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Phone: 800-324-3863 Email: partners@bittyadvance.com Learn More |
 Since: August 2020 |
Related Headlines
| 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 |
Related Videos
Revenue Based Financing With Craig Hecker at Bitty Advance |
Stories
OppFi Shares More About The Bitty Advance Deal
August 7, 2024
OppFi, a publicly traded fintech with a $430M market cap, discussed its recent investment in Bitty Advance during its regular quarterly earnings call today. OppFi acquired a 35% stake in the company with the option to acquire a majority in 2027.
“This acquisition is intended to serve as the foundational piece of our new small business financing vertical,” said OppFi CEO Todd Schwartz. “Bitty is a credit access company that offers revenue-based financing and other working capital solutions. Bitty generates income through origination and service fee income and therefore does not have balance sheet or credit risk.”
Special mention was made about Craig Hecker, who is still the majority owner, and his great leadership.
“I’m personally looking forward to collaborating with Craig and helping him and his team take Bitty to the next level of profitable growth by leveraging OppFi’s expertise in data analytics, marketing and automation,” Schwartz said.
During the Q&A session, Dave Storms of Stonegate Capital asked Schwartz to elaborate on any exciting short-term synergies the deal might present for OppFi. This was his response:
Todd Schwartz: I think Craig is a talented operator and obviously someone who has a lot of experience in the small business space. We think the collaboration between our two companies is going to yield great results. To remind everyone, Craig has a business that currently is in origination, so he’s earning his income from origination and servicing. We think that has a lot of optionality. He also has a really good digital platform. We believe in this digitization of small business and think there’s a lot of growth there. I think when you take a lot of the things that we do well and the things that Craig’s doing well, there’s a lot of complementary skill sets.
And I think it’s going to yield great results. I think we’ve done a lot of research on the SMB market and we feel that there is supply/demand imbalance. And we feel that there’s ability to not only take market share, but as the addressable market continues to go online to search for working capital options, that there potentially is even growth in the total addressable market. So we’re excited. We think there’s some accretion to earnings that we mentioned in this year and then for the future but we feel really good about taking our time there. We’ve kind of started to talk about it for over a year and a half. And so I think we’re just happy that we’ve fulfilled on our and delivered on our promise that we’re going to create, that OppFi is going to create a brand that has best suite of best-in-class digital financial service products that address supply/demand imbalance and credit access. And we feel like we’re on our way. We have all the ingredients to be able to do that and will yield great results for us.
Bitty Advance’s New Suite
February 22, 2022
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.
Bitty Advance Has Been Acquired By Industry Veteran Craig Hecker
July 23, 2020
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.
Bitty Advance Has a New Major Partner
February 21, 2020Craig 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.
Craig Hecker Acquires Stake in Bitty Advance
February 21, 2020
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 partners@bittyadvance.com.
Bitty Advance Opens Office in NYC
June 6, 2019
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
September 4, 2018Bitty 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!
Check out photos from deBanked’s past CONNECT event in Miami
OppFi Encouraged By Early Results With Bitty
November 10, 2024OppFi achieved a new record in Q3.
“The record quarterly net income was a result of credit initiatives that continue to drive strong loss payment and recovery performance, marketing cost efficiency and prudent expense discipline across the organization,” said OppFi CEO Todd Schwartz during the quarterly earnings call. One part of that organization is Bitty Advance, which it acquired a 35% stake in this past summer. “We are encouraged by the early results and potential opportunity of this platform and the strength of our relationship with Bitty,” Schwartz said of the progress so far. “We continue to explore similar opportunities that would be accretive and align with OppFi’s strategic vision.”
One analyst on the call inquired further about what similar opportunities Schwartz might be referring to on the M&A front.
Schwartz responded with the following:
I mean I think whatever it is, it’s got to be something that’s highly accretive. I mean, OppFi’s vision is to be a platform for digital alternative financial service products where we see large supply-demand imbalances in large addressable markets. There’s definitely different profiles of business out there, different situations are pretty — it’s pretty bespoke, but we’re prepared to handle either-or. So it has to make sense for us, though. And obviously, we’re going to protect and mitigate risk with anything we do to make sure that it’s successful and make sure that we’re going to be getting a return on our capital and it’s highly accretive to shareholders.
See Post... bitty advance. are they connected in any way?, , mca servicing is bitty advance... |
MCA servicing... bitty advance. are they connected in any way?... |
See Post... 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... |
