Articles by Brendan Garrett

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Gone with the Wind: $35 Million Missing as Payroll Company Closes and President’s Home Raided

September 18, 2019
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Knocking on the door of a lake-view house in Edinburg, NY last week, reporters from both the Times Union and Daily Mail were met with pleas from a woman to leave her property and notice that she would call 911 if they continued. This week the FBI come knocking instead. The woman is assumed to […]

Earnin, Say What’s Your Price? Nas-backed Earnin Comes Under Investigation

September 17, 2019
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Earnin, the self-proclaimed alternative to payday loans, is part of a new online lending category that is under investigation in eleven states and Puerto Rico for its similarities to payday loans. With such loans being banned in sixteen states, the app-based personal loans company has drawn the attention of various regulators after it was suggested […]

PNC Bank Launches Fintech Startup numo

September 3, 2019
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Last week, PNC Bank announced its latest venture, numo, which aims to function as an internal startup, developing apps and other services to expand PNC’s operations. The first such app is indi, a bank account for gig workers that is exclusive to mobile phones. Offering customers tax calculators, tax savings goals, and dynamics adjustments that […]

Outside the Box: Idea Financial’s Unusual Path to Alternative Finance

August 28, 2019
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From left: CEO Justin Leto, President Larry Bassuk, COO Michael Zevallos How many lawyers does it take to start up an alternative finance company? Two, according to Idea Financial’s Co-founders, Justin Leto and Larry Bassuk. Idea, a Miami-based company which offers lines of credit to SMB owners, is the product of Leto and Bassuk’s partnership […]

Apple Card Partnership Sees Goldman Sachs Lending to Subprime Borrowers

August 25, 2019
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apple card

Apple Card launched this month, and with it have come some complaints over the unforeseen damage that wallets can do as well as an official guide from Apple on how to tend to and clean your new credit card. But aside from aesthetic and hygienic concerns, the card’s release to the wider public has raised eyebrows with […]

Jamie Dimon Among 181 CEOs Pledging to Look Beyond Investors

August 22, 2019
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jpmorgan

This week, JPMorgan Chase CEO Jamie Dimon along with 180 other CEOs published a statement committing themselves to rethinking corporate priorities and their responsibilities as leaders of business. The majority of the Business Roundtable (BRT), a corporate lobbying group comprised of 200 CEOs that once was described as Obama’s “closest ally in the business community,” signed […]

Calls For Oversight As SBA Loans Go To Wall Street, Investor Funds, And High End Businesses In Beverly Hills

August 20, 2019
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rich and famous

In a report released this month by OpenTheBooks.com, a non-partisan non-profit organization, outlined how and who the SBA had guaranteed loans for in the years between 2014 and 2018. Covering various forms of funding, ranging from 7(a)s to 504s to surety bond guarantees, the report details a number of different types of businesses as well as […]

Turning a New Leaf: Banking Committee Chairman Says It’s High Time for New Cannabis Company Regulations

August 19, 2019
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Young cannabis plants

Recent years have seen a surge of popularity for the legalization of cannabis movement across the United States. Beginning with the normalization and legalization of the herb for medicinal use, and then the outright legalization of it in California, Colorado, Oregon, Nevada, Alaska, Michigan, Vermont, Massachusetts, Maine, Washington, and D.C., most states now support legalization […]

Enova’s Small Business Division Garner’s Limelight in Q2

August 16, 2019
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enova

Late last month, Enova released its second quarter report for 2019. Generally bearing positive news, the report asserts that the company is in a good position due to increasing demand, growth in various areas, and reductions in financing costs. Total revenue is up from Q2 2018, rising 13% from $253 million to $286 million, just […]

LendingPoint Places Seventeenth on Inc. 5000

August 14, 2019
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LendingPoint

Today Inc. 5000 released is 2019 list of the fastest growing private companies in America, featuring alternative finance company LendingPoint in seventeenth place after it witnessed a three-year revenue growth of 9,265%. LendingPoint offers consumer loans of up $25,000 and provides financing to merchants, service providers, and medical institutions via its LendingPoint Merchant Solutions program. This is […]

Canada Fintech Week Launches in Toronto

August 12, 2019
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Toronto Canada

This week sees the first ever Canada Fintech Week (CFW) in Toronto. Running from August 12th to the 15th, the four-day celebration of everything fintech in Canada features a slew of events and panels for those in the industry. Ranging from how to incorporate blockchain technology in Holocaust asset recovery to cybersecurity, to the future […]

Gone with the Lend: Chase Bank Withdraws from Canada, Forgives All Credit Card Debt

August 12, 2019
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Chase Bank

In January 2018 Chase Bank released a statement detailing that it will be closing all of its Canadian credit card accounts on March 15 of that year, but customers should continue to pay their bills. Last week all of those debts were cancelled. Coming as a shock to many Chase customers, the decision comes as […]

Lending Club Still Logging Losses, But Not For Long?

August 9, 2019
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Scott Sanborn

LendingClub released its second quarter report this Tuesday. Loan originations reached a new high of $3.1B, but the year-over-year growth rate for the quarter clocked in at only 11%, down from the 18% growth experienced the three straight previous quarters in a row. The company also generated a net loss of $10.6M. Beyond Q2 however, […]

Michele Romanow on Clearbanc’s Recent $300M Series B

August 7, 2019
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Michele-RomanowPic

Last week Clearbanc announced it had secured $300 million in a Series B. Specializing in the provision of capital to business owners for the purchasing of ads on digital platforms such as Facebook and Instagram, the company operates in an untapped niche. Alternative financing for the acquirement of a highly specific product, this product being the […]

Fox Corp / Credible Deal – What’s Online Lending Got To Do With TV Broadcasting?

August 5, 2019
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Fox Flag

On Sunday Fox Corp announced it had agreed a deal to buy a majority share of 67% in Credible, a San Francisco-based online lending platform that is publicly traded in Australia. Credible, which was valued at $397 million by Fox, provides credit checks for mortgages, personal loans, and student loans; gathers the information yielded; and […]

Import/Export SMBs Introduced to Fintech Lending Options

August 2, 2019
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Early this week TangoTrade announced its partnership with the online lender Fundation. TangoTrade, which deals primarily in payment assurances for US small business importers and exporters, will now offer alternative financing to SMBs with the help of Fundation. The development is a reaction to the struggles faced by small businesses who engage in global trade. Sam […]

Chinese Funder MYBank Using Advanced Tech to Provide Capital

August 1, 2019
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social credit china

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 […]

Maria Vullo Joins Emigrant Bank

July 31, 2019
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Maria T Vullo

Maria Vullo, who served as the Superintendent of New York’s Department of Financial Services (NYDFS) from 2016 to February 2019, has been elected to Emigrant Bank’s Board of Directors. As well as this, Vullo will be joining Emigrant’s holding company, New York Private Bank & Trust (NYPB&T). The move comes five months after the end […]

Spotlight on deBanked CONNECT Toronto

July 30, 2019
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deBanked CONNECT Toronto

As the heat of the Toronto sun split the stones outside, the crowd inside the Omni King Edward’s seventeenth-floor Crystal Ballroom mingled and munched as part of deBanked’s most recent CONNECT event. The first of its kind to be held in Toronto, the CONNECT series are half-day events that take place in both San Diego […]

Become: The Who, What, and Why of a Rebrand

July 23, 2019
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become logo

Last week Lending Express rebranded to Become. Founded in 2016, the company, which educates businesses looking for loans on how to appear more attractive to funders, was spearheaded by CEO Eden Amirav in Australia originally, with an eventual expansion to the US. Three years in, the company has over 50 lending partners across its two markets, a […]