Articles by deBanked Staff

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Funding Circle UK Referring Some Large Loan Applicants to Competitors

November 11, 2019
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Funding Circle UK has begun to refer applicants seeking an amount above their maximum loan size limit of £500,000 to Iwoca, MarketInvoice and French bank BNP Paribas, The Sunday Times reported. Previously, Funding Circle would just turn them away.

2019 Top 25 Executive Leaders in Lending – Canadian Lenders Association – Presented By BMO

November 11, 2019
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The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. The Top 25 finalists in this report represent various innovations in […]

2019 Top 25 Company Leaders in Lending – Canadian Lenders Association – Presented By BMO

November 11, 2019
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The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. The Top 25 finalists in this report represent various innovations in […]

Selecting a Third-Party Commercial Collection Agency

November 8, 2019
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It’s said that anyone can lend money out but the hard part is getting paid back. The latter part is full of nuance, a 32-page white paper authored by Minnesota-based Dedicated Commercial Recovery (Dedicated) reveals. “Choosing a third-party commercial collection agency is a matter of comparing potential returns and risks in order to achieve an […]

COJ Enforcer Gets COJ’d By City of New York And Is Forced to Resign NYC Marshal Position

November 7, 2019
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cojs

A New York City marshal at the center of a controversial Bloomberg News story series last year about “predatory lending,” has resigned after a city probe, the City of New York announced. Marshal Vadim Barbarovich was allegedly a prolific enforcer of New York judgments obtained by confession. After irregularities were discovered by the Department of […]

PIRS Capital, Fundera Make Crains’s Fast 50

November 7, 2019
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newspaper headline

Crain’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 […]

Lending Club Originated $3.3B in Loans in Q3

November 5, 2019
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Scott Sanborn, Lending Club CEO

Lending Club originated $3.3B in loans in q3 and reported a minor net loss of $400,000. That loss was a $22.4M improvement over the same period last year, mainly due to an increase in “net revenue” and a decrease in class action and regulatory litigation expense. One of those class action lawsuits against them was […]

Canadian Lenders Summit To Take Place on Nov 20, 2019 in Toronto

November 2, 2019
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Canadian Lenders Summit

The annual Canadian Lenders Summit produced by the Canadian Lenders Association will take place on November 20th in Toronto. Registrants can use promo code: debanked40 for 40% off the ticket price. Register here

Knight Capital Has Been Acquired

November 1, 2019
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knight

Publicly-traded Ready Capital Corporation has acquired 100% of Knight Capital LLC. The total sales price was undisclosed but it consisted of cash and 658,771 common shares of Ready Capital stock. A share currently trades at $15.83, valuing the stock portion in excess of $10 million. More details may emerge when Ready Capital publishes quarterly earnings […]

Direct Lending Investments’ Ability to Collect From Largest Debtor Looks Uncertain

October 30, 2019
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satellite dish

When Direct Lending Investments (DLI), one of the largest online lending hedge funds, went bust, many were surprised to learn that the fund had discreetly gambled heavily in the international telecom market. At present, a company called VOIP Guardian Partners I owes DLI $203 million. There’s a problem with recovery in that VOIP declared Chapter […]

Shopify Capital Originated $141M Of Loans And MCAs In Q3, Says It’s a Meaningful Part Of The Shopify Business

October 29, 2019
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shopify glyph

Shopify Capital, Shopify’s small business funding division, originated $141 million in loans and merchant cash advances last quarter, an 85% increase over Q3 last year. The company has now cumulatively originated $768.9M since it began funding in April 2016. On the earnings call, Shopify COO Harley Finkelstein commented on the company’s recent initiative to fund […]

Head of Crypto Payment Company Arrested For Laundering Money For Drug Cartels

October 26, 2019
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Cryptocurrency

Ivan Manuel Molina Lee, the president of Crypto Capital, was arrested in Poland for crimes that include laundering millions for Columbian drug cartels. As detailed in UnTethered: How The Entire Crypto Bull Run of 2017 May Have Been a Mirage (And Why Its Resurgence May Be Too), Crypto Capital served as a major bank/payment processor […]

Attorney Pleads Guilty In 1 Global Capital Securities Fraud Mess

October 25, 2019
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arrest handcuffs

Jan Douglas Atlas, a Florida attorney that was arrested last month for his role in the 1 Global Capital debacle, entered a plea of guilty on Wednesday to 1 count of securities fraud. 74-year-old Atlas also agreed to be disbarred. The charges stem from his willingness to sign an opinion letter that claimed investment opportunities […]

OnDeck Repurchased 3.2M Shares, Reports $8.7M Q3 Profit

October 24, 2019
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OnDeck

OnDeck announced this morning that it has repurchased 3.2M of its own shares for $11M since making its buyback announcement on July 29th. The company intends to repurchase another $39M worth. OnDeck was profitable in Q3, reporting a net income of $8.7M on originations of $629M. Although that was an increase over the previous quarter, […]

LendIt China 2019 is Canceled

October 23, 2019
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shanghai

LendIt Fintech has officially announced that there will be no conference in China this year after 3 long years in the country. A blog post written by LendIt Fintech co-founder Peter Renton explained that calamitous events engulfing the peer-to-peer lending industry there, namely the abundance of fraud, and the government’s waning tolerance, has led them […]

Google Bans Loan Apps From App Store If Personal Loan Offers Exceed 36% APR

October 12, 2019
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Google Dark

Google is implementing new rules for consumer lenders who have apps in the Google Play app store. And they’re pretty strict. If a lender offers loans that exceed 36% APR, their app will be banned. If the repayment period of the loan is 60-days or less, the app will be banned. It doesn’t matter what […]

New York Attorney General Secures Judgment Against Cardis Enterprises International

October 11, 2019
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AG-NY

New York Attorney General Letitia James announced today that she had secured default judgments against numerous entities and individuals involved in a $30 million fraud. In December 2018, the New York Attorney General’s Office filed suit against Cardis and company personnel Aaron Fischman, Stephen Brown, Steven Hoffman, and Seth Rosenblatt for participating in the fraudulent […]

Coinbase Begins Paying Interest Rewards On Crypto Holdings

October 2, 2019
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Coinbase

Bitcoin’s price might not be all that right now, but Coinbase, a US-based digital currency wallet, wants to pay its customers a reward for holding on to its stablecoin. Unlike Tether, a popular stablecoin that was purportedly fully backed by US dollars but then revealed it wasn’t, Coinbase’s stablecoin is fully backed by dollars on […]

Stephen Brown Indicted On Bank Fraud Charges

September 30, 2019
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Fed courthouse Brooklyn

Stephen Brown, the Cedarhurst, NY-based former bookkeeper for merchant cash advance companies, has been federally indicted. Brown is accused of falsifying the books for the father of a reality TV star so that he could deceive banks into getting approved for loans. The indictment is entirely separate from civil charges brought by the New York […]

deBanked Around The World

September 28, 2019
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Members of the deBanked editorial team returned from Ireland this week. The Republic of Ireland will be the latest in our international series on nonbank finance. Stay tuned for our stories on that. In the meantime, be sure to check out our international coverage of: Canada Canada story series Magazine Feature: Canada’s Alternative Financing Market […]