Articles by Brendan Garrett

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Idea Financial Chimes In On New Hire

February 17, 2020
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Last week Idea Financial announced that it had appointed Gregory Sandler as its Chief Operating Officer and General Counsel. Having served as General Counsel to both Beyond Finance and Spruce Finance after working as VP and Corporate Counsel to Bayview Asset Management, Sandler believes he’s well positioned to help Idea. “I have a sense of […]

N26 Exits UK Market Citing Brexit as Reason

February 13, 2020
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The challenger bank N26 pulled out of the UK market this week, citing Brexit as the reason for its departure. Saying that it will no longer be able to service Britain now that it has left the European Union, N26 has stopped onboarding new customers and will be closing all British accounts on April 15th. […]

Varo Receives FDIC Approval for Bank Charter

February 12, 2020
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Varo Money, the company that has been providing customers with app-based banking since 2017, has just received approval from the FDIC to take deposits. Having been working towards this for the previous three years through various rounds of applications to the FDIC, Varo CEO Colin Walsh told CNBC that “it was a long process – […]

Bank, Auto Lender, and BFS Capital Are New Additions to Canadian Lenders Association’s Board

February 11, 2020
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The Canadian Lending Association has announced today that it has three newcomers to its board: BFS Capital’s CEO, Mark Ruddock; Cox Automotive Canada’s EVP, Jerome Dwight; and BMO’s Head of Specialty Finance and Loan Syndication in Canadian Commercial Banking, Lyla Kanji. In a statement, Kanji said that she was “excited to join the CLA board […]

The Story Behind The #BrokersAreBetter Super Bowl Commercial

February 7, 2020
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Show Us Your Deals

Watching the Super Bowl, you may have seen a number of oddities: the resurrection of a peanut as an infant, the tattooed inside of a popular rapper’s head, Google’s plea to be the hub for all your elderly relatives’ memories, and, on top of it all, a cheeky spar between mortgage lenders. Quicken Loans, the […]

Lender Ranking Website Accused By FTC Of Misleading Rankings

February 6, 2020
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United States Federal Trade Commission

LendEDU, a Hoboken-based company that lists and ranks loan providers, came under fire this week after the FTC filed a complaint detailing how LendEDU charged businesses for higher positions in its rankings of lenders and promoted fake testimonials. Providing ratings for student loan refinancing, personal loans, and mortgage lenders, it is the first of these […]

Ocrolus Partners with Kiva to Provide Funding and Publish its Customers’ Stories

February 6, 2020
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Ocrolus has announced a partnership with Kiva, the Californian non-profit that provides loans to entrepreneurs in countries underserved by funding options. The deal comes after news of Ocrolus’s partnership with Plaid in December, a venture that helped launch the Ocrolus+ platform. As part of Kiva’s work to help global small business owners, it publishes the […]

CAN Capital Brings On Edward Dietz as Chief Compliance Officer & General Counsel

February 5, 2020
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CAN Capital is continuing its executive hiring spree into 2020 with the news that it has brought on Edward Dietz as its latest Chief Compliance Officer and General Counsel. After providing legal expertise to Marlin Business Services Corporation for nine years and working as an associate for two law firms in Wisconsin and Pennsylvania previous […]

Kabbage Introduces Customized Short Term Loans

February 4, 2020
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Today Kabbage, the Atlanta-based fintech company that has been funding businesses since 2009, announced its latest product: customized short-term loans that are a result of the combination of Kabbage Payments and Kabbage Funding. The loans, which run for the length of 3-45 days, are best suited to those businesses who need funding to cover issues […]

Goldman Sachs-Amazon Deal to Offer Small Business Loans in the Works

February 3, 2020
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Amazon Goldman Sachs Partnership

Tech giant Amazon is reportedly in talks with Goldman Sachs to offer business loans to those small and medium sized merchants operating on its marketplace, according to sources that the FT describes as “two people briefed on the discussions with the online retailer.” One of these sources said that it could launch as soon as […]

Liberis Secures $42 Million in Funding, Plans American Expansion

February 3, 2020
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Liberis Homepage

Liberis, the London-based small business finance provider, secured £32 million ($42 million) in capital late last month following a round of equity fundraising. The firm, which has funded businesses through cash advances since 2007, has now raised a total of over £150 million ($197 million) via debt and equity. Having already entered Nordic markets, Liberis […]

Former Wells Fargo CEO Fined $17.5 Million

January 27, 2020
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wells fargo

Last week the Office of the Comptroller of the Currency released a 100-page report on the Wells Fargo fake accounts scandal that came to light three years ago. Accompanying the document with a fine against the CEO who oversaw the controversy, John Stumpf, for $17.5 million. Stumpf, whose personal wealth was estimated to be roughly […]

The Scoop Behind Sprout Funding’s Acquisition of Jet Capital

January 25, 2020
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Sprout Funding Homepage

News from North Texas this month as Dallas-based Sprout Funding announced its acquisition of Jet Capital. The move comes as Sprout seeks to expand its technical operations. “Sprout built a reputation as a group that funds a lot of its own internal deals, and Jet had spent a lot of time, energy, and money on […]

Sun Shines on deBanked CONNECT MIAMI for Another Year

January 24, 2020
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deBanked CONNECT Miami

Two blocks back from where the waves were washing up on Miami Beach, attendees flocked into the halls of the Loews Miami Beach Hotel. A mix of brokers, funders, lawyers, and anyone else attracted to alternative finance made up the crowd of the 2020 outing of deBanked Connect Miami. They had come for the speakers […]

Study Claims Canadian Market Needs to Improve Financial Literacy

January 24, 2020
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loans canada survey

This week Loans Canada, a lead generation company, released a study documenting the disparities between perceived financial literacy and actual financial well-being. Surveying 1,665 Canadians, the report asserts that those individuals who claim to have a firm grasp of their financial situation may in fact be out of touch. This being highlighted by major misunderstandings […]

Hudson Cook Partner Appointed to CFPB Taskforce on Federal Consumer Financial Law

January 14, 2020
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Jean Noonan, a Partner at Hudson Cook, LLP, has been announced as one of the new members of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law. Seeking to produce research and legal analysis of US consumer financial laws, over the next year the taskforce will focus on “harmonizing, modernizing, and updating the […]

Visa Acquires Plaid in $5.3 Billion Deal

January 14, 2020
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visa plaid

Yesterday it was announced that Visa and Plaid, the financial services company that helps business connect with customers’ bank accounts, have penned a deal that would see Visa purchase the San Francisco-based startup for $5.3 billion. The purchase price is roughly double Plaid’s previous valuation of $2.7 billion after its 2018 Series C investment of […]

Amazon Says Browser Extension No Longer Secure, Just After PayPal Acquired It

January 13, 2020
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Last week Politico reporter Ryan Hutchins noted on Twitter that Amazon has been alerting its website users who had installed Honey that the browser extension is no longer safe. The extension, which searches the web for sales coupons for items in your checkout basket and automatically applies them, was recently acquired by PayPal for $4 […]

Pacific Equity And Loan Acquires Emerald Capital Funding

January 12, 2020
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Emerald Capital Funding - Pacific Equity and Loan

This week Pacific Equity & Loan, a hard money lender based in Washington state, acquired Emerald Capital Funding. Done to “provide more resources and investment opportunity to real estate investors in the Washington market,” according to a statement from PEL, the merger will see all of ECF’s staff move over to PEL. “The move comes […]

New Small Business Administration Chief Confirmed

January 9, 2020
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Jovita Carranza

The newest Administrator of the SBA was announced on Tuesday. Jovita Carranza was appointed after President Trump had tweeted the previous Thursday about her nomination. I am pleased to announce that Jovita Carranza will be nominated as the new @SBAgov Administrator. She will be replacing Linda McMahon, who has done an outstanding job. Jovita was […]