Stories
Onset Financial Acquires Channel Forming One of the Largest Independent Equipment Finance Lenders
April 8, 2025
Draper, UT, and Minnetonka, MN (April 8, 2025) – Onset Financial, one of the nation’s fastest-growing independent equipment leasing companies, today announced it has acquired Channel and its subsidiaries, a premier provider of equipment finance and working capital solutions for small business.
This strategic acquisition brings together two of the industry’s most innovative and financially strong independent finance companies, creating an unmatched platform with the scale, expertise, and resources to meet the evolving needs of businesses across all segments. For more than 16 years, Onset has been a driving force in equipment finance, facilitating over $5 billion in funding, with more than $1 billion in the past year alone. With a proven track record across industries including manufacturing, healthcare, energy, aviation, and technology, Onset has built a reputation for exceptional deal structuring, capital strength, and a relentless focus on customer and team member success. Recognized as a Monitor Magazine Top 100 and Independent Finance Company, Inc. Magazine Best Workplace, and Salt Lake Tribune Top Workplace, Onset’s growth trajectory and industry leadership continue to set it apart.
Since its founding in 2009, Channel has provided over $3 billion in financing to more than 30,000 businesses, earning widespread recognition for its data and technology-driven approach, deep industry relationships, and commitment to its partners. Its accolades include listing on Inc. Magazine’s Fastest Growing Companies list for 12 consecutive years. The company has also been recognized as a Top Workplace by Inc. Magazine, Minnesota Star Tribune, and on Monitor Magazine’s Top Companies list for both Culture and Leadership, all of which reflect a reputation built on trust, service, and innovation. Channel has developed industry superior systems and processes that enable it to deliver a best-in-class financial product to its partners, enhancing efficiency and service.
By joining forces, Onset and Channel are setting a new standard for what a fiercely independent finance company can achieve. This partnership amplifies their collective ability to be nimble, creative, and hyper-focused on innovation, culture, and lasting partnerships. Importantly, the Channel brand and subsidiaries will continue, and the full leadership team and employees will remain in place, ensuring continuity without any disruption for its partners and customers. Onset gains expanded capabilities in small-ticket financing and exclusive partner-based funding models, while Channel benefits from increased capital access and accelerated growth. Together, they create a dynamic, best- in-class lending platform that combines flexibility, scale, and operational strength to deliver groundbreaking financial solutions with a partner-centric focus.
“This acquisition positions us to lead the independent equipment finance space with unmatched resources, expertise, and combined financial strength,” said Justin Nielsen, Founder & CEO of Onset Financial. “The exceptional leadership, industry experience, and culture that the Channel team brings to the table are a perfect match with Onset. Their deep partner network and technology-driven approach, combined with our large-scale leasing capabilities, create a powerhouse of innovation and service. We are excited for the near-term growth opportunities this creates, as we combine forces to build an even stronger future. Together, we’re not just expanding our reach, we’re setting a new standard for excellence, agility, and partnership in the industry.
“This is a defining moment for Channel,” said Brad Peterson, Co-Founder and CEO of Channel. “From my first conversation with Justin, it was clear that Onset operates with a bold, forward-thinking approach that sets them apart. Their vision, leadership, and ability to execute at scale are truly impressive. Our united strength in both financial foundation and proven expertise, positions us extremely well for projected expansion. What excites me most, however, is not just the financial strength they bring, but their entrepreneurial spirit, like-minded culture, and commitment to collaboration. With Onset, we’re ready to build and transform what is possible in our industry for our partners and customers.”
Established in financial strength, industry expertise, and progressive culture, the newly combined organization will offer a powerful alternative to traditional lending institutions, providing businesses with the agility, service, and tailored financing solutions they need to thrive.
Onset’s legal counsel was Ray Quinney & Nebeker. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor to Channel, and Simpson Thacher & Bartlett LLP served as its legal advisor.
About Onset Financial, Inc.
Founded in 2008, Onset Financial, Inc. is an industry leader in equipment leasing and financing. Onset’s seasoned Management Team has decades of equipment leasing experience and key industry relationships that enable Onset to offer additional flexibility in lease structuring. For more information, please call 801-878-0600 or visit www.onsetfinancial.com.
About Channel
Established in 2009, Channel is a leading full-service independent lender offering a single source solution for both equipment finance and working capital to small businesses. To date, Channel and its subsidiaries have funded over $3 billion to more than 30,000 businesses across the U.S. The organization is comprised of three business divisions that operate from its main office in Minnetonka, MN, along with additional locations in Kennesaw, GA, Mount Laurel, NJ, Des Moines, IA, and Marshall, MN. For more information about Channel, please visit www.channelpartnersllc.com.
Dedicated Financial GBC Celebrates 10 Years of Significance by raising over $64,000 for Nonprofit Organizations
January 22, 2025
Shoreview MN – On January 10th, 2025, Dedicated Financial GBC proudly hosted its first-ever gala, celebrating 10 years of existence and significance. Held at the JW Marriott in Bloomington, the evening was spectacular. A glamorous red-carpet experience welcomed guests, complete with professional photos and video interviews led by the night’s host, Eric Perkins. Behind them stood a stunning backdrop displaying the logos of the many nonprofit organizations that Dedicated has worked with throughout the past decade.
The evening celebrated the heart of Dedicated’s mission: that businesses have the greatest opportunity to change the world and Dedicated is taking steps to prove that. The night began with a 90-minute cocktail hour to connect directly with the nonprofits at their table. Throughout the night, nonprofits shared from the stage about their mission and inspired guests toward action. Next, a borrower that Dedicated collected from during a truly devastating tragedy in her life shared a touching testimony. Acclaimed musical guest Jason Gray delivered an unforgettable, soul-stirring performance, and Amanda Brinkman took to the stage to inspire guests with her powerful message about pursuing purpose and following one’s unique journey.
The night also honored those who made an enduring impact by working with Dedicated. Awards were presented to outstanding team members, and a lifetime achievement award bestowed upon the CEO’s longtime mentor and the Senior Advisor to Dedicated, Dr. John Reik—a heartfelt tribute to the guidance and wisdom that shaped the company’s journey.
Closing the event, Dedicated’s CEO expressed deep gratitude to everyone who poured love, care, and time into the company over the past 10 years. In a moving moment, guests were invited to donate to the cause that resonated most with them. Representatives from each nonprofit met with guests and told firsthand stories of how their missions change lives.
It is incredibly unique to see a company mark a milestone like this—not by focusing solely on its achievements but by raising funds and awareness for causes that truly matter. In just one night, Dedicated and their guests raised $64,000 to support 14 nonprofit organizations. Over the past decade, Dedicated has contributed to these nonprofits through various drives, campaigns, and volunteer efforts, making a significant difference in many lives.
Looking forward to the next 10 years, Dedicated remains steadfast in their commitment to inspire businesses in becoming purpose-driven and putting people over profits.
Taycor Financial to Become the Vendor Division of North Mill Equipment Finance
November 14, 2024NOVEMBER 8, 2024, NORWALK, CT – North Mill Equipment Finance, LLC (“NMEF”), a leading commercial equipment lessor located in Norwalk, Connecticut, announced today the acquisition of 100% of the stock of TF Group, Inc., (“Taycor Financial”), a preeminent, technology-driven finance provider in El Segundo, California. Taycor Financial will continue to operate as an independent division of NMEF, with a focus on developing direct and vendor origination programs.
NMEF’s partnership with, and substantial capital investment in, Taycor Financial over the past four years has been instrumental in expanding our commercial footprint,” said David C. Lee, Chairman and CEO of North Mill. “As we take this next step to bring our companies even closer, we want to underscore that our dedication to our existing partners remains unwavering. This integration will further empower each division to build on its core strengths – with NMEF committed to nurturing and expanding our referral partner relationships, while Taycor focuses on developing vendor and direct programs.”
Michael Hong, President of Taycor Financial, stated, “This partnership with NMEF represents an exciting opportunity to expand our capabilities and enhance our service speed across underwriting, documentation, and funding. While we look forward to leveraging our combined technology and resources, our dedication to exceptional customer care remains at the heart of everything we do. We will continue to operate under the Taycor Financial name with the same steadfast commitment to our clients and partners, fostering strong relationships, and delivering personalized, responsive support.”
About North Mill Equipment Finance (NMEF)
NMEF is a national, premier lender who works with third-party referral (TPR) sources to finance small to mid-ticket equipment commercial leases and loans ranging from $15,000 to $3,000,000 and up to $5,000,000 for investment grade opportunities. NMEF accepts A – C credit qualities and finances transactions for many asset categories including but not limited to medical, construction, franchise, technology, vocational, manufacturing, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com. One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from its main office in Las Vegas, NV. For more information, visit www.britecap.com.
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BriteCap Financial Announces New CEO
September 16, 2024BriteCap Financial LLC (“BriteCap”), a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans, announced today the appointment of Richard Henderson as the company’s new CEO.
“I’m proud to see Rick take the helm at a time when BriteCap is poised to bring financial solutions to the market at scale,” said outgoing CEO Sri Kaza. “His experience and relationships across the industry will open the door for many more small businesses.”
BriteCap became a member of the growing family of companies under the North Mill Equipment Finance (NMEF) umbrella in 2023. “We are thrilled to have Rick join as the leader of BriteCap,” reported David C. Lee, Chairman and CEO, NMEF. “His two plus decades of success in equipment finance and working capital lending dovetail well with our strategy to offer comprehensive capital solutions for small and medium sized businesses. In particular, we look forward to developing unique solutions and programs for our key referral partners in partnership with BriteCap.”
“I’m excited to join BriteCap and lead such a respected, values-driven company,” said Rick Henderson, CEO, BriteCap Financial. “BriteCap has built an exceptional, tech-enabled funding platform that blends the speed and convenience of self-service with the expertise of a supportive team, making it easier and faster for small and medium-sized businesses to access the capital they need to grow. I look forward to collaborating with the BriteCap team and our strategic referral partners to build on this legacy, developing innovative solutions that empower America’s business owners and the finance brokers who support them.”
BriteCap operates from offices in North Hollywood, CA and Las Vegas, NV.
About BriteCap Financial
BriteCap Financial is a leading provider of working capital for America’s small business owners. Since 2003, BriteCap combines technology, non-traditional credit algorithms to provide fast, convenient and affordable working capital direct to businesses or through their broker network. For more information about becoming a partner, visit britecap.com/become-a-partner.
About North Mill Equipment Finance
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.
Media Contacts:
For BriteCap:
David Schneider
Vice President of Marketing
BriteCap Financial, www.BriteCap.com
david.schneider@britecap.com
954-494-1606
For NMEF:
Don Cosenza
Chief Marketing Officer
NMEF, www.nmef.com
dcosenza@nmef.com
203-354-1710
IOU Financial Inc Surpasses $US 1 Billion in Loan Originations and Establishes All-time Record in Quarterly Loan Originations
November 2, 2021in its 12-year history of funding small business growth in North America
Atlanta, November 2, 2021 – IOU FINANCIAL INC. (“IOU” or “the Company”) (TSX-V: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today that it has surpassed US$1B in total loan originations.
“This is a major milestone for all IOU team members, partners and stakeholders,” said Robert Gloer, President and CEO. “In 12 years, the company has grown but our values have not changed: now more than ever we are committed to exceeding the expectations of our broker partners and the small business owners across North America who rely on our funding solutions to drive their growth plans.”
In addition, IOU announced today that its loan originations for the quarter ended September 30, 2021 surpassed all previous records. The company originated over US$52 million in small business loans in Q3, a new high-water mark in the 12-year history of the company, representing a sequential growth of 51.5% vs. Q2 2021, and 183.1% over Q3 2020.
“We are thrilled to surpass pre-pandemic loan origination numbers and start setting new all-time records for IOU Financial,” said Robert Gloer, President and CEO. “We remain cautiously optimistic that the economic recovery will continue despite the lingering potential macroeconomic and public health risks.”
IOU Financial originated its first loan in December 2009 and quickly positioned itself as a trusted alternative to banks by helping small business owners get fast and easy access to funding visa its proprietary IOU360 technology platform. The Company continued funding small businesses throughout the Covid-19 pandemic and has subsequently introduced the industry-first IOU Financial Cash Back Loan and announced an-all-time record in monthly loan originations.
“We faced the challenges of the COVID-19 pandemic with the same entrepreneurial spirit that drove us to launch IOU Financial on the heels of the 2008 financial crisis – and both experiences have reinforced the importance of helping small businesses adapt to new challenges and grow” added Gloer. “Here’s to the next 12 years of small business growth!”
The Company is due to share its Q3 Financial Results in the coming weeks.
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by underwriting over $984 million as of September 20,2021 in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial’s corporate history, financial products, or to join our broker network please visit www.IOUFinancial.com.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Robert Gloer, Chief Executive Officer, 866-217-8564 ext.308
David Kennedy, Chief Financial Officer, 514-789-0694 ext. 278
Carl Brabander, EVP of Strategy, 866-217-8564 ext. 4378
Forward Financing Reaches $1 Billion in Funding to Underserved Small Business
March 1, 2021Boston-based Fintech Company Expands Main Street’s Access to Capital During Pandemic, Achieves Major Growth Milestone
Boston, Mass., March 1, 2021 – Forward Financing, a financial technology company that provides flexible revenue-based financing to small businesses, today announced that they have provided $1 billion in funding since their inception in 2012. The majority of this funding has gone to underserved small businesses nationwide; those that are unable to obtain financing through traditional sources like banks or the Small Business Administration.
“Nine years ago, we started this company upon the realization that so many small businesses lacked access to working capital,” said Forward Financing co-founder and CEO Justin Bakes. “As we look ahead to our next $1 billion milestone, we will continue to focus on providing best-in-class customer service and on helping our small business customers reach their full potential, no matter what challenges may arise.”
The COVID-19 pandemic has severely impacted the U.S. economy and many small businesses have needed additional financial resources to get by. Despite over $600 billion in loans provided through the Payroll Protection Program, this alone has been insufficient in fulfilling the need for capital. As a result, many small business owners have turned to funders like Forward Financing for support.
Forward Financing is uniquely suited to help small businesses during this economic downturn because it offers financing that is based on revenue, and is not a loan. Therefore, small business customers who may be experiencing a revenue slowdown can reduce their payments proportionately.
“Forward Financing has helped me grow my business and take advantage of opportunities,” a retail business owner recently said. “Their service has been excellent and when COVID hit, they easily and efficiently helped me adjust my payment schedule so I remained current and my business was not interrupted. I will use them again and again in the future!”
Over the past six months, Forward Financing has grown daily funding volume at an average rate of 17% per month as they continue to help small businesses navigate the pandemic economy. In order to help meet rapidly growing demand, they are currently expanding headcount in Boston by 20%.
About Forward Financing
Forward Financing is a Boston-based financial technology company that provides fast, flexible working capital to small businesses nationwide. Their dedicated account representatives and advanced proprietary technology help customers spend less time finding capital and more time growing their business. With a simple, secure online application, business owners can trust that Forward Financing works to get them approvals within minutes, funding within hours, and personalized support when they need it most.
Since 2012, Forward Financing has expanded Main Street’s access to capital by providing over $1 billion in funding to nearly 30,000 small businesses. The company is rated A+ by the Better Business Bureau and ‘Excellent / 4.9 stars’ on Trustpilot.com. Forward Financing was named a Best Place To Work by both
the Boston Business Journal and Built In Boston, and has been named by both Inc. Magazine and the Boston Business Journal as one of Massachusetts’ fastest-growing companies each year since 2017. Forward Financing is committed to helping more small business owners succeed and achieve their full potential. To learn more, visit www.forwardfinancing.com.
Media Contact
Lauren Groccia
lmelaugh@forwardfinancing.com
508-314-3574
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2M7 Financial Solutions and the State of Alternative Funding in Canada
July 1, 2019
“What’s a cash advance?”
This is how Avi Bernstein, CEO of 2M7 Financial Solutions, recalled a typical conversation in 2008, when his company was founded in the Canadian market. According to him, customer knowledge of alternative financing methods was dismal, partly due to a handful of homogenous banks dominating the scene as well as a void of funders in the country.
Flash forward to 2019 and 2M7 is operating within a Canadian market that is much more trusting and knowledgeable of merchant cash advances, although it is not yet at the levels witnessed in the U.S.
“Low hanging fruit,” is how Bernstein describes the industry now, as small and medium-sized businesses are flocking to 2M7 and its contemporaries, which offer higher approval ratings and faster confirmation of funding than their more traditional counterparts. In fact, according to a 2018 study conducted by Smarter Loans, 24% of those Canadians surveyed stated that they sought their first loan with an alternative lender that year. As well as this, only 29% reported that they pursued funding from more established, traditional financial institutions and 85% of those that received financing confirmed their satisfaction.
Figures like these help to explain why the Canadian market has seen a rise in interest from foreign businesses in the previous five years. Greenbox Capital, First Down Funding, and Funding Circle are examples of those companies who have successfully implanted themselves within the market, a feat that Bernstein claims isn’t easy.
“It’s a different business,” he notes when comparing the market to that of the U.S. Listing the dissimilarities in market maturity levels, sales tactics, processing channels, and collection styles, as well as the currency exchange rate that’s to be considered, Bernstein says that he’s found those American funders who come to Canada unprepared never stay long enough to become a fixture of the industry.
Warning against half measures, Bernstein explains that “You’ve gotta put boots on the ground” if you want to succeed in Canada. Giving the impression that unless you’re willing to learn the rules applied in the market, hire people, and house them in an office north of the American border, Bernstein is keen to highlight what’s required of foreign companies looking with interest at Canada.
But it’s a risk-reward situation. The market is opening up as more funders enter it, and with the arrival of larger companies, such as OnDeck Capital, more resources are being devoted to raising awareness of alternative financing amongst Canadians.
Meanwhile, homogenous firms like 2M7 are continuing to grow in this developing market. Receiving an average of 200-300 applications for funds per month, 2M7 is capitalizing off opportunities by proving themselves to be open to a wider range of applications. Bernstein asserts that “we try to fund everything,” and that they keep an “open mind to every opportunity” that lands on their desk. Perhaps this is a mindset not shared by more conservative of funders in the industry, but, as Bernstein says, “we’re here, we’re funding, and we’re ready to rock n’ roll.”
You can meet Avi Bernstein and 2M7 at deBanked CONNECT Toronto on July 25th.
Fora Financial & Expansion Capital Group Partner with Ocrolus to Automate Underwriting Legwork
October 8, 2018
New York, NY — Ocrolus, the emerging leader in analyzing loan documents, today announced integrations with Fora Financial and Expansion Capital Group, two of the fastest-growing online small business lenders. Enabling quicker and more precise loan decisions, Ocrolus has seen rapid adoption since its debut in the small business lending world with flagship customer Strategic Funding Source in May 2017. Following its Series A round highlighted by QED Investors, Ocrolus is quickly growing its customer base and team with laser-focus on the lending space.
Ocrolus employs crowdsourcing and artificial intelligence to drive efficiencies in the origination process, from document collection to calculating credit model inputs. The Company’s simple API ingests and analyzes bank statements and other loan files, returning actionable data and risk analytics, with 99+% accuracy.
Fora Financial, one of the most prominent New York City-based online lenders, has partnered with Ocrolus to automate bank statement reviews, resulting in a faster, more accurate end-to-end underwriting workflow. The benefits of automation have become increasingly important as Fora Financial accelerated growth after its June 2018 acquisition of US Business Funding. Leveraging Ocrolus to parallelize underwriting tasks, Fora Financial is poised to eclipse $400 million in annual originations over the next year.
“We are excited to automate an additional step in our underwriting process that has historically been very laborious, requiring additional staffing as we grew originations,” said Dan Smith, Co-founder and President of Fora Financial. “As a tech-enabled SMB lender, we rely on our technology to achieve scale while delivering a frictionless process for small businesses to access capital.”
Expansion Capital Group (ECG), recently honored on the 2018 Inc. 5000 as one of the fastest-growing private companies in America, has also partnered with Ocrolus to enhance its underwriting process. ECG sought a loan automation partner to facilitate ambitious growth objectives while improving risk management capabilities. With Ocrolus now handling its document analysis work, ECG, who has grown 627% over the past three years, looks forward to scaling its operation to new heights, thanks to its leaner, technology-enabled infrastructure.
Herk Christie, Head of Operations at ECG says, “Using Ocrolus solutions, we have been able to create a lean, smart and tech-enabled underwriting infrastructure that focuses on quality without sacrificing speed. The level of data Ocrolus provides will continue to feed the growth of our statistical models, further benefiting our clients and partners alike.”
Growing beyond online small business lending, into online personal lending and traditional banking, Ocrolus has added a couple of prominent lending executives to its team. Matt Burton, former CEO of Orchard Platform has joined Ocrolus as a Board Advisor. Kevin Bailey, former Senior Advisor at the US Department of Treasury, has joined Ocrolus as Head of Growth.
As CEO of Orchard Platform (acquired by Kabbage), Matt Burton became a cornerstone of the online lending community. Orchard’s Online Lending Meetup events regularly brought together industry thought leaders from all over the world, helping to shape the next generation of financial services. As an Advisor to Ocrolus, Mr. Burton is continuing his mission to grow online lending into an efficient, transparent, and global financial market.
A former White House and Treasury official, Kevin Bailey brings more than fifteen years of experience as a financial services and public policy professional. Prior to joining Ocrolus, Kevin was the Director of Business Development & Capital Markets at CommonBond, a leading marketplace student lender. Mr. Bailey is a graduate of Rice University and the University of Chicago Booth School of Business. At Ocrolus, Mr. Bailey is leading growth efforts as the Company expands beyond its core online small business lending market, into online personal lending and traditional banking.
Visit www.ocrolus.com for more information.
About Ocrolus
Ocrolus is a RegTech company that automates data verification and analysis for bank statements and other loan documents. The Company analyzes e-statements, scans, and cell phone images of documents from any financial institution with over 99% accuracy, and rigorous process documentation. By replacing tedious, imperfect human audits with sharp, AI-driven analyses, Ocrolus modernizes financial review processes in lending with unprecedented speed and accuracy.
Media Inquiries:
media@ocrolus.com
