Since: August 2020
|02/22/2022||Bitty Advance's new suite|
|02/20/2020||Bitty Advance has a new major partner|
|09/04/2018||Bitty Advance sponsors deBanked CONNECT|
Bitty Advance hopes that an enticing in-person environment will bring people back to the office. As part of that, the company recently moved into a new space.
“We want to give our team both the flexibility of working from home and having a premier office space for collaboration,” Bitty Principal and CEO Craig Hecker told deBanked. “…making our space open and dynamic, with comfortable couches, TVs, and relaxed meeting areas was important, we are also incorporating fun things like resting areas and table tennis to promote wellness and engagement.”
The new office is immediately adjacent to Dania Pointe, a 102-acre premier mixed-use development with almost one million square feet of retail and restaurants, luxury offices, hotels, luxury apartments, and public event space.
Bitty is seeking to acquire tech talent in many areas as they expand platform offerings for their white-label application intake process, affiliate online checkout referral page, payment processing & management interface, and self-service customer portal.
“Bitty is a tech company first. All of our focus is on utilizing technology to revolutionize the MCA space,” said Hecker.
There’s new management over at Bitty Advance. The Fort Lauderdale-based funding company has been acquired by long-time industry veteran Craig Hecker. Hecker, who years ago founded, grew, and sold Rapid Capital Funding had originally acquired a stake in Bitty earlier this year, but in the following months purchased the remainder of the business from founders Eddie Siegel and Lenny Duvdivani.
Hecker told deBanked that under his management Bitty has committed capital that will allow the business to fund up to $10 million per month.
“I’m very excited to take my industry experience and knowledge and apply it to this segment of the MCA space,” he says.
As part of the takeover, Hecker says that he has “re-assembled his dream team of technologists and ops” that have been part of his inner-circle for nearly a decade and “were critical in building out the platform” that had made Rapid Capital Funding successful.
Bitty has historically focused on micro-advances and the company plans to really scale up its efforts in the $2,500 – $12,500 small merchant market segment with the aid of automated technology. In addition to this, Bitty has launched a new sales partner portal for ISOs. “That way [ISOs] will always know what’s going on with merchant applications,” hecker said.
Craig Hecker, who founded and sold Rapid Capital Funding, has acquired a stake in Bitty Advance. According to the press release, Hecker and Bitty Advance CEO Edward Siegel first met more than ten years ago when Siegel had just entered the merchant cash advance industry at Rapid Capital Funding.
Bitty has been on the move. The company has been a regular participant in the networking conferences that deBanked puts on each year.
Siegel says of Hecker in the announcement that “I am thrilled to bring on Craig with all of his MCA experience and his creative thinking to help scale Bitty’s growth.”
The newly-made partners told deBanked that they believe this deal will enable Bitty Advance to leap forward to the next level by adding technology to fund faster and create an industry changing awesome customer experience.
Fort Lauderdale FL – February 21, 2020: Craig Hecker has acquired an equity stake in Bitty Advance.
Hecker is a pioneer and leader in the merchant cash advance industry who founded, grew, and sold Rapid Capital Funding.
Bitty Advance CEO Edward Siegel first crossed paths with Hecker in 2009 when Siegel was employed by Rapid Capital Funding. Siegel since then went on to launch Bitty Advance in 2017 to cater exclusively to small businesses that generate less than $100,000 in annual revenue.
Hecker will be providing valuable thought leadership and capital to help Bitty continue to grow and become the leader in the space.
“I am thrilled to bring on Craig with all of his MCA experience and his creative thinking to help scale Bitty’s growth,” Siegel says.
The start of the partnership was memorialized with a video, attached below.
About Bitty Advance
Bitty Advance was founded in 2017 and is based in Fort Lauderdale, FL. To reach the company, call 800-324-3863 or email email@example.com.
Bitty Advance has expanded to midtown Manhattan. The company’s first location, in Fort Lauderdale, FL, will remain intact as the corporate office.
“We wanted to have a New York presence to hire sales talent, underwriters and, of course, raise more capital because obviously this is the mecca for finance,” said CEO of Bitty Advance Edward Siegel.
Siegel said he is currently hiring salespeople and experienced underwriters for the New York office. There were about 10 well-dressed salespeople at the spacious Bitty Advance office in New York this morning, and Siegel said he plans to grow the office to about 20. He said there are 30 employees in Florida, none of whom moved to the New York office. The New York office does sales and underwriting, while the corporate office in Florida also handles sales and underwriting and houses the customer service and executive teams.
“We also wanted to have a presence in New York for our partners,” Siegel said.
Siegel’s partners include ISOs and other funders that don’t fund the smaller deals that Bitty Advance specializes in. Bitty Advance provides “micro advances” (from $2,000 to $10,000) to merchants doing less than $100,000 in revenue.
Siegel has another Florida-based funding company called Fundzio, and Bitty Advance launched in 2017 when Siegel recognized that almost 50% of online applications to Fundzio were coming from merchants doing less than $100,000 in revenue.
“I realized that the only proper way to do this was to create another company, carve out a niche, and build a team that was just focused on micro advances,” Siegel said.
Bitty Advance is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
“It’s a new product, it’s a new pricing structure, for deals that are $20,000 up to $125,000,” said Daniel Dames, VP of Operations at Bitty Advance.
Bitty Advance formally announced at deBanked Connect Miami that they will now be taking on bigger deals up to $125,000. They had started doing a few big deals back in November with select partners but now their new product, known as “Big Bitty,” is in full effect. Historically, the company had focused on microfunding, now known as “Core Bitty,” which they will still continue to do.
Better rates, longer terms, and lower fees is the new approach Bitty is taking with increased funding, according to Dames, and it calls for a bit more diligence on the underwriting and funding side. A merchant interview is required with Big Bitty as opposed to the strictly automated process enjoyed with Core Bitty, for example.
“This is Bitty, this is just a new product,” said Dames. “You submit the same way, you do everything the same way that you’re used to, really the difference is they see the numbers, they see the larger amount, they see the lower fees, they see the better rates, and they see the longer terms.”
Big Bitty isn’t just about doing bigger deals for the sake of doing bigger deals. Dames explained that they witnessed the challenges brokers face when having to send deals to multiple places and they recognized the value of being a one-stop shop for them.
Broker Fair’s Official Pre-Show Party takes place tonight at 7-9pm at The Valerie in NYC. Officially sponsored by Bitty Advance, the venue is at 45 W. 45th St. The Entrance is on W. 45th. This event is only open to those who purchased a ticket in advance.
Broker Fair 2023, which takes place tomorrow on May 8th is at the Hilton Midtown.
See you there!
bitty advance. are they connected in any way?, , mca servicing is bitty advance...
bitty advance. are they connected in any way?...
bitty advance, that accept and work referrals for merchants generating $5000-$10000 in monthly sales?, i don't think bitty has referral options. tried contacting them, no response yet...