Archive for 2019

California DBO Making Progress On Finalizing Rules Required By The New Disclosure Law

July 29, 2019
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Last October, California Governor Jerry Brown signed a new commercial finance disclosure bill into law. The bill, SB 1235, was a major source of debate in 2018 because of its tricky language to pressure factors and merchant cash advance providers into stating an Annual Percentage Rate on contracts with California businesses. The final version of […]

Chase Ends Partnership With OnDeck, OnDeck Stock Tanks On Bucket of Mixed News

July 29, 2019
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The market didn’t take too kindly to OnDeck’s Q2 earnings announcement on Monday. The stock price set a new all time intraday low of $3.01, down 24% from Friday’s close. First, JPM Chase ended their partnership with OnDeck, the company said, bringing a 3-year relationship to a close. “We can’t speak for Chase and their […]

PayPal Begins Offering Business Loans in Canada

July 28, 2019
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PayPal has extended its popular working capital business loan program to Canada, according to company CEO Dan Schulman. “This quarter, we began offering our PayPal business loan product to PayPal merchants in Canada, allowing them to access financing to build and sustain their businesses,” he said during the Q2 conference call. “This follows the expansion […]

deBanked CONNECT Toronto Photos

July 27, 2019
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REGISTER NOW FOR THE NEXT DEBANKED EVENT IN A CITY NEAR YOU

Early Bird Ticket Pricing To deBanked CONNECT San Diego Ends Soon!

July 26, 2019
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sdcrowd

deBanked CONNECT Toronto was a hit and photos and coverage of the event will be available soon. But in the meantime there’s only SIX DAYS LEFT of early bird pricing to deBanked CONNECT San Diego! This event is taking place at the Hard Rock Hotel in October 24th. Brokers get in with a discounted price. […]

deBanked CONNECT Toronto Kicks Off Today

July 25, 2019
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Omni King Edward Hotel Toronto

Welcome to The Omni King Edward Hotel Don’t be late!  Registration and networking starts at 1:30pm at The Omni King Edward Hotel in Toronto.    Schedule of events: 1:30 pm – 3:00pm Registration + Networking + Meet Our Sponsors – Prefunction, 17th Floor 3:00 pm – 6:00 pm General Sessions – Crystal Ballroom, 17th Floor 6:00 pm – […]

OnDeck Taps Bank Veteran to Lead ODX Sales and Strategy

July 23, 2019
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Lonnie Hayes

BBVA USA Veteran Lonnie Hayes Joins New Business Unit Serving Banks NEW YORK – OnDeck® (NYSE: ONDK), the leader in online lending for small business, today announced the appointment of Lonnie Hayes as the Head of Sales and Strategy for ODX, a wholly owned subsidiary of OnDeck that assists banks with streamlining and digitizing small […]

Become: The Who, What, and Why of a Rebrand

July 23, 2019
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become logo

Last week Lending Express rebranded to Become. Founded in 2016, the company, which educates businesses looking for loans on how to appear more attractive to funders, was spearheaded by CEO Eden Amirav in Australia originally, with an eventual expansion to the US. Three years in, the company has over 50 lending partners across its two markets, a […]

CAN Capital Welcomes John McNeill, New Chief Financial Officer

July 23, 2019
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can capital logo

Kennesaw, GA — CAN Capital, a leading provider of small business working capital loans, is pleased to announce the hiring of John McNeill as its new Chief Financial Officer (CFO). McNeill brings to the company a deep expertise in corporate finance, accounting, treasury and a growth orientation well suited for CAN’s current expansion. McNeill has […]

CAN Capital Hired a New CFO: Here’s His Take On The Company

July 23, 2019
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cancapitalpurple

The last 12 months have seen plenty of developments within the offices of CAN Capital. September witnessed the announcement of a new credit facility of $287 million with Varadero Capital. January brought news of the hiring of a new CEO. And now, completing the hat trick is CAN’s employment of John McNeill as its CFO. Coming from years of […]

Loan Broker Busted In Advance Fee Loan Scam Faces Drug Charges

July 20, 2019
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Arrested

Demetrios Boudourakis, who was arrested last month for operating an advance fee loan scheme that allegedly defrauded small business owners nationwide, is also facing federal drug charges. The criminal complaint, filed on June 14th, asks for an arrest warrant for conspiring to distribute controlled substances. The complaint can be viewed here.

“Try Being Bored”: Amanda Parker’s Ascent To Top FinTech Recognition

July 19, 2019
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top women

“Fantastic and surprising” is how Amanda Parker, the Director of Innovation at FundThrough, described being selected as one of Canada’s Top 50 Women in FinTech last week. The list, produced by the Digital Finance Institute, aims to highlight those women whose contributions to and leadership in the FinTech industry have been influential. Among those who Parker […]

Is The COJ Law In Effect Yet?

July 18, 2019

coj clock

Artwork by Cindy Recile The COJ bill passed, but where’s the governor’s signature? When the legislature passes a bill in New York State, there’s a documented procedure on the Senate’s website for how it becomes law. If the legislature is still in session, the governor has only 10 days to sign it. If the passed […]

SecurCapital Acquires Breakout Capital Finance’s Lending Business

July 17, 2019
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breakout capital

Supply chain and logistics company acquires the lending business of leading fintech small business lender and injects new equity capital MCLEAN, VA — SecurCapital Corp, an expanding supply chain and financial services provider headquartered in California, today announced the acquisition of the lending business of Breakout Capital Finance, a leading fintech company and nationwide small […]

Breakout Capital is BACK

July 17, 2019
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Breakout Capita

Above: Breakout Capital Finance founder Carl Fairbank shakes hands with SecurCapital CEO Steve Russell SecurCapital Corp has acquired the lending business of Breakout Capital Finance. Breakout was founded in 2015 by Carl Fairbank, a former investment banker, and quickly made a splash in the burgeoning small business lending industry. The company has raised significant capital […]

Key Takeaways from the Q2 2019 Private Capital Access Index

July 17, 2019
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Main Street sign

The latest Private Capital Access Index, published quarterly by Pepperdine Graziado Business School, was released recently, and with it came fresh insights into the minds of business owners. Covering companies that earn under $5 million in revenue annually, as well as those that raise between $5-100 million, the Index provides information on a wide range […]

Lending Express Rebrands to Become

July 16, 2019
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become logo

Lending Express, a company whose CEO was once a master gamer, has rebranded to Become. “This transition comes at a pivotal point in the company’s growth and highlights its dedication to providing businesses with opportunities to improve fundability, secure funding, and ultimately become more,” a company spokesperson wrote. According to the company, their online loan […]

Star Fundraiser For 1 Global Capital Settles With The SEC

July 15, 2019
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United States Securities and Exchange commission SEC logo on entrance of DC building near H street

Henry J. “Trae” Wieniewitz, III was charged by the SEC on Monday for his role in allegedly selling unregistered securities in two companies, 1 Global Capital (the now defunct merchant cash advance provider) and Woodbridge Group of Companies (a purported real estate lending business revealed to be a $1.2 billion ponzi scheme). “Wieniewitz and Wieniewitz […]

Apple’s Credit Card Looms Despite No Clear Launch Date

July 14, 2019
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apple card

“A new kind of credit card. Created by Apple, not a bank.” Now plastered across Apple’s website, these words signal the company’s next advancement into finance with Apple Card, the new credit card service it is launching later this summer. And they’re only half true. While it is a novel take on credit cards, it’s not […]

Online Lenders Beat Credit Unions, Friends, and Family as Primary Source of Credit

July 14, 2019
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primarysource

7% of small businesses generating less than $5 million/year in revenue relied on online lenders as their primary source of credit in the last quarter, according to the latest Private Capital Access Index published by Pepperdine Graziado Business School. 3% relied on credit unions as their primary source and 6% relied on friends and family. […]