EXPANSION CAPITAL GROUP

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01/17/2020Expansion Capital Group appoints new CFO
06/28/2019Expansion Capital Group names new COO
09/04/2018Expansion Capital Group adds $60M debt
08/16/2018Expansion Capital Group in top 20% by Inc



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Expansion Capital Group Names Herk Christie Chief Operating Officer

June 28, 2019
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expansion capital groupSioux Falls, SDExpansion Capital Group ECG) today announced the appointment of Herk Christie from VP of Operations to Chief Operating Officer. Christie will oversee the company’s underwriting, IT, analytics, and merchant support and services departments. Christie, has been with ECG since March 2016 and has played a critical role in the growth of ECG and its many successes.

ECG, headquartered in Sioux Falls, SD, is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses.

Since inception, ECG has connected over 12,000 small businesses nationwide to approximately $350 million in capital. Christie’s appointment comes as ECG continues to see increased growth in its small business lending platform that utilizes technology, data, and analytics to drive user experience and increase access to capital. Christie will lead ECG’s internal operational infrastructure to meet the growing demand for its expanded services.

“ECG continues to put Sioux Falls on the map for financial technology innovation by creating products and solutions that have won the hearts and minds of our customers,” said Christie. “I am incredibly energized to help lead the company to its next phase of innovation and operational excellence as we expand product options to suit the evolving needs of small businesses across America.”
Vincent Ney, CEO of ECG, said, “Herk understands how to create a culture and environment where our hardworking employees have the opportunity to maximize their growth potential within a range of businesses opportunities. Herk’s leadership in our operational strategy has been a key driver in ECG’s growth and success.”

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About Expansion Capital Group

Expansion Capital Group (“ECG”) is headquartered in Sioux Falls, SD with an additional office in Wilmington, DE. ECG is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses. Since inception in 2013, ECG has provided approximately $350 million in working capital to small businesses throughout the United States. Continued investment in its lead referral partnerships, technology platform, people, and its proprietary risk-based analytics modeling platform has positioned ECG to increase its origination volume by approximately forty percent since 2018. This investment and growth has led ECG to be recently recognized as the 802nd Fastest Growing Private Company in America and the 2nd Fastest in South Dakota by Inc. 5000, as well as the Best FinTech to Work by SourceMedia.

For business inquiries, please contact newpartners@expansioncapitalgroup.com.
For job inquiries, please contact khillberg@expansioncapitalgroup.com.

More
DeBanked: Thanks to ECG, South Dakota is on the Alternative Lending Map
Argus Leader: Here are the South Dakota firms honored on Inc. 5000 list of fastest-growing businesses
Consumer Affairs: Best Business Loan Companies

Fora Financial & Expansion Capital Group Partner with Ocrolus to Automate Underwriting Legwork

October 8, 2018
Article by:

ocrulus

Ocrolus Builds Team with FinTech Lending Experience

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

Thanks to Expansion Capital Group, South Dakota is On The Alternative Lending Map

September 11, 2018
Article by:
Sioux Falls, SD
Sioux Falls, SD

Expansion Capital Group (ECG), which secured new financing at the beginning of the month for a total senior debt capacity of nearly $60 million, is based in Sioux Falls. That’s in South Dakota. With most alternative lenders based in New York, Florida or California, ECG is definitely unique geographically. But the company’s CFO Tim Mages told deBanked that despite the relative obscurity of the city, with a respectable population of 183,000, the city is a very good place to start a business. Particularly in the finance sector.  

According to a 2017 survey conducted by CNBC and SurveyMonkey, Sioux Falls is among the top 15 American cities optimal for starting a business. Why? Because South Dakota has no individual or corporate income tax and business costs are more than 20 percent below the national average. As one of the fastest-growing areas in the country, Sioux Falls has a rate of population growth that’s nearly four times the national average, according to the survey.

Also, Wells Fargo and Citibank both have a significant presence there, so there is an existing pool of talent in the lending space.

Sioux Falls River Walk, SD
River Walk in Sioux Falls, SD

In addition to ECG’s unusual geography, the way it obtains the bulk of its business is also uncommon. Mages said that 50% of its business comes from other lenders who either turn down the applications or don’t have enough capital to lend to merchants. Mages said they can “turn coal into diamond.” The company primary funds B- to C- paper deals and services a variety of industries with the bulk coming from transportation/trucking, construction and business services. ECG provides loan products, which compose about 80% of the business, as well as merchant cash advance, which makes up the remaining 20%.

Mages expressed a lot of enthusiasm for the company’s technology, which he said is very helpful because it can save a lot of time. For instance, he said their system auto-declines 25 to 30% of the applications they receive, which can be between 3,000 and 7,000 a month.

“We then want to get as competitive as we can [for the right applications,]” Mages said.

ECG ranked #802 on 2018’s Inc. 5000 list of fastest growing U.S. privates companies. Founded in 2013, ECG now employs 65 people. According to Mages, there are 23 underwriters and 11 internal salespeople, plus in-house legal and regulations team, a marketing team and a merchant support team. There is a tiny office of two people in Delaware.

Expansion Capital Group Announces New Executive Management Team

October 25, 2016
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SIOUX FALLS, S.D., October 25, 2016 – Expansion Capital Group (ECG), a provider of small business loans, is pleased to announce several changes to its executive management team.

Effective immediately, Mr. Vincent Ney (ECG’s majority shareholder) is CEO and will focus on further developing the foundation built by the Expansion Capital team. In addition to an impressive combination of leadership and operational experience, Mr. Ney brings a passion for building financial services businesses with a focus on meeting the needs of its strategic partners and its customers. Most recently, he was involved in the online consumer lending sector where he was instrumental in building a business to $100 million in revenue.

As part of Mr. Ney’s early initiatives, Expansion Capital Group has begun testing and implementing new loan term and pricing options to provide broader and more advantageous solutions for borrowers.

Expansion Capital Group Additionally, Mr. Marc Helman has joined Expansion Capital Group as Director of Strategic Partnerships. In this role, Mr. Helman is responsible for driving originations across the Company’s Funding Partner and Partnership channels. Before joining ECG, Mr. Helman spent over ten years in investment banking and venture capital, providing financing to both private and publicly traded small businesses. Mr. Helman stated, “I am incredibly excited to join Expansion Capital Group’s growing team. As our product offerings and platform continue to expand, we look forward to serving the capital needs of a wider variety of small businesses.”

Mr. Ney and Mr. Helman add to other members of the executive team that joined earlier in 2016. Mr. Herk Christie joined ECG’s operations team in March after experience and tenure with Resurgent Capital Services and Capital One. Mr. Tim Mages joined in February as CFO to assist ECG with its financial analysis and Capital Markets initiatives.

Dusty Wasmund, ECG’s VP of Business Development and Channel Partnerships, stated “During the past six months, ECG has broadened its executive management team to build a sustainable business that enables small business owners to access capital quickly to capitalize on their objectives. Our combined team brings a variety of experiences and perspectives to better serve our customer’s needs. This team has collaborated extensively during the past 60 days to strategically bring two new product innovations to market, which provide our borrowers greater financing options tailored to their specific needs. I am very excited about our revised positioning and look forward to working with many of our strategic partners during 2017 as we continue to grow our platform.”

As part of these changes, ECG also recently executed a partial equity recapitalization by ECG’s existing two family office investors. This additional equity, along with its $25 million credit facility closed in partnership with Northlight Financial and Bastion Management during the fourth quarter of 2015, provides ECG with enhanced capital resources to facilitate future growth. With this additional equity base and more flexible product alternatives, ECG will look to significantly expand its origination partners and loan volume.

About Expansion Capital Group:

Since 2013, Expansion Capital Group has provided over 5,000 small businesses with capital exceeding $130 million. Expansion Capital Group has developed a platform based on data aggregation and predictive modeling, which enables it to service this target market cost-effectively. Expansion Capital Group uses a broad array of both traditional and nontraditional data sources to predict individual performance and cash flow of each small business. 

For general inquiries, please contact:
Tim Mages
CFO
(605) 877-3910
For sales, lead generation, or channel partner inquiries, please contact:
Mr. Dusty Wasmund
VP of Sales and Channel Partnerships
(605) 351-5833

Mr. Marc Helman
Director of Strategic Partnerships
(605) 681-6400

Expansion Capital Group Joins The $100 Million Club

May 13, 2016
Article by:

mount rushmoreExpansion Capital Group has officially lent its one hundred millionth dollar since inception. In an e-mail, the Sioux Falls, South Dakota-based lender said they’re proud of the small businesses they’ve helped along the way. And they’re helping them at increasing speed, records indicate. The company celebrated its $50 million milestone less than 9 months ago, which means they’re lending more than $50 million a year.

In November, the company announced the closing of a $25 Million credit facility through Northlight Financial and Bastion Management to support their rapid growth.

Expansion Capital Group Crosses $50 Million Milestone

August 27, 2015
Article by:

mount rushmoreMove over New York and Silicon Valley, Expansion Capital Group (ECG), a young Sioux Falls, South Dakota-based business lender is quickly rising up the ranks. Founded just two years ago, a company representative has confirmed to deBanked that they’ve already funded more than $50 million to small businesses nationwide.

While South Dakota might be better known as the home state of Mount Rushmore, they have made a name for themselves in an industry largely centered around New York, California, and South Florida.

Jay Larson, ECG’s COO, shared with deBanked, “We are definitely excited to cross the $50 million deployment milestone. First and foremost, we’d like to thank all of our industry partners for all their help and support in getting us here. Second, this is only the beginning of ECG’s journey [and] as such we’re looking forward to reaching the $100M milestone in a much shorter period of time.”

Expansion Capital Group

On the industry leaderboard, ECG is not that far behind competitors that have been in the industry for much longer. Credibly, for example, has reportedly funded more than $140 million since inception but that’s spread out over a period of more than four years.

Breakout Capital Closes $20MM in Credit Facilities with Medalist Partners

July 8, 2020
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MCLEAN, VA / July 8, 2020 / Leading nationwide small business lender Breakout Capital announced today the completion of two senior secured credit facilities, totaling $20MM, with Medalist Partners, expanding and extending a current term loan facility and establishing a new term loan facility with attractive forward flow features with its long-time lending partner. This expansion of its successful ongoing partnership with Medalist further validates Breakout Capital’s vision and growth through product differentiation, innovative responses to small business needs and disciplined, long-term strategy. These facilities will allow Breakout to increase loan originations across all of its product offerings, including its highly regarded term-loan product, FactorAdvantage®, and its newest, well-received factor product, FactorBridge.

“I am pleased to continue our successful relationship with Medalist Partners. Medalist is a disciplined and engaged credit facility provider who shares our vision and believes in the strong value we bring to small businesses across the country,” said McLean Wilson, Breakout Capital’s CEO and Chief Credit Officer. “The expansion of this strategic relationship will accelerate the growth of our “white-hat” brand and the continued introduction of innovative new lending solutions to the market.”

John Slonieski, Director of Private Credit for Medalist Partners, added, “We are pleased to enhance our relationship with Breakout Capital in our asset-based lending strategy. Their high-quality underwriting and SMB-friendly lending solutions, coupled with their talented credit and management team, provide us confidence as we continue working closely with them to successfully scale their lending program.”

Given the deployment of these Medalist facilities and increased market demand from the rollout of FactorBridge and expansion of FactorAdvantage®, Breakout Capital has in parallel raised its loan size up to $1,000,000. It has done so while continuing to offer loan terms of up to 24 months, offering flexibility through FactorBridge to provide shorter-term solutions that bridge to these longer-term Breakout Capital loans.

“The increase in our maximum term loans provides much-needed additional liquidity to small businesses, enabling them to implement critical strategies and capitalize on time-sensitive opportunities during these unprecedented times,” Wilson stated. “It also facilitates powerful dual factoring-loan solutions where we provide critical working capital loans to SMBs in tandem with accounts-receivable based factoring platforms offered by our valued factor partners.”

About Breakout Capital

Breakout Capital, headquartered in McLean, Virginia, is a leading fintech company, offering innovative small business lending solutions across the country. Breakout Capital is committed to transparent and responsible lending solutions through product innovation, small business borrowing education, and advocacy against predatory lending practices and continues to empower small business through right-sized lending, suitability testing, improving terms and supporting the long-term financing objectives of small businesses.

About Medalist Partners

Medalist Partners is an SEC registered investment manager with approximately $2.4 billion in assets under management as of June 30, 2020. The New York based firm manages strategies in asset-based private credit, structured credit, and collateralized loan obligations. The business is led by partners Greg Richter, Brian Herr and Michael Ardisson, who were formerly part of Candlewood Investment Group and prior to that Credit Suisse.

CAN Capital Welcomes John McNeill, New Chief Financial Officer

July 23, 2019
Article by:

can capital logoKennesaw, GA — CAN Capital, a leading provider of small business working capital loans, is pleased to announce the hiring of John McNeill as its new Chief Financial Officer (CFO). McNeill brings to the company a deep expertise in corporate finance, accounting, treasury and a growth orientation well suited for CAN’s current expansion.

McNeill has been a mainstay in the Atlanta financial services industry. He joins CAN from Ocwen Financial Corporation where he served as Senior Vice President of Servicing Finance, Treasury and Investor Relations. Before that, he served as Vice President of Finance and Treasurer at Home Loan Servicing Solutions, and has also worked in various financial capacities at WestRock and KPMG. He earned his undergraduate degree at the University of Georgia, his MBA at the Goizueta Business School at Emory University, and is a CPA and CFA Charterholder.

“I am very excited to be joining the team and having the opportunity to help the company build on its recent momentum and, ultimately, capitalize on its growth potential,” said McNeill. “I admire CAN Capital’s long history of providing much needed capital to small businesses and look forward to working with our customers, partners, and team during the next chapter of its business expansion.”

CEO Edward J. Siciliano spoke about McNeill’s role in CAN’s promising future: “I’m excited to work with John and benefit from his experience as we establish CAN as the market leader in small business lending on a national scope” Siciliano added, “John’s the perfect fit to drive our corporate finance activities in the upcoming expansion years.”

The entire CAN Capital team welcomes John, who, along with our dedicated group of CAN Capital team members, is here to support our mission of helping every small business succeed.



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