Articles by Brendan Garrett

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Canadian Small Businesses Face Tough Challenges As Government Passes Over Fintech

April 8, 2020
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This week the Canadian government announced its coronavirus economic relief plans. Among them are two initiatives that aim to assist small businesses: the Canada Emergency Response Benefit (CERB) and Canada Emergency Business Account (CEBA). The first of these is a wage subsidy that will cover up to 75% of a company’s payroll. The hope being […]

#paytoday Small Business Coalition Formed in Response to Coronavirus

April 3, 2020
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This week a cohort of businesses announced the formation of the #paytoday coalition, a union whose purpose is to promote the swift repayment of any receivables due to small businesses. The group, made up by Fundbox, SmallBizDaily, Womply, among others, was formed in the aftermath of covid-19’s rapid spread across the United States. The coalition […]

Cybersecurity in the Time of a Pandemic

April 2, 2020
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Earlier this month the FBI released a statement warning against increased instances of cybersecurity attacks on businesses and individuals during the coronavirus pandemic. Among the Bureau’s recommendations was the suggestion to be wary of any links purporting to offer coronavirus cures, preventative equipment like N95 masks, or instant access to a stimulus package. As well […]

Views from the Small Business Finance Industry, March 27

March 27, 2020
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As the coronavirus pandemic continues to disrupt the economy and affect small businesses as well as funders, deBanked will keep up with how various figures from the alternative finance sector are managing under the stresses of covid-19. Ranging from funders, to brokers, to those figures on the periphery of the industry, this series aims to […]

$2 Trillion Senate Relief Bill to Pass Vote, Includes Small Business Funds

March 26, 2020
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Main Street Brick

Senate leaders Mitch McConnell and Chuck Schumer have come to an agreement over a stimulus package that would inject $2 trillion into the US economy. With senators debating the bill at the time of writing, it is expected to pass. Said to be the largest and most robust rescue package in American history, the bill […]

European Challenger Bank Revolut Launches in US

March 25, 2020
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Revolut

Yesterday Revolut, the London-based digital-only bank, announced the public launch of its app in the United States. The news came as a surprise to the thousands of potential American customers who signed up to the company’s waiting list with no details of when exactly to expect the bank’s arrival. Founded in 2015 and valued at […]

Canadian Lenders Association Announces Creation of Covid-19 Working Group

March 20, 2020
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Canadian Lenders Association

The Canadian Lenders Association has announced its establishment of a covid-19 working group to support its members’ response against the coronavirus. The group will act as an advisory committee and resource for CLA members, while also serving as a lobbyist group to various government entities. “We presently are in an unprecedented period in Canadian business,” […]

BFS Capital Hires Peter Ng as CRO

March 20, 2020
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BFS Capital Website

Last week BFS Capital announced that it has appointed Peter Ng as Chief Revenue Officer. Coming from BlackBerry, where he served as Senior Director of Global Alliances and Business Development, Ng will be responsible for leading all revenue-related functions as well as overseeing the development of partnerships. “I’ve had the privilege of working with Peter […]

How Small Business Funders Are Reacting to the Coronavirus

March 17, 2020
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eye on your money

In the past week and a half it appears as if six months of panic, reaction, and preparation have taken place. With the coronavirus having transformed from a subconscious worry at the back of our minds to a global pandemic that is leading industries and nations to be reshaped, uncertainty and a lack of information […]

OnDeck NASCAR Partnership

March 13, 2020
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OnDeck Nascar

This week OnDeck announced a new partnership with JR Motorsports, sponsoring their no. 8 Chevrolet team. The deal will see OnDeck’s colors brandished on the car driven by Daniel Hemric for two races during the 2020 NASCAR Xfinity Series season. The first of these races will be in Atlanta this weekend, with the second being […]

“Panic Induces Panic”: David Goldin on Small Business Funding and the Coronavirus

March 12, 2020
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David Goldin

With companies in Australia, Britain, and the United States, David Goldin has weathered storms of various sizes and seriousness over the past two decades. Whether it was the recent wildfires that saw state-sized infernos engulf the Australian countryside, the regulatory upheaval that is Brexit, or the unprecedented shockwaves sent by the 2008 financial crisis, the […]

Robinhood Goes Down Three Times in One Week, And The Timing Couldn’t Be Worse

March 10, 2020
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robinhood

The free stock trading app Robinhood has gone down three times in the last week, causing angst and legal challenges from customers at a time when the US stock market is tanking. Stemming from uncertainty instilled by the coronavirus as well as worries over Saudi-Russia oil relations, the Dow Jones Index Average had dropped by […]

How Kabbage Insights Seeks to Level Playing Field for Small Businesses

March 5, 2020
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kabbage app

This week, Kabbage released its latest product, Kabbage Insights, to the public. Having been available privately since February 10th, the service is now free to all Kabbage customers. Released a month after Kabbage Payments, Insights adds to Kabbage’s ecosystem of products by helping small business owners identify and prepare for cash flow deficits. Acting almost […]

Democrats Call for Interest-Free Loans for Small Businesses Affected by Coronavirus

March 2, 2020
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Covid-19

The leaders of the Democratic Party in the Senate and House, Chuck Schumer and Nancy Pelosi, respectively, have released a joint statement outlining their perspective on providing emergency funding to combat the coronavirus, otherwise known as covid-19. Among the provisions listed is a demand that “interest-free loans are made available for small businesses impacted by […]

Lendio Plans Development and Growth With $55 Million Series E

February 27, 2020
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Brock Blake Lendio

Today Lendio announced that it raised $55 million as part of its series E funding round. This included $31 million in equity led by Mercato Partners Traverse Fund and a $24 million debt facility from Signature Bank. “We think that we’re just getting started, that there’s a really large opportunity in front of us and […]

Intuit Agrees to Buy Credit Karma For $7.1 Billion

February 26, 2020
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Credit Karma

This week the news broke that a deal had been reached between Credit Karma and Intuit that will see the latter purchase Credit Karma for $7.1 billion, paid for with cash and stock. After rumors of the deal leaked over the weekend, the agreement was confirmed on Monday by chief executives from both companies. Under […]

Luxury Asset Capital Acquires and Relaunches Borro

February 26, 2020
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borro

Luxury Asset Capital, the Denver-based lender that secures financing against goods such as Ferraris and Rolexes, has announced this month that it has acquired Borro and will be relaunching borro.com. LAC did not disclose the purchase price. The news comes after LAC had been in talks to acquire Borro for years, LAC CEO Dewey Burke […]

United Capital Source Partners with Brex to Offer Deal on Card

February 21, 2020
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Brex - United Capital Source

United Capital Source has partnered with Brex on a deal that will see UCS customers receive bonuses upon sign-up for a Brex Corporate Card. Such rewards include 100,000 points in statement credit and waived card fees for life. “We really wanted to start to offer business credit cards to our clientele. We believe that as we’re […]

Patreon Adds MCA-like Product With Patreon Capital

February 20, 2020
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Patreon

Patreon, the membership platform that provides payment and subscription services for creators, will now start funding those artists that are on its site through Patreon Capital. Said to be modeled after Shopify Capital, the service will be available to certain creators initially, with Patreon reaching out directly to them to offer merchant cash advances. The […]

LendingClub Becomes First Fintech Lender to Buy a Bank

February 19, 2020
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Scott Sanborn, Lending Club CEO

Today LendingClub announced that it has agreed to acquire Boston-based Radius Bank for a purchase price of $185 million, made up by cash and stock. Holding more than $1.4 billion in assets, the merger will enable LendingClub to offer checking accounts and save millions in bank fees and funding costs each year. Coming one month […]