Articles by deBanked Staff
Happy Thanksgiving. It’s Meme Time!
November 27, 2019Happy Thanksgiving. You know what that means! deBanked original memes! Here’s the latest: SEE ALL THE MEMES FROM PREVIOUS YEARS! 2017 1: The State of The Industry (In Memes) 2017 2: Take a Break From Funding This Thanksgiving 2016: The History of Alternative Finance (As Told Through Memes) 2013: 10 Clues You’re Hardcore About Merchant […] |
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Merchant Infamous For Safari-Themed Home, Has Died
November 18, 2019The saga of Michael Willhoit has come to an end. deBanked wrote about Willhoit in December 2018 when we learned he defaulted on nearly half a million dollars in merchant cash advance transactions and was sued by banks over $4.5 million in bad loan deals. This past June he was also indicted on 36 counts […] |
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IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability
November 14, 2019IOU Financial originated $41.4M in business loans in Q3, according to the company’s latest published financial statements. The figure is a modest increase over Q2’s $38.5M. IOU also kept up its trend of profitability with net income $1M. Shares of IOU, which trade on the Toronto Stock Exchange, are valued at around (CAD) 14 cents […] |
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Funding Circle UK Referring Some Large Loan Applicants to Competitors
November 11, 2019Funding 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. |
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2019 Top 25 Executive Leaders in Lending – Canadian Lenders Association – Presented By BMO
November 11, 2019The 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 […]
