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| 05/02/2017 | CloudMyBiz helps In Advance Capital |
| 03/30/2017 | In Advance Capital secures $50M |
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Keith Nason Steps in as New CEO of In Advance Capital
February 21, 2018
In Advance Capital, who has seen steady growth, has announced that Keith Nason stepped in to the role of Chief Executive Officer as of February 3, 2018. This growth includes 163% year over year growth in 2017.
“We are going to be disciplined, develop even stronger relationships with all channels, internal and external, and strive to execute to perfection to produce the absolute best product for all of our clients while assisting small business owners accomplish their dreams,” Nason said.
Nason has spent the last 10 years in risk, credit modeling, and operational leverage, specifically, through various financial institutions and alternative lenders. While previous CEO, Shalom Auerbach, transitions into a Board of Directors role while assisting with strategic initiatives for In Advance, Nason says that he is “excited about the opportunity and appreciative of the trust that the executives of this company has instilled in me”.
Through the efforts of Tom Corliss, Co-Founder and Head of Sales, and the well developed In Advance sales channels, In Advance has been able to maximize valuable relationships through direct consumer and brokerage channels to drive sales opportunities while cultivating strong, profitable relationships.
About In Advance Capital
Founded in 2015, the company provides working capital to small business owners. To learn more, visit http://www.inadvancecap.com or call 646-412-3303.
In Advance Capital Secures $50 Million In Additional Financing
March 29, 2017New York, NY — On March 27th, Times Square-based In Advance Capital secured a $50 million credit line to continue the rapid growth of its merchant cash advance business. The eighteen-month-old company, led by founders Shalom Auerbach and Thomas Corliss, attributes its portfolio transparency, discipline, and strong relationships with investors as the key contributing factors in securing the additional capital.
“In an industry that is increasingly difficult to access capital, we are very pleased to have earned the confidence of sophisticated investors who have provided capital that aligns their objectives with ours, which is to provide fast and flexible working capital to small business owners experiencing the challenges and opportunities of high growth,” says Shalom Auerbach, IAC’s CEO. In Advance Capital has focused on creating a more streamlined process to facilitate its own growth, including a quicker underwriting process, while seeing 220% more applications within the last two months.
“In Advance is a testament that you can build and grow a company in a competitive industry if you concentrate on hiring top talent, servicing, and listening to your customers,” Corliss says.
“It’s all hands-on deck at In Advance which also makes our work environment a special place to work.”
In Advance is also please to announce its recent Executive Management addition to staff, Keith Nason as Chief Operating Officer. Keith Nason brings over 10 years of expertise to driving operational leverage, streamlining process and data science analytics.
About In Advance Capital
Founded in 2015, the company provides working capital to small business owners. To learn more, visit http://www.inadvancecap.com or call 646-412-3303.
Pearl Capital Business Funding LLC Resumes Merchant Cash Advances After Processing $1.75 B in PPP Loans
November 5, 2020JERSEY CITY, N.J. – November 5, 2020 — Pearl Capital Business Funding, LLC, a leading provider of direct financing to small and midsize businesses, today announced that it will resume funding merchant cash advances for U.S. small businesses after suspending funding for a period of time due to the COVID-19 crisis. The move comes after a seven month hiatus during which the company utilized its technology platform to process over $1.75 Billion in SBA Paycheck Protection Program (PPP) Loans.
Pearl Capital provides innovative alternative financial solutions, specializing in the underbanked and subprime business sector. Their financing solutions are available throughout the U.S. to businesses of virtually any industry that are unable to access sufficient traditional financing from banks and non-bank lenders. Pearl’s solutions are not dependent on the business owner’s FICO score and present a compelling solution to underwriting credit even during the current COVID-19 crisis. With the relaunch, Pearl’s ISO Partners can expect lighter stipulation requirements with fewer requested documentation than before and updated pricing. Virtually all business types are eligible for funding from Pearl including high risk industries like auto sales, real estate, home-based businesses, and insurance.
“When the COVID-19 pandemic hit last March, we weren’t sure what our future looked like. With so much uncertainty of the economic climate, like many other funders, we temporarily ceased funding. We pivoted and partnered with Cross River Bank and were able to transition our fully-automated processing and anti-fraud technology to process SBA Paycheck Protection Program (PPP) Loans.” Chief Revenue Officer, Jake Lerner, says, “Using our technology platform, we were able to process over $1.75 Billion in PPP loans for businesses affected by COVID-19.”The Paycheck Protection Program (PPP) was a SBA loan program established under the CARES Act to help small businesses keep workers on their payrolls during the pandemic. The program ended on August 8, 2020 but is likely to resume.
“We’re thrilled to have the ability again to continue to provide financing for companies during an especially difficult time for businesses across the country and give much needed financial support to businesses” CEO, Sol Lax, says, “Pearl did not default on its senior credit line due to its superior underwriting and has added $250 Million in committed financing to expand its activities. If you are a small business and you have survived COVID, you shouldn’t have to shut your doors because you have limited access to capital. We are going to be there for small business both in further iterations of PPP as well as MCA.”
About Pearl Capital
Pearl Capital was founded in 2012 and acquired by private equity firm Capital Z Partners in 2015. Since then, they have become a leader in the fintech industry specializing in short term capital advance solutions for under-banked and credit-challenged businesses, in just about every industry. Over the years, they have provided over 23,000 MCA financings to small businesses across the country, by working with their network of ISOs. Their advanced online application technology platform and machine learning SMB credit score allows them to provide flexible terms and some of the fastest response times in the industry for deals up to one-million dollars. Most recently, Pearl Capital partnered with Cross River Bank to process over $1.75 Billion in Paycheck Protection Program (PPP) loans.
Contact:
Jake Lerner, Chief Revenue Officer
press@pearlcapital.com
+1 347-584-8653
Merchant Cash Advance Industry Pioneer David Goldin Launches Lender Capital Partners To Provide Financing To Merchant Cash Advance / Alternative Business Loan Providers
November 5, 2019
White Plains, NY – November 5, 2019 – David Goldin, one of the merchant cash advance industry pioneers who founded one of the first US merchant cash advance providers in 2002, Capify (formerly known as AmeriMerchant), that later expanded to the UK and Australia has partnered with a subsidiary of Basepoint Capital, a seasoned specialty finance group, to form Lender Capital Partners (http://www.lendercapitalpartners.com). Basepoint has provided over $300 million in committed financings / forward flow purchases in the merchant cash advance / alternative business loan industry.
Lender Capital Partners (LCP) provides MCA and alternative business lending platforms with strategic capital including:
- Forward flow programs – LCP funds 100% of the amounts disbursed by the platform in connection with their funding of advances / business loans including sales commissions to their customers to free up cash and avoid the burden of equity requirements or “hair cut” money associated with traditional asset-based credit lines.
- Participations / Syndication – by having LCP purchase a participation in larger deals, the platform is able to offer larger size approvals to their customers and brokers / referral partners without taking on concentration risk. LCP can participate up to $1 million in each deal and provide strategic capital by offering our many years of industry experience underwriting larger size deals.
- Credit facilities – LCP provide credit facilities for MCA and alternative business loan providers that begin at a minimum of $20 million and can go up to $100 million+. Our credit facilities typically offer a higher advance rate than a bank and less stringent concentration limits.
- Broker Graduation Program – LCP will allow brokers to take the next step of becoming a direct lender by providing the capital and know-how needed to fund deals on their own. Designed for brokers that can originate a minimum of $500k/month, LCP can provide the capital needed and set up brokers with one of our partners to provide a back office if needed for underwriting / servicing without having to make the investment on their own.
- Point of Sales / Credit Card Processor Merchant Cash Advance / Merchant Financing Program – LCP can provide a turnkey solution for POS / Credit Card Processing companies to offer a merchant financing program to their merchants to compete with some of the larger POS providers / credit card processors that are now offering these programs in-house and have had great success. LCP can provide the capital needed for a merchant financing / merchant cash advance program as well as introduce one of our underwriting/servicing partners if needed.
“After exiting the US MCA business in 2017, I have decided the time is right to offer my 17+ years of global MCA / business lending experience to the industry by partnering with Basepoint to supply capital to the MCA / business loan industry. I believe the various programs we offer at Lender Capital Partners are tailored for just about any company in the industry – for both current lenders as well as larger brokers/ISOs that are looking to graduate to the next step of becoming a lender as well as to POS providers / merchant acquirers looking to offer an in-house program to their merchants. And my 17+ years industry experience is a great value-added benefit that very few lenders, if any can bring to the table”, says David Goldin, a principal of Lender Capital Partners.”
About LENDER CAPITAL PARTNERS
Lender Capital Partners provides capital to commercial lenders, particularly in the merchant cash advance / alternative business loan industry. One of the founders of Lender Capital Partners is David Goldin. David is the Founder of Capify, one of the first merchant cash advance providers in the US founded in 2002. David scaled Capify to 225 employees operating in 4 countries and sold the US business to a competitor in 2017 and secured a $95 million credit facility with Goldman Sachs to fund Capify UK and Capify Australia which has over 125 employees total today operating in each of those markets. David has over 17 years experience in the merchant cash advance / alternative business finance industry and is considered a pioneer in the industry. David’s extensive expertise allows Lender Capital Partners to bring strategic value to our relationships, not just capital. For more information on Lender Capital Partners, visit http://www.lendercapitalpartners.com
Chinese Funder MYBank Using Advanced Tech to Provide Capital
August 1, 2019
MYBank, the largest non-bank funder in China, is using new technological systems to approve loan applicants. The company, which is backed by Alibaba founder, second richest person in China, and former English teacher Jack Ma, is now in its fourth year of operations and has thus far provided 2 trillion yuan ($290 billion) in funding to 16 million customers.
Having partnered with Ant Financial Services, a payment processing company which Ma is also involved in, MYBank has received access to a host of data. In order to apply for a loan, SMB owners give access to their real-time payment records, and from the analysis of these, as well as the non-bank’s own risk-management appraisal system which runs through over 3,000 variables, a judgment is made as to whether or not to fund the applicant.
Ant also provides MYBank with other tech, such as facial recognition software to detect fraud, and aids them with their implementation of cloud-computing and big data. But as well as these methods is another system unique to China: social credit. Currently in its pilot stages, this national reputation system is set to rival traditional credit score systems. It works by increasing or decreasing a citizen’s rating based off whether they perform a good or bad action. Yell at someone unnecessarily on your commute? Your social credit scores lowers. Help an old woman cross the street? It’ll go up.
When discussing how the system could be implemented, MYBank President Jin Xiaolong gave the example of a small business owner who, upon forgetting to return a borrowed umbrella, finds it harder to get a loan. As well as this, Bloomberg reported in 2018 that a very poor social credit score could lead citizens to being barred from staying at luxury hotels, buying high-end real estate, and enrolling their children in elite schools. The flip side of this is that those with impeccable ratings will receive discounts when commuting, relaxed scrutiny when seeking financial aid, and priority when applying to schools.
Made possible by data-tracking tech, social credit scores appear to be almost revolutionary for the alternative finance industry. Partnered with the other technological tools available to MYBank, the company could experience previously unseen heights of successful loans. Or rather it does already, with default rates at approximately 1%.
Accessible via a few taps on a smartphone, MYBank’s application process takes 3 minutes and due to automation, customers are often instantly approved with funds being made available straight away. One customer described this shift in supply as “unimaginable” and praised how easy it now was to find capital as soon as he needed it.
MYbank also revealed Tuesday that it intended to raise $871 million at a valuation of approximately $3.5 billion.
Merchant Advance Capital Rebrands to Merchant Growth
July 3, 2019
Merchant Advance Capital, which trumpets itself as Canada’s fastest and most transparent small business financier, is rebranding as Merchant Growth.
The company has offices in Vancouver, BC and Toronto, ON and was founded in 2009.
“I founded our company out of my apartment 10 years ago,” David Gens is quoted as saying in a company announcement. Gens is the company’s president & CEO. “Back then our mission was simply to provide credit to small businesses, and we did that by providing one product, called a ‘merchant advance’. Today, we offer a comprehensive suite of financing solutions delivered with unparalleled convenience. In doing so, our mission has expanded to allowing business owners to achieve unconstrained growth, while reducing the administrative stress of running a business. As we’ve transformed our focus from one credit product to this far-reaching mission, we felt the need for our name to reflect this. We are Merchant Growth.”
Gens has been an oft-quoted source in deBanked over the years. His company closed on a $30 million debt facility last year with Comvest Credit Partners.
Gens is also speaking at deBanked CONNECT Toronto on July 25, 2019. You can register to attend at www.debankedcanada.com.
Shopify Capital Issued $87.8M in Merchant Cash Advances in Q1
April 30, 2019Shopify’s small business funding division, Shopify Capital, issued $87.8 million in merchant cash advances in the first quarter of 2019, according to the company’s earnings report. The figure is a 45% increase over the same period last year. Overall, the company has funded more than $535 million in MCAs since inception.
Shopify is primarily an e-commerce platform, but they are quickly becoming a competitor to both Square and PayPal, both of whom also offer funding solutions.
Shopify Capital Issued $76.4M in Merchant Cash Advances in Q3
October 25, 2018Shopify Capital, Shopify’s funding arm, issued $76.4 million in merchant cash advances in the third quarter, the company revealed. That brings the total to $375 million advanced since April 2016.
Overall, the company reported Q3 revenue of $270.1 million and a net loss of $23.2 million.
The company operates an e-commerce platform for online stores and retail POS systems.
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