal ends at 11:59pm EST on 11/29/19. Promo code: brokerfair29 Register here Broker Fair’s two previous annual events sold out in advance. Hundreds of brokers […]

Happy Thanksgiving. It’s Meme Time!

November 27, 2019
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Happy Thanksgiving. You know what that means! deBanked original memes! Here’s the latest: SEE ALL THE MEMES FROM PREVIOUS YEARS! 2017 1: The State of The Industry (In Memes) 2017 2: Take a Break From Funding This Thanksgiving 2016: The History of Alternative Finance (As Told Through Memes) 2013: 10 Clues You’re Hardcore About Merchant […]

Flender Makes BIG Mark in Ireland’s SME Lending Market

November 26, 2019
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Dublin Ireland

Ireland can seem like a small place, so much so that on my way to meeting with Colin Canny, Flender’s Head of Partnerships, I quite literally bumped into Flender’s co-founder & CEO Kristjan Koik who was walking through Dublin’s Silicon Docks. I recognized Koik from the who’s who catalogue of executives I had compiled before […]

Bloomberg is Officially Running for President

November 25, 2019
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Michael Bloomberg

Former NYC Mayor Michael Bloomberg is officially running for President. He announced it over the weekend. His campaign’s website paints him as a self-made entrepreneur who at 39-years old founded a company in a one-room office with the idea of turning a computer that connects users to a vast network of information and data. Today, […]

Canadian Lenders Summit Recap

November 23, 2019
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Top Canadian Companies of the year

The Canadian Lenders Association’s largest annual event brought together hundreds of executives from the fintech and lending industries. It was hosted at MaRS, a dedicated launchpad for startups in Downtown Toronto that occupies more than 1.5 million square feet and is home to more than 120 tenants, many of which are global tech companies. After […]

Merchant Cash Advance Valuation Dynamics

November 20, 2019
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mca curve 1

Understanding the differences in cashflow dynamics between small business loans and MCAs is crucial for investors when valuing these alternative investments. A small business loan usually has familiar terms such as a principal amount that is paid back with interest over time, typically with a monthly payment schedule. An MCA agreement does not have these […]

OCC Believes It’s Time To Fix Madden Issue Once And For All

November 18, 2019
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OCC Seal

If a bank makes a legal loan to a consumer and then later sells the debt to a third party, the terms of the loan are still legal right? “Yes” should be the obvious answer, but in 2015 a federal appeals court said “no.” The case was Madden v. Midland Funding LLC, which started as […]

Merchant Infamous For Safari-Themed Home, Has Died

November 18, 2019
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African Queen

The saga of Michael Willhoit has come to an end. deBanked wrote about Willhoit in December 2018 when we learned he defaulted on nearly half a million dollars in merchant cash advance transactions and was sued by banks over $4.5 million in bad loan deals. This past June he was also indicted on 36 counts […]

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

November 17, 2019
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$100

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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made in china

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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G Pay

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 […]