Archive for 2019

Avi Wernick and Boris Kalendarev Move to RDM Capital Funding

September 23, 2019
Article by:

Avi Wernick and Boris Kalendarev are joining RDM Capital Funding as the new Director of Partnerships and Strategy and CFO/COO, respectively. The move comes after a fruitful year for the company, with it securing a $7.5 million credit facility from Charleston Capital, an amount that it has since extended; upping its funding originations from $300-500,000 […]

Last Call To Book Rooms & Sponsor deBanked CONNECT San Diego

September 21, 2019
Article by:

deBanked CONNECT San Diego, which kicks off on October 24th at the Hard Rock Hotel, is fast approaching. Discounted hotel rooms through deBanked’s special link will only remain available until Monday at 5pm. Even if you were planning to book later and pay full price, the hotel has informed us that they are almost entirely […]

Nationwide Management Services Adds New Features To Its Virtual Site Inspections

September 20, 2019
Article by:

MARICOPA, Arizona, September 20, 2019— Nationwide Management Services Inc. (NMSI) announced two new features have been added to its Virtual Site Inspection Software that will change the merchant cash advance and small business lending industries. NMSI’s new features are Pinch to Zoom/Remote Synchronized Zoom and Text Extract using OCR (Optical Character Recognition). With Pinch to […]

Could Peer-to-Peer Lending Be Resurrected By Falling Interest Rates? At Least For Now?

September 19, 2019
Article by:

Gone with the Wind: $35 Million Missing as Payroll Company Closes and President’s Home Raided

September 18, 2019
Article by:

Knocking on the door of a lake-view house in Edinburg, NY last week, reporters from both the Times Union and Daily Mail were met with pleas from a woman to leave her property and notice that she would call 911 if they continued. This week the FBI come knocking instead. The woman is assumed to […]

Prominent Attorney Criminally Charged In 1 Global Capital Mess

September 17, 2019
Article by:

Department of Justice

Another individual has been criminally charged in connection with the 1 Global Capital securities case. 74-year-old Jan Douglas Atlas, a securities attorney, was charged with 1 count of securities fraud by the US Attorney in South Florida on Tuesday for authoring opinion letters in 2016 that falsely described that the investments were not securities nor […]

Earnin, Say What’s Your Price? Nas-backed Earnin Comes Under Investigation

September 17, 2019
Article by:

Question Marks

Earnin, the self-proclaimed alternative to payday loans, is part of a new online lending category that is under investigation in eleven states and Puerto Rico for its similarities to payday loans. With such loans being banned in sixteen states, the app-based personal loans company has drawn the attention of various regulators after it was suggested […]

New SoFi Stadium To Host Rams, Chargers, Super Bowl & Olympics

September 15, 2019
Article by:

SoFi Stadium

SoFi’s appetite to reach NFL viewers is going above and beyond just Super Bowl commercials. The fintech company that started with student loan refinancing, has secured the naming rights to a new professional football stadium in Inglewood, California. SoFi Stadium, which opens in 2020, will host both the Rams and the Chargers. The stadium will […]

Online Lender Wins Massive Arbitration Award After Retailer Challenged The “True Lender” Of The Loans

September 13, 2019
Article by:

business referee

An arbitrator was unconvinced by a retailer’s arguments that business loans it obtained from Celtic Bank via Kabbage were responsible for the business’s eventual failure. In 2017, NRO Boston, LLC and Alice Indelicato filed a lawsuit against Kabbage Inc. and Celtic Bank Corporation for allegedly violating Massachussetts’ usury law when the parties engaged in financing […]

Win Two FREE Tickets to deBanked CONNECT San Diego

September 12, 2019
Article by:

San Diego Ticket Giveaway

WILL YOU BE JOINING THE INDUSTRY IN SAN DIEGO?! The prize for the one lucky winner of deBanked’s raffle is TWO tickets to deBanked CONNECT San Diego*. Here’s how to enter: 1. Follow @debankedmagazine on Instagram 2. Like the giveaway post 3. Comment on the post by tagging three friends The results will be shown […]

Four Plead Guilty In Fake Business Loan Scheme

September 11, 2019
Article by:

Courtroom

Four of the five loan brokers indicted in a fake business loan scheme have pled guilty to charges. Toplica and his co-conspirators were alleged to have duped an Ohio victim out of hundreds of thousands of dollars in upfront fees, the title to 55 vehicles including a Ford Mustang, several dump trucks, several tractors, several […]

Up Next On The New York Legislative Agenda: Funder, Lender, and Broker Licensing

September 10, 2019
Article by:

Fall Albany

New York State Senator James Sanders Jr. has introduced S6688, a commercial financing licensing bill that would require persons or entities engaging in the business of making or soliciting commercial financing products in New York state to obtain a license from the New York Department of Financial Services. The bill covers small business lenders, merchant […]

TBF Financial Buys $60 Million in Commercial Debt from Major Online Lender

September 10, 2019
Article by:

brett boehm

DEERFIELD, IL, Sept. 10, 2019 ─ TBF Financial purchased nearly $60 million in non-performing loans from a major online small business lender in recent transactions, CEO Brett Boehm announced today. TBF bought the pools of post-charge-off loans as the highest bidder in transactions arranged through multiple brokers. In most cases, the company purchases directly from […]

Stripe Ventures Into Merchant Cash Advance Financing

September 6, 2019
Article by:

stripe conference room

Stripe, a payments firm lauded as the world’s most valuable private fintech company (at $22.5B), has officially launched a merchant cash advance product. Dozens of news outlets have announced that the company is providing loans, but that’s not all, deBanked has learned. Both loans and merchant cash advances are available. The company’s FAQ page originally […]

Lending Valley Originates Over 100 Micro Deals in Debut

September 6, 2019
Article by:

Lending Valley Logo

Brooklyn, NY – Lending Valley has originated 100 fundings to small businesses since the company’s debut in early June. The company was founded by small business finance veteran Chad Otar, the former CEO and co-founder of Excel Capital Management. Lending Valley focuses on micro funding deals of $1,500 to $10,000 with a variety of available […]

A Side-By-Side Look At Small Business Funding Securitization Pools

September 6, 2019
Article by:

securitization chart

Several small business funding companies have closed majored securitization deals since 2018 with Kroll Bond Rating Agency rating the transactions. For the most recent transaction with National Funding, Kroll compared each securitized pool side-by-side in a chart. An abbreviated version of it is below: NFAS 2019-1 (National Funding) RFS 2018-1 (Rapid Finance) CRDBL 2018-1 (Credibly) […]

PNC Bank Launches Fintech Startup numo

September 3, 2019
Article by:

pnc bank

Last week, PNC Bank announced its latest venture, numo, which aims to function as an internal startup, developing apps and other services to expand PNC’s operations. The first such app is indi, a bank account for gig workers that is exclusive to mobile phones. Offering customers tax calculators, tax savings goals, and dynamics adjustments that […]

deBanked San Diego Sizzle Reel

September 1, 2019
Article by:

debanked san diego thumb

REGISTER FOR THE NEXT DEBANKED CONNECT SAN DIEGO EVENT ONOCT 24, 2019

Snapshot On Australia: Growth In The Making

August 30, 2019
Article by:

This story appeared in deBanked’s Jul/Aug 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE The Australian alternative lending market continues to gain momentum, bolstered in part by increased awareness, heightened competition and growing dissatisfaction with the status quo. Indeed, there’s been significant growth in the few years since deBanked first wrote about the […]

New York’s COJ Restrictions Have Been Signed Into Law

August 30, 2019
Article by:

cojs

Governor Cuomo has signed S6395, the law that outlaws entering a Confession of Judgment in New York against a non-New York debtor. Rich Azzopardi, a senior advisor to the governor, said on social media that the law has “closed a loophole that allowed unscrupulous creditors to use NY courts to penalize out-of-state consumers with no […]