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Email: jacob@pirscapital.com

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Related Headlines

07/09/2020The state of the industry with PIRS' CRO
11/07/2019PIRS Capital, Fundera on Fast 50 list
03/26/2019PIRS secures $15M in financing
09/28/2018Meet PIRS Capital on Oct 4th in San Diego
08/21/2018PIRS Capital secures additional $10M


Related Videos



Interview With Matthew Washington - PIRS Capital


Stories

Discussion: The State of The Industry With Matthew Washington at PIRS Capital

July 9, 2020
Article by:

I recently connected with Matthew Washington, the Chief Revenue Officer of PIRS Capital to get his take on the state of the industry right now and whether or not there are opportunities in the market. Video below:

PIRS Capital, Fundera Make Crains’s Fast 50

November 7, 2019
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newspaper headlineCrain’s New York Business has revealed its Fast 50 companies. Among them are Fundera (#22 with 720% 3-year growth) and PIRS Capital (#50 with 230% 3-year growth).

Crain’s says that to be considered for the Fast 50, firms had to be at least four years old, generate at least $10 million in 2018 revenue and be headquartered in the New York metropolitan area, which includes the five boroughs; Nassau, Suffolk and Westchester counties; and Bergen, Essex, Hudson, Morris and Union counties in New Jersey.

#1 on the list was Hoboken-based Bear Mattress with 3-year growth of 13,481%.

You can view the list here.

PIRS Capital is a Sponsor of deBanked CONNECT – San Diego

September 28, 2018
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PIRS Capital is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!

PIRS Capital


deBanked CONNECT - San Diego

Where Fintech Ranks on the Inc 5000 List for 2020

August 12, 2020
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Here’s where fintech and online lending rank on the Inc 5000 list for 2020:

Ranking Company Name Growth
30 Ocrolus 7,919%
46 Yieldstreet 6,103%
351 Direct Funding Now 1,297%
402 GROUNDFLOOR 1,141%
486 LoanPaymentPro 946%
534 LendingPoint 862%
539 OppLoans 860%
566 dv01 830%
647 Fund That Flip 724%
1031 Fundera 449%
1035 Nav 447%
1053 Fundrise 442%
1103 Bitcoin Depot 409%
1229 Smart Business Funding 365%
1282 Global Lending Services 349%
1360 CommonBond 327%
1392 Forward Financing 319%
1398 Fundation Group 318%
1502 Fountainhead Commercial Capital 293%
1736 Seek Capital 246%
1746 PIRS Capital 244%
1776 Braviant Holdings 240%
1933 Choice Merchant Solutions 218%
2001 Fundomate 212%
2257 Lighter Capital 185%
2466 Bankers Healthcare Group 167%
2501 Fund&Grow 165%
2537 Central Diligence Group 162%
2761 Lendtek 145%
3062 Shore Funding Solutions 127%
3400 Biz2Credit 110%
3575 National Funding 103%
4344 Yalber & Got Capital 76%
4509 Expansion Capital Group 70%

The Funders Are Coming Back

June 10, 2020
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ComebackNearly three months on from the beginning of the United States’ lockdown, the alternative finance industry is starting to feel a recovery. As states look to ease lockdowns, businesses seek to start back up, and offices are reopening, an element of normalcy, if it can be called that, appears to be returning. deBanked reached out to a number of businesses in the industry to find out how they were plotting their recovery, as well as what they thought of the future for the space and the American economy.

One such company was Everest Business Funding. After experiencing a strong start to 2020 in January and February, covid-19 and the economic shutdown that accompanied it came as a shock to Everest, CEO Scott Crocket explained.

“It’s difficult to imagine an exogenous event outside of our control that could more squarely impact an industry like this,” Crockett stated. “I mean, after all, we provide capital to small and medium-sized businesses all across the United States, all 50 states, every type of small business you can imagine. And we’re cruising along, we had a record 2019, we’re off to a great start with January, February, even the beginning of March … and we really saw it come on in the third week of March, the week that started with Monday the 16th. It started as a kind of a trickle in, but by the end of the week it was more of a tidal wave in terms of the number of small businesses in our portfolio that were calling in looking for some type of relief as a result of what was happening.”

Crockett said that they paused all new funding the following week, out of concern for the company’s ability to generate business while there was a national economic shutdown in place. Since then however, Everest has been slowly getting back to what it was, with employees now returning to the office in waves and discussions being had over when exactly to start funding again, be it late June or early July.

“IT’S GOOD TO SEE THAT THE OLD-SCHOOL APPROACH IS BACK AND WORKING AGAIN”

Another firm that halted its funding operations was the New York-based PIRS Capital. Similarly, it was mid-March when the pressure was first felt, and PIRS didn’t return to funding until May 15th. PIRS COO Andrew Mallinger chalked this up to the company’s lack of reliance on automated underwriting processes, saying that although “the industry was leaning towards automatic funding and all these models and 20-second approvals, we weren’t fully invested in that yet. So it was good to see that the old-school approach is back and working again, interfacing with these brokers and really understanding their deals and what they’re bringing to the table.”

Mallinger is also confident going into the rest of 2020. Saying that while the company is maintaining a cautiously optimistic outlook, PIRS is working off the assumption that there will eventually be growth this year and that it is set to continue working from home for however long that may be, on the basis that New York may be one of the last states to return to offices.

“ANYONE WHO CAN WEATHER THIS STORM IS GOING TO COME OUT 10 TIMES BETTER THAN THEY DID GOING IN”

Also looking forward is Velocity Group USA’s Trace Feinstein, who believes there will tough times ahead for many in the industry, but who also holds that there are opportunities for those who can make it through.

“Anyone who can weather this storm is going to come out 10 times better than they did going in.” The Chief Syndication Officer said in a call. “It’s an adjustment for our economy, it’s an adjustment for our country, and I think it’s an adjustment for our industry on top of that. So there’s a lot of different changes and things are going to be happening, but I think it’s going to be very good for the ones who make it out of it.”

Feinstein, who said that most of Velocity’s workers are back in its offices, noted that it approached underwriting during the pandemic with thoroughness. Daily underwriting meetings entailed going through each state, looking at what was happening there with infection rates, and discussing how various industries could be affected.

Reporting that applications following the lockdown were actually cleaner than before, with average credit scores going up to be between 650 and 750, Feinstein explained that he pushed underwriters to rely on common sense rather than overthinking their decisions and to treat these deals like they would any MCA application.

And while many funders have struggled through the lockdown period, another part of the industry, collection agencies, have been doing well after an initially tough stretch.

Shawn Smith of Minneapolis’ Dedicated Commercial Recovery has claimed to have grown the company’s portfolio by 100% in 60 days despite a particularly trying period in mid-April. Explaining that the company was two weeks away from having to bring in strict measures to keep things going, Dedicated began getting calls again just in time, with its clients mostly phoning in about MCA deals.

Looking ahead, Smith is anticipating a busy summer and fall as businesses, funders, and the courts come back, but he is worried about a second wave and the alternative finance industry not putting in the precautions needed to stave off the economic impacts this next time around.

“WHEN IT GOT STRESS TESTED, THE PAIN CAME BACK REAL QUICK”

“Anyone can lend out a lot of money or put out a lot of money on the street, but your ability to get it back is going to be very important, and you want the fire extinguisher in place before the house is on fire … what you’re seeing in the MCA industry is because it’s just not as aged as the equipment leasing and banking industries … the MCA companies just didn’t have 20-30 year veterans in collections and legal … we’re so concerned with how to write more deals and get more money out there, and not about how to get it back and not about having strong enough underwriting standards and things like that. So when it got stress tested, the pain came back real quick.”

Likewise, Kearns Brinen & Monaghan’s Mark LeFevre claimed that after having a rocky road during the earlier stages of the pandemic and switching to a “plan B” for the year, the collections company is optimistic about going forward. Having weathered what may be the worst stretch without having had to furlough or lay-off anyone, KBM now has brought most of its workers back after a reworking of the office space. A pre-return fumigation, sneeze guards, and temperature-taking upon re-entry to the office building have all been employed after KBM’s employees asked to return to the workplace.

“The industry is changing literally day to day,” explained the President and CEO. “Some of the laws that are passed by the House and by the Senate are changing quicker than I’ve ever seen. I’ve just never seen it before. But I think it’s for the better and we’re starting to see the comeback of the economy, the stock market, employment. The unemployment numbers are really good and, in my opinion, [the numbers will] continue to go down from what we’re seeing in our industry.”

The 2019 Top Small Business Funders By Revenue

August 14, 2019
Article by:

The below chart ranks several companies in the non-bank small business financing space by revenue over the last 5 years. The data is primarily drawn from reports submitted to the Inc. 5000 list, public earnings statements, or published media reports. It is not comprehensive. Companies for which no data is publicly available are excluded. Want to add your figures? Email Sean@debanked.com

For rankings by origination volume, CLICK HERE

Small Business Funding Companies Ranked By 2018 Revenue

Company 2018 2017 2016 2015 2014
Square $3,298,177,000 $2,214,253,000 $1,708,721,000 $1,267,118,000 $850,192,000
OnDeck $398,376,000 $350,950,000 $291,300,000 $254,700,000 $158,100,000
Kabbage $200,000,000+* $171,784,000 $97,461,712 $40,193,000
Global Lending Services $232,200,000 $125,700,000
Bankers Healthcare Group $220,300,000 $160,300,000 $93,825,129
National Funding $121,300,000 $94,500,000 $75,693,096 $59,075,878 $39,048,959
Forward Financing $75,500,000 $42,100,000 $28,305,078
ApplePie Capital $69,700,000
Fora Financial $68,600,000 $50,800,000 $41,590,720 $33,974,000 $26,932,581
Reliant Funding $64,800,000 $55,400,000 $51,946,000 $11,294,044 $9,723,924
Envision Capital Group $32,700,000
Expansion Capital Group $31,300,300 $23,400,000
SmartBiz Loans $23,600,000
1 Global Capital bankruptcy $22,600,000
IOU Financial $19,200,000 $17,415,096 $17,400,527 $11,971,148 $6,160,017
Quicksilver Capital $16,500,000
Channel Partners Capital $23,000,000 $14,500,000 $2,207,927 $4,013,608
Lendr $16,500,000 $11,800,000
Lighter Capital $16,000,000 $11,900,000 $6,364,417 $4,364,907
United Capital Source $9,735,350 $8,465,260 $3,917,193
Fundera $15,600,000 $8,800,000
US Business Funding $14,800,000 $9,100,000 $5,794,936
Wellen Capital $12,200,000 $13,200,000 $15,984,688
PIRS Capital $11,900,000
Nav $10,300,000 $5,900,000 $2,663,344
P2Binvestor $10,000,000
Seek Business Capital $8,800,000
Fund&Grow $7,500,000 $5,700,000 $4,082,130
Funding Merchant Source $7,500,000
Shore Funding Solutions $5,000,000 $4,300,000
StreetShares $4,967,426 $3,701,210 $647,119 $239,593
FitSmallBusiness.com $3,000,000
Eagle Business Credit $3,600,000 $2,600,000
Everlasting Capital $2,500,000 $2,100,000
Swift Capital acquired by PayPal $88,600,000 $51,400,000 $27,540,900
Blue Bridge Financial $6,569,714 $5,470,564
Fast Capital 360 $6,264,924
Cashbloom $5,404,123 $4,804,112 $3,941,819
Priority Funding Solutions $2,599,931
Threads on deBanked


09-28-2018

PIRS Capital is a new site sponsor...
please welcome pirs capital as a new site sponsor. to learn more visit their website. :cool::)...




Found on DailyFunder:

11-25-2020

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pirs and kalamata prime's comments on deals, whether it be a decline or something else, are essentially the same. pirs also mentioned to my gro...
11-25-2020

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pirs. we do not syndicate on their deals nor have any business relationship with them. please feel free to reach out to me with any questions or concerns at brandon.laks@kalamatacapitalgro...
10-30-2020

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pirs capital, principis, quicksilver, rapidfinance, snap. likely some others....