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05/09/2022Credibly secures new $50M credit facility
04/20/2021Credibly announces ABS for $65.7M
10/06/2020Ratings on Credibly's bonds affirmed
11/29/2018Credibly announces securitization
03/07/2018Credibly Announces Michael Seneski as CFO


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Lorenzo Bowman on the Red Carpet - Credibly


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RetailCapital / Credibly 888-664-1444 Death Valley LLC Red River Ridge LLC




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Credibly is Making Moves

June 14, 2022
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crediblyMichigan-headquartered Credibly has confirmed it acquired ProApprove, a specialty finance company offering home improvement financing solutions. The deal, which it said actually took place in 2021, is now front-and-center because of an agreement Credibly has secured with Castlelake, a global alternative investment firm, for the purchase of up to $350M in home installment contract receivables originated by ProApprove.

“Through conversations with contractors who obtain financing from Credibly, we identified a significant market opportunity in the home improvement space,” said Ryan Rosett, co-founder and co-CEO of Credibly.

“We are pleased to support the expansion of ProApprove’s home improvement financing program at a time when there is increased demand for financing solutions from homeowners across the U.S.,” said, Matt Little, Partner, Global Specialty Finance and Business Development & Capital Markets at Castlelake. “We believe that ProApprove’s parent Credibly has established itself as an experienced commercial lending platform with a keen focus on risk. We believe this transaction provides an opportunity to support a new product for Credibly in a historically underserved consumer market.”

The news follows the announcement that Credibly had secured a $50M credit facility for its core small business lending business. At the time, Credibly CFO Michael Seneski said of it, “The cost savings resulting from the refinance, coupled with the new financing facility, further solidifies our position as a leader in providing capital to SMBs and will be used to accelerate our aggressive growth trajectory.”

Credibly was founded in 2010.

What We Learned About Credibly From Credibly’s Securitization

November 29, 2018
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Today, Credibly CEO Ryan Rosett told deBanked that the company’s October securitization will be used, in part, to roll out its new Market Expansion Product (MXP), which will allow Credibly to service merchants with FICO scores as low as 500 and those that have been in business for less time.

“We believe the MXP will open up the funnel by allowing us to serve business owners that we previously couldn’t,” Rosett said.

Kroll Bond Rating Agency assigned preliminary ratings to three classes of notes as part of Credibly’s first securitization. Rosett said this securitization follows a large warehouse line of credit from SunTrust Bank which is also the primary underwriter, of the securitization.

In addition to the new MXP product, Rosett said that Credibly intends to launch a line of credit product in 2019. Currently, Credibly provides merchant cash advances up to $150,000, business expansion loans up to $250,000, with terms up to 24 months, and working capital loans up to $250,000 with terms up to 17 months. Rosett said that the company’s working capital loan is its most popular product.

In an interview yesterday with Benzinga, Rosett said that he has seen a strong increase in demand for Credibly’s products and that they are currently evaluating over 10,000 applications per month.   

mca vs loans credibly
Source: Kroll Bond Rating Agency

2017 net revenue before provisions: $33 million

2017 earnings: $1.4 million

Total shareholder equity: $18.7 million

Lifetime funding volume: $700+ million

Raw # of fundings: 17,000+

Majority owned by: Flexpoint Ford

# of employees: 140

Notable deal: Acquired the rights to service BizFi’s $250 million MCA portfolio in August 2017

Provides: Small business loans (in 37 states and D.C.) and merchant cash advances

Founded: 2010 by co-CEOs Edan King and Ryan Rosett

Generates deals via: Brokers and inside sales

Credibly Selected to Service Bizfi’s $250M Portfolio

August 30, 2017
Article by:

credibly logo
Troy, MICH. (August 31, 2017) – Credibly, a leading findata small and medium-sized business (SMB) lending platform, announced today that the company is now servicing BizFi’s $250 million portfolio and 5,200 merchants.  Since 2005, BizFi had been a leading capital provider to SMBs and in 2016 was one of nation’s top three largest originators of merchant cash advances.  Numerous SMB direct lenders vied for the BizFi portfolio. Credibly was chosen due to their proprietary data science driven portfolio management strategy.

Credibly also announced that it has crossed the $500 million milestone in capital deployed to tens of thousands of SMBs across the U.S. This is separate from the $250M portfolio the company is now servicing from BizFi.

“Acquiring the servicing rights of BizFi’s portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses,” said Ryan Rosett, Credibly’s Founder and Co-Chief Executive Officer. “We welcome our new customers and are committed to ensuring that their growth capital needs are met.”  

In addition to servicing the BizFi portfolio, Credibly is working with both sales partners and merchants to provide additional working capital to the businesses in BizFi’s portfolio. Credibly’s data science team has the ability to analyze BizFi’s twelve years of data and remittance history, which will allow Credibly to better service both the BizFi and Credibly portfolios. Further, BizFi’s data enhances Credibly’s risk management, scoring models, and portfolio management tools. 

The Small Business Association (SBA) estimates that traditional banks still reject approximately 90 percent of SMB loan applications. Since 2010, Credibly has emerged as a proven platform that leverages data science and analytics to provide SMBs with a simple and intuitive way to access critical working capital.  The company addresses the fundamental capital needs of SMB owners across a broad credit spectrum and through every stage of a business’s life cycle.
 
Main Street SMBs across a wide variety of industries that include restaurants, retail stores, salons, spas, dry cleaners, auto body shops, and doctors’ offices, all rely on Credibly to secure the necessary capital they need to grow.
 
Credibly has achieved widespread industry recognition for its risk management, data technology, and data driven approach. For more information on Credibly, please visit www.credibly.com.
 
About Credibly
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior customer experience that meets the needs of all small businesses, regardless of product need or credit profile.
 
Learn more at www.credibly.com. Follow Credibly @credibly360.

Media Contact:
Tracy Rubin / Olivia Levis
JCUTLER media group
323-969-9904
tracy@jcmg.com / olivia@jcmg.com

Former CFO of Credibly Moves On to Western Funding

August 19, 2017
Article by:

Credibly’s former chief financial officer and product officer, Jim Murray, has moved on to become President of Western Funding, according to LinkedIn. Murray was with Credibly for 5 years, originally starting as the company’s chief operating officer.

Credibly Secures $70 Million Credit Facility Led by Suntrust Bank

February 2, 2016
Article by:

NEW YORK—February 2, 2016—Credibly, a tech and data-inspired lending platform that makes access to capital for small businesses simple and intuitive, announces the closing of a $70 million credit facility with SunTrust Bank, one of the nation’s largest financial services firms, and Alostar Bank of Commerce, a specialty provider of asset-based loans. SunTrust served as the structuring and administrative agent, committing $50 million, with Alostar coming in as the first participant with a $20 million commitment. The terms of the deal allow for flexibility to increase the committed amount by another $30 million, bringing the total facility potential to $100 million.

An online lending platform that delivers a broad range of short- and long-term capital to satisfy the entire SMB credit spectrum, Credibly has provided access to capital for more than 4,500 businesses in over 300 industries. In the past year, the company has increased revenue 100%, was recognized by Crain’s as one of the 50 fastest growing companies in New York, and made its second consecutive appearance on the Inc. 500 list of the fastest growing private companies in America.

The new credit facility is consistent with Credibly’s three-prong financing strategy: on-balance sheet, whole loan sales, and securitization. The facility more than doubles Credibly’s onbalance sheet funding capacity, accelerating their ability to provide more small businesses with access to affordable capital, regardless of credit profile or life cycle stage.

“Being vetted and validated by a bank partner of SunTrust’s stature is one of our greatest milestones to date, and provides us with one of the lowest costs of capital in the industry,” said Glenn Goldman, CEO of Credibly. “The continued participation from Alostar – our first credit facility lender going back to 2014 – gives us increased flexibility in our product suite, which in turn provides better terms for borrowers and helps us execute on our core philosophy that all small businesses deserve access to right-sized capital.”

“SunTrust is pleased to work with Credibly to assist them in achieving their mission to fuel American entrepreneurship through access to capital,” said Tarun Mehta, Group Head, Financial Institutions Investment Banking at SunTrust Robinson Humphrey.

“The new SunTrust facility is a validation of the strength of the platform and team that Credibly has built. We remain extremely excited about our partnership with Glenn and his team” said Steve Begleiter, Managing Director at Flexpoint Ford, LLC, a private equity firm that added Credibly to its portfolio in 2014.

About Credibly

Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior borrowing experience that meets the needs of all small businesses, regardless of product need or credit profile. All loans obtained through Credibly are made by WebBank, a Utah-chartered industrial bank and member of the FDIC. Learn more at www.credibly.com.

About SunTrust Banks, Inc.

SunTrust Banks, Inc., one of the nation’s largest financial services organizations, is dedicated to Lighting the Way to Financial Well-Being for its clients and communities. Headquartered in Atlanta, the company serves a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2015, SunTrust had total assets of $187 billion and total deposits of $146 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. Learn more at www.suntrust.com.

About AloStar Bank of Commerce

AloStar Bank of Commerce, with $900 million in assets, is a specialty lender with extensive experience in providing Asset Based Loans to middle market companies. In addition, the bank provides value for depositors, small-to-medium-sized companies and community banks across the country through on-line customer service, and unique lending products and services. Learn more at www.alostarbank.com.

Credibly and BodeTree Announce Strategic Partnership

October 27, 2015
Article by:

Today, Credibly, an emerging Fintech platform that provides a broad range of tailored capital solutions to satisfy the entire SMB credit spectrum, announced a partnership with BodeTree, a leading cloud platform that provides small businesses with real-time access to all of their financial accounts and cash flow trends in one place.

The partnership provides BodeTree’s customers with streamlined access to Credibly’s full suite of business capital solutions. The collaboration will also allow Credibly to further optimize their service offerings, which provide customized funding and financial management options that best fit a small business’s unique needs.

“At Credibly, we believe all businesses deserve the right to access capital, and our partnership with BodeTree makes good on the mission of providing that access to as many entrepreneurs as possible,” said Glenn Goldman, CEO of Credibly. “The insights garnered from the BodeTree platform, coupled with access to funding through Credibly, will help BodeTree’s customers achieve their growth goals.”

To date, Credibly has provided over $200 million of funding to more than 4,500 businesses in over 300 industries. In Q3 2015 alone, Credibly provided small businesses with access to over $26 million, and in the last year, the company has grown revenue 100%, opened new offices in three states, and doubled the number of its employees to 120.

“The integration of BodeTree’s financial tools and Credibly’s efficient and equitable lending process equips even more small businesses with the resources and capital they need to thrive,” said BodeTree CEO Chris Myers. “The spirit of our partnership, and the shared vision of both companies, is truly about helping small businesses.”

BodeTree was developed to fill the gap in business intelligence and financial resources available to small businesses and startups. The company’s intuitive financial management system aggregates and organizes financial information, giving businesses a clear and actionable picture of business health, cash flow, valuation and options for capital.

For information on BodeTree, visit www.bodetree.com, and learn more about the Credibly Partner Program at partners.credibly.com.

About Credibly

Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to all small businesses. Founded in 2010, with offices in New York, Michigan, Arizona, and Massachusetts, Credibly is dedicated to creating a superior lending experience that meets the needs of all small businesses, regardless of product need or credit profile. To learn more, visit www.credibly.com.

About BodeTree

Founded in 2010, BodeTree is an online financial management platform for small businesses, and an alternative to costly accounting services and complex bookkeeping applications. The BodeTree app securely imports data from bank records to automatically generate financial reports, forecasts, and benchmark analyses so owners can confidently take steps to bring their businesses to the next level. For more information, visit www.bodetree.com.

Contacts
Bliss Integrated Communication
Reed Handley, 212-840-0088
reed@blissintegrated.com

Why Participating in Industry Events Matters

September 29, 2022
Article by:

Guest Post by David Roitblat, Better Accounting Solutions

Broker Fair 2021In just under a month, on October 24th, hundreds of members of the merchant cash advance community will descend on Times Square in New York City, at the New York Marriott Marquis, for deBanked’s Broker Fair event. Every aspect of the industry will be represented, from brokers and ISO shop reps to specialized lawyers and accountants.

I will be there representing my business, Better Accounting Solutions, and it will be the upteenth time I’ve attended this tremendous event. But attending industry pow-wows was not how I envisaged spending my working hours at the start of my career.

When I worked at entry-level jobs in accounting firms, I didn’t think attending these events was worth the time and financial investment, instead choosing to believe that if I put my head down and worked for the 24 hours that the events were being held, I’d be positioning myself better for my professional future. And when I opened Better Accounting Solutions in 2011, that attitude didn’t change, especially now that it was my own time and money on the line.

“I ATTENDED THAT FIRST CONFERENCE AND HAVEN’T LOOKED BACK SINCE”

This whole approach changed on the advice of a mentor a few years in. Hearing me explain how I thought the business could be scaling quicker than it was, he suggested attending, and participating, in an accounting conference that was coming up. When I pushed back with my familiar list of grievances, he didn’t attempt to refute them, instead repeating his advice, adding that how could it possibly hurt.

I attended that first conference, and haven’t looked back since.

All the elements of industry events that I had previously dismissed proved to be incredibly valuable and are an integral part of Better Accounting Solutions’ story, and how we got where we are today.

It’s why I encourage everyone that’s involved in the MCA business to shake off the headsets and get their heads out of the screens, and to take this opportunity to connect with real people.

Here are some of the key takeaways that I got out of that first experience that remain true to this day:

1. You never know who you’ll meet. Industry events bring together people from all different backgrounds and experiences, and you never know who you might meet and what kinds of connections you might make. Many of the people I met at these conferences, especially at Broker Fair once we had established ourselves in the MCA space, have gone on to be my mentors, advisors, supporters, clients, and friends.

broker fair 20212. It’s a great way to build your network. I came into the industry very green, feeling my way around by letting my work do the talking. But when I opened my own business, I needed to let my actual talking do the talking, and learn the art of networking. Networking is all about building relationships, and industry events provide an excellent opportunity to meet new people and start making connections that can help you in your career.

3. You can learn from others. When you’re working in your own space, it’s possible to inadvertently build a bubble around yourself, insulating yourself from current trends and happenings in the business. Industry events are a great way to learn from the experiences of others in your field and hear about the latest developments and advances.

4. It can help you find a job and advance your career. Sometimes, all you need is an opportunity to get your foot in the door, and events like Broker Fair are great places to find that chance. At industry events like these, it doesn’t take a lot to bump into industry figures and leaders, and if you connect with them and hit the right notes, these people just might be your next employer, mentor, partner or client.

As a token of gratitude for all that I’ve gotten from it over the years, Better Accounting Solutions is a sponsor of Broker Fair, a testament to our belief in this event. I’ve gotten tremendous value from Broker Fair, and it’s why I’m such an advocate for events like it.

“NETWORKING IS REAL WORK…”

We can’t let ourselves be held up by the reasons we think of to avoid attending, for a supposed lack of finances or time. Avoid naively thinking like I did, that you can grow in this business if you keep doing exactly what you’ve been doing until now, minimizing yourself in the very same circle. This is the best investment you can make in yourself right at this moment.

And once you take the plunge and make a firm decision to come, stop feeling guilty and that you should be contained in your office instead. Networking is real work, and can only come when you let go of that guilt and allow yourself to think bigger.

It’s at places like these where I met people that lent me their ears and gave me a chance, a major factor in Better Accounting Solutions earning our reputation as leaders in specialized accounting for the merchant cash advance industry.

It happened for me, and it can happen for you too.

What The Collaboration Between Helix by Q2 and Ubiquity Means

August 31, 2022
Article by:

HelixWith the rising phenomenon of embedded finance springing across the industry, Helix by Q2 and Ubiquity have partnered together to help non-bank companies embed financial services inside of their existing offerings. Headquartered in Austin, TX, Helix by Q2 gives fintechs and brands the building blocks of banking such as accounts, cards, payments, data and more. New York-based Ubiquity, meanwhile, provides end-to-end solutions for customer experience management, back-office operations, and business transformation.

“We did a ton of diligence looking at all of the different players in the space and we felt that Ubiquity was the best partner for us and also for our partner prospects to help them build personalized managed services at scale so that they can focus on launching an excellent and unique product,” said Ahon Sarkar, General Manager of Helix by Q2.

Sarkar expressed the importance of personalization when customers are seeking assistance so that (1) they can be directed to the right person for their matter and (2) so they can make the overall customer experience beneficial to the services they’re seeking. The “cookie-cutter” customer service experience, as he described it, doesn’t always mesh with a brand’s identity. Ubiquity, however, goes the extra mile in Helix’s view in maintaining that brand pesonalization.

Matt Agronin, Chief Marketing Officer at Ubiquity, said that when it comes to dealing with financial products in particular, it becomes incredibly personal, that there’s nothing more personal than that.

“[…] when things seem too complex, or you’re getting piecemeal answers in your journey, when you’re a customer and you’re seeking to find answers, technology solutions that are robust, clear and unified, and a customer service organization that understands and empathizes with the customer’s situation are what are going to yield best,” Agronin said.

The collaboration is supposed to make for a smoother experience for customers to be led in the right financial direction when adding embedded finance as a service to what they already have.

“We’re taking the elements of banking and making it so that people can use those building blocks of finance, to create unique products, to create unique experiences,” said Sarkar, “and embedded finance is kind of what our customers are doing with it. They’re taking the banking products and they’re embedding it inside of their existing business in order to make things unique that you couldn’t make without being that type of business.”

With the strategy of providing better customer service, Agronin agrees that having Helix as a partner allows both companies to manage customers and grow in relationships with brands.

“At Ubiquity, we’re here to help brands scale fearlessly,” Agronin said. “So that means providing world class and dedicated CX brand ambassadors and seasoned banking operational professionals to help these fintechs grow their business and their customers. So, we’re here to help them in the background, take away parts of the business that they may not be able to handle right now given their size, or parts of the business that are not their core skill set so they are able to focus on their actual business and the product roadmap and we can help manage the customer.”



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