Articles by deBanked Staff
Broker Fair announced that Slava Rubin will be its keynote speaker for its 2021 conference on December 6th in New York City.
Who is Slava Rubin?
Slava Rubin is an entrepreneur and innovator in the fintech space for nearly 20 years. Slava built an alternative investment platform, a venture fund, an equity crowdfunding platform, a perks crowdfunding platform, and an angel investment portfolio. Slava is a founder of Vincent, a company which has developed the largest database of alternative investments (crypto to NFTs, trading cards to art, real estate to venture and debt) and is changing how people access them. He is also founder & managing partner at humbition, a $30M early-stage operators venture fund built by founders, for founders. Slava also founded Indiegogo, a company dedicated to empowering people from all over the world to make their ideas a reality. As CEO for over 10 years from inception in 2006, Slava grew Indiegogo from an idea to over 500,000 campaigns and more than $1B distributed around the world. While at Indiegogo, Slava launched one of the nation’s first equity crowdfunding businesses. Slava’s angel portfolio includes 4 unicorns – Carta, Hedera, GOAT, & Turo. He is also a founding advisor to multiple companies including Hedera Hashgraph – a top 60 blockchain protocol.
Prior to Indiegogo, Slava was a strategy consultant working on behalf of clients such as MasterCard, Goldman Sachs and FedEx. He is also the founder of “Music Against Myeloma,” a charity that raises funds and awareness for cancer research in partnership with the International Myeloma Foundation. Slava is currently a member of the board for NYSE traded (WSO) Watsco Inc., and privately held, Indiegogo.
Slava represented the crowdfunding industry at the White House during the signing of the JOBS Act under the Obama administration and has helped navigate bringing equity crowdfunding to the American public. He also pioneered security tokens in the United States – having been a catalyst for selling fractionalized ownership of the St. Regis hotel in Aspen using blockchain technology. He has made many TV appearances including being a regular guest commentator on CNBC. He has also been often quoted in NYTimes and Wall Street Journal.
Slava has received numerous awards including Fortune 40 under 40, Observer 20 Heros under 40, and the Wharton Young Leadership award for 2015.
Slava holds a B.S.E. from the Wharton School of Business
The main news? A six month delay.
“Financiers and brokers shall comply with disclosure requirements six months after the effective date,” the proposals state.
The comment period has also been corrected/extended to December 19, 2021. Comments are to be directed to George Bogdan at DFS.
The regulation’s draft has been amended as well and can be VIEWED HERE.
North Mill Equipment Finance just had its best quarter in 60 years. The company originated $129.1M in Q3. That was up from the record set the previous quarter of $120M.
Contributing to the company’s growth rate is the recent joint acquisition of 100% of the stock of parent company Aztec Financial, LLC.
“This has been an exceptional year,” said David C. Lee, Chairman and CEO, North Mill. “In addition to introducing a new category of equipment through the acquisition of Aztec, we recently purchased a $50.3 million portfolio of seasoned truck and trailer leases to help diversify our portfolio even further.”
The company is on pace to surpass $400M in originations in 2021.
Personal finance company NerdWallet disclosed who its direct competitors were last week in an S-1 filing.
Those companies include: Bankrate, Credit Karma, LendingTree, and Zillow.
“We currently compete with a number of companies that market financial services online, as well as with more traditional sources of financial information, and with financial institutions offering their products directly, and we expect that competition will intensify,” NerdWallet said.
“… We also face direct or indirect competition from providers of consumer personal finance guidance and online search engines,” the company added.
NerdWallet generated 16 million unique users per month last year, defining that metric as a unique user with at least one session in a given month as determined by unique device identifiers. That was up from the 13 million per month in 2019.
The company had more than 8 million registered users as of December 2020, 2 million of which registered in 2020.
When NerdWallet acquired Fundera last year, terms of the deal were not revealed.
NerdWallet recently disclosed that it paid $29.2M at closing to acquire Fundera with an additional potential earn-out of up to $66M over the following two years if certain metrics were met.
“As of December 31, 2020, the estimated fair value of the contingent consideration was $35.2 million,” NerdWallet reported.
Fundera had entered the market strong, launching in 2013, raising $3.4M in 2014, followed by another raise of $15.5M in 2015. The party slowed thereafter.
NerdWallet has big plans for Fundera, however. “We plan to invest significant resources to integrate, develop and expand new offerings and technologies in the markets in which Fundera operates,” the company wrote in its S-1 filing.
NerdWallet filed its S-1 on October 8th.
Investigations carried out by the Receiver for Pompano-based MJ Capital Funding, have revealed that the number of investors in the alleged ponzi is more than double than originally believed.
In August, the SEC successfully persuaded a judge to place MJ Capital in Receivership after providing a convincing argument that the company was engaged in an active securities fraud and that the assets should be preserved. At the time, the SEC estimated that there were as many as 2,150 investors and that the amount raised ranged somewhere between $70M and $129M.
Now with better access to the internal workings of the business, the Receiver says that there are actually more than 5,000 investors and that they expect this number to increase, according to recent court filings.
Also revealed is that more than 400 individuals were tasked with recruiting investors.
“While MJ Capital claimed to use investor funds to provide small business loans called Merchant Cash Advances, the Receiver’s investigation to date has revealed virtually no evidence of legitimate business activity involving the funding and collection of Merchant Cash Advances which proceeds could have funded the payments to investors,” the Receiver said in official papers.
The case is ongoing.
More than 3,200 people have come out in support of MJ Capital Funding’s CEO, believing that she is also a victim in what has befallen the company.
Sonia Alvelo, CEO of Latin Financial, will join Sean Murray live on deBanked TV on Thursday at approximately 12:15pm EST. Latin Financial is based in Newington, CT and Alvelo has contributed valuable insight to deBanked over the years, particularly on the Puerto Rican small business finance market.
Anyone can tune in to debanked.com/tv/ for free without any registration to watch.
Who is Latin Financial?
A family owned and operated brokerage firm with a variety of backgrounds and expertise. We’re here to help all of our clients with their business’ unique financial needs. No loan is too big or too small for us; our goal is to simply help create a positive future for all of our clients. Here at Latin Financial, we understand that working capital can be difficult to obtain. With banks approving fewer and fewer loans, borrowing for your business’ future can be frightening and uncertain, especially in today’s economy. With Latin Financial you’re in good hands.
Latin Financial has over 10 years of business financial experience between its advisors.
We are at the forefront of this quickly changing economy and we work closely with our clients and investors because we are fully committed to meeting and exceeding expectations. We also believe in keeping our services affordable, working around your budget while never charging fees.
We are proud that so many of our clients have repeatedly turned to us for guidance and assistance with their business capital needs. We work hard to earn their loyalty every day.
More than eight months after deBanked announced that FTC Commissioner Rohit Chopra would be the next head of the Consumer Financial Protection Bureau, his appointment has finally been confirmed by the Senate.
The confirmation of Chopra is notable given the agency’s objectives to collect data from small business finance companies and the fact that Chopra himself has been very vocal about merchant cash advances in particular.
One year ago, in his capacity as an FTC commissioner, he referred to the industry as “opaque” with “pay-day style” products whose structure “may be a sham.”
In an interview with NBC around the same time, he used stronger language, saying that he was “looking for a systemic solution that makes sure they can all be wiped out before they do more damage.”
Chopra knows his way around the CFPB. He worked for the agency when it first started in 2010 and was there for five years as the Assistant Director & Student Loan Ombudsman. He later moved to the FTC as a commissioner and now returns back at the CFPB in the director’s seat.