Articles by Press Release
Yellowstone Capital LLC Appoints Tangela Griffin as Chief Compliance Officer to Enhance its Compliance and Ethics Practices
January 23, 2019Hiring Evidence of Company’s Commitment to Compliance
New York, N.Y. (January 23, 2019)— Yellowstone Capital LLC (a Fundry Brand), a fintech company offering alternative financing to a wide variety of businesses, has appointed Tangela Griffin to the position of Chief Compliance Officer. Ms. Griffin will be responsible for enhancing and providing oversight of the company’s Compliance and Ethics Program, including regulatory compliance. Ms. Griffin will report directly to the Company’s Chief Executive Officer, and its President.
“Yellowstone recognizes the importance of a strong corporate compliance function and is excited that Tangela has joined our organization to spearhead and continue those efforts,” the company said in a statement.
Ms. Griffin brings extensive industry experience in regulatory compliance and risk management to Yellowstone. She is a former Office of the Comptroller of the Currency (“OCC”) Large Bank Supervision Compliance Examiner and most recently served as the Head of Compliance at a financial services technology company. She previously held the position of Senior Vice President at Citibank and Deputy Compliance Officer/Assistant General Counsel at a foreign banking organization, amongst others.
Ms. Griffin holds a B.A. in History from Old Dominion University, a J.D. from St. John’s University School of Law and is a member of the New York State Bar. She is also a FINRA Dispute Resolution Arbitrator.
Strategic Funding Source Announces Launch of New Brand Identity; Unites its Funding Arm and Servicing Arm Under the name Kapitus
January 15, 2019New York, NY – January 15, 2019 – Strategic Funding Source, a veteran of the small and medium-sized business alternative lending space, today announced the launch of a new corporate brand identity, including a new name. As part of this rebrand, the funding division and servicing division will be united under the name Kapitus. The unification of these two divisions will allow for an improved experience for both clients and partners.
Since its inception in 2006, Strategic Funding Source has provided over $2 billion to almost 40,000 businesses in hundreds of industries across the U.S. Over the past two years, the organization has been proactively building out its executive team, bringing in a wealth of experience to transform its risk model, underwriting processes, lending capacity and product line, technology capabilities and customer experience.
With these and other planned advancements, the company required a new brand that better reflected the company’s commitment to be a reliable source of capital to all small and mid-sized business owners.
“The small business lending landscape is consolidating around a few strong and reputable companies. Over the last several years, Kapitus has experienced tremendous growth both in its product offerings to small and medium-sized businesses and in the total number of businesses it serves” said Andy Reiser, CEO of Kapitus. “We chose a name and identity that represents our strength and stability as well as our promise to be a responsible and fair source of capital to small and medium-sized businesses nationwide.”
Along with the name change there will be a new logo, tagline (“Let’s Grow Together”) and domain name (kapitus.com). The rebrand is the first step in the company’s strategy to grow its own financing product line, add to its marketplace of 3rd party lenders and create a foundation for new partnership opportunities. The new brand also represents the company’s commitment to keep the human touch throughout the financing process, while improving customer experience through technology to aid the decisioning process and improve speed to funding.
“This is an exciting change for us,” added Reiser. “This new branding builds upon our history and pays allegiance to our standing as a leader in a fast-evolving industry, opening the door for future opportunities for us, our clients and our partners.”
About Kapitus
Founded in 2006 and headquartered in NYC, Kapitus is one of the most reliable and respected names in small business financing. As both a direct lender and a marketplace built with a trusted network of lending partners, Kapitus is able to provide small businesses the financing they need, when and how it is needed. With one application business owners can save time and money, while eliminating the stress that comes with applying to different lenders. At Kapitus, we believe that business owners should be able to focus on running their business, while we take care of the financing. To learn more, visit www.kapitus.com.
DataMerch.com Surpasses 20,000 Records Heading into 2019
January 9, 2019DataMerch.com surpasses 20,000 records heading into 2019
DataMerch continues rapid growth and adds many new members and merchant records
Tampa, Jan. 9, 2019 /DeBanked/ — Today, DataMerch.com, an online underwriting database for the alternative financing industry, announced that they have surpassed over 20,000 records in their database. DataMerch has been servicing funders in the alternative financing field since 2015 and has been widely adopted as the industry standard for online screening of merchants.
“We continue to grow our membership and database because our tool is so useful,” said Co-Founder Cody Burgess. “In 2018 we surpassed 60 active member companies with well over 500 individual users within those companies. We also added tools to support better member communication.” When asked what developments to expect looking forward in 2019, Mr. Burgess responded, “We have several projects we are working on to expand our features and membership. We are developing tools to make searching and reporting even easier, and we are planning on adding some additional industry markets to bolster results and relevancy.”
President and COO of IOU Financial Inc., Robert Gloer said, “We’ve been using DataMerch since the beginning and are thrilled with the results. We’ve automated our process where we screen every new application through DataMerch to check if there were issues with competitors in our industry. This allows us to save countless hours of time and money with an additional up-front underwriting tool that is easy to use.”
Management at DataMerch said they will continue to offer world-class support to members and improve the platform.
About DataMerch
DataMerch LLC was founded in 2015 and is designed to help funders determine if a future client of theirs has a bad track record in the alternative finance industry. DataMerch members can scrub their files using DataMerch’s specifically designed FEIN search and enter unsatisfactory businesses into the database. DataMerch currently has over 60 industry-leading subscribed members working together as a community. DataMerch can be accessed at https://www.datamerch.com and contacted for membership at support@datamerch.com
CAN Capital Hires Edward J. Siciliano as Chief Executive Officer
January 8, 2019Atlanta, GA (January 8, 2019) – CAN Capital, a technology-driven small business specialty finance company, today announced the appointment of Edward J. Siciliano as Chief Executive Officer. Siciliano brings over 30 years of experience in commercial financing, sales, marketing and operations.
Siciliano joins CAN Capital most recently from Marlin Business Services, a nationwide provider of commercial financing and depository products. While at Marlin, Siciliano served in roles including Chief Operating Officer, Interim Chief Executive Officer and EVP, and Chief Sales Officer. During that time, he was responsible for turning around Marlin post financial crisis by rebuilding the sales force, adding new products, improving operations, and driving optimal risk-adjusted returns for all segments, resulting in double-digit ROE and more than fivefold growth in originations.
After beginning his career at Xerox Corporation, Siciliano worked at Applied Theory Corporation as SVP of Sales and Marketing and at ALK Technologies, where he also led Sales and Marketing.
“Ed is a proven leader with deep industry knowledge and a strategist who is skilled at driving business growth,” said Gary Johnson, CAN Capital’s Executive Chairman. “Throughout his career, he has served the needs of small businesses while building loyal teams that deliver innovative products and a great customer experience. These skills will be invaluable as CAN Capital finds new ways to deliver on its mission of helping small businesses succeed.”
“It’s rare to have the opportunity to work with a company that is a pioneer in its space, yet has so much growth potential,” said Siciliano. “CAN Capital’s experience, brand recognition, data, and partner relationships make it uniquely positioned to support the expansion of the small businesses that drive the U.S. economy. I look forward to building a leadership team and working together to expand our offerings, invest in talent and technology, and help our customers grow.”
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer in alternative small business finance, having provided access to over $7 billion in capital for over 81,000 small businesses in a wide range of locations and different business types. As a technology powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, member FDIC, and through Merchant Cash Advances made by CAN Capital’s subsidiary CAN Capital Merchant Services, Inc. ©2018 CAN Capital. All rights reserved.
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Velocity Capital Group (VCG) Secures $15 Million Series A Financing
December 11, 2018
CEDARHURST, NEW YORK—DECEMBER 10,2018–Velocity Capital Group recently secured another $15 million in financing. This will strengthen their ability to provide assistance to more small businesses and organizations. While the name might be new to some, Velocity Capital Group is no stranger to the business world. Servicing small businesses for over 7 years, there have been more than 15,000 clients who’ve received the financial boost they needed due to the available funding from VCG.
CEO/Principle Jay Avigdor couldn’t be happier to reach this point. Jay started the business in a small room of his home with only a laptop, and in just a short period of time has transformed VCG into a large and highly respected financial group that services organizations with speed and dedication. With an aim to merge the finance industry with technology, VCG aims to leave funding at your fingertips. To date, VCG is making strides as one of the fastest growing finance companies in the industry.
When businesses have financial demands, their situation is urgent and must be addressed immediately. Going through a lengthy process that could end up in a loss would be a waste of time, but with Velocity Capital Group, the relationship is taken seriously from the onset. With a staff of over 20 employees, VCG strives to get you what you need when you need it. A few of the industries that Velocity takes pride in assisting include:
- Accounting & Collection Agencies
- Construction, Machinery, Mechanics, & Manufacturing
- Electronic & Media/Entertainment
- Healthcare Services & Rehab Center
- Religious Organizations
- Restaurants & Retail
- Technology & Wireless
- AND MORE!
The $15 million funding access will help VCG build solid foundations and partnerships. With Velocity’s breakdown of available funding ($5mil in series A round & a $10 million line of credit), they’re able to provide more funding for more businesses. In fact, many customers have already stated that the VCG team is “resourceful” and “always available.” Others have even said that they “love the charity aspect” of Velocity, because they give back to aiding organizations monthly. Their attention and consistency prove that they are more than just the average financial group; they’re family! Winston Churchill said it best: “From what we get, we can make a living; what we give, however, makes a life.” Velocity Capital Group takes pride in giving to others so they can ultimately help others make a life.
Companies and small businesses are urged to contact Velocity Capital Group today and see what financial options are available. With urgency and compassion, the knowledgeable staff of Velocity is ready to build your business or brand. The funding is there, the foundation is there; all it takes is one step. That one step can be the greatest decision for success in business.
Velocity Capital Group is ready and able to serve you. For additional information, visit our website at www.velocitycg.com, send an email to info@velocitycg.com, or call 833-VCG-FUND (833-824-3863). We’re also available on social media outlets.
SBFA Announces Support for The Small Business Fairness Act
December 7, 2018The Small Business Finance Association (SBFA) today announced support for S.3717, The Small Business Fairness Act introduced by Senator Sherrod Brown (D-OH) and Senator Marco Rubio (R-FL). The bill would provide the Federal Trade Commission more clarity to protect small business owners from being forced to sign a “confession of judgment” before obtaining financing. A “confession of judgment” requires a small business owner to waive certain rights in court before obtaining financing and, in some cases, allows the lender to seize the owner’s assets if there is a default.
“This is a bad practice that must be eliminated,” said Jeremy Brown, chairman of RapidAdvance and SBFA. “Unfortunately, certain small business financing providers are misusing “confessions of judgment.” We firmly support any legislation that will provide small businesses protection from the misuse of this practice. If a small business we fund runs into trouble, we believe they should be treated fairly and deserve our commitment to help resolve the issue in a manner that is professional and respectful.”
SBFA is a non-profit advocacy organization dedicated to ensuring Main Street small businesses have access to the capital they need to grow and strengthen the economy. SBFA’s mission is to educate policymakers and regulators about the technology-driven platforms emerging in the small business lending market and how our member companies bridge the small business capital gap using innovative financing solutions. The organization is supported by companies committed to promoting small business owners’ access to fair and responsible capital.
“Our core values are centered on providing fair and responsible financing for small businesses,” said Steve Denis, executive director of SBFA. “Small business owners are the backbone of the American economy and we should empower them with as many tools as possible to grow and create jobs. We look forward to working with Senator Brown and Rubio to eliminate the abuse of the “confession of judgment” and expand the role of responsible lenders nationally.”
In 2016, SBFA released best practices for the alternative finance industry to help better protect small businesses as they seek funding online. SBFA’s best practices are centered on four principles—transparency, responsibility, fairness, and security. As the industry’s leading trade association, the best practices have been agreed to by every member company and exist to give small business owners confidence in their financing decisions. These principles provide them a better understanding of what to expect from responsible alternative finance companies, which includes fully disclosing all terms and costs and ensuring the products SBFA companies offer are in the best interest of the small business customer.
The Small Business Finance Association (SBFA) is a not-for-profit 501(c)6 trade association representing organizations that provide alternative financing solutions to small businesses.
Popular Business-Lending Marketplace Dealstruck Restructures
December 3, 2018VALLEY STREAM, N.Y., Dec. 3, 2018 — Innovative online business-lending marketplace Dealstruck.com (which has been featured in CNBC, The New York Times, Forbes and many other publications) has reorganized. A private investment group of fintech experts acquired the company. “This acquisition represents a significant strategic opportunity for our client base,” said Dealstruck CEO Anthony Porrata.
Dealstruck is a leader in the alternative lending space. The company provides small and medium-sized business owners with seamless access to capital. Advances in technology make the process quick and efficient with minimal paperwork.
During the restructuring process, the company paused providing loans. “Recently, many people have asked, ‘What happened to Dealstruck?’ There were rumors that Dealstruck shut down but that was not true,” noted Porrata. “We’re happy to announce the Dealstruck news that a group of private investors has created a new ownership coalition that is leading a bold evolution for the company.” The new investment group combines a portfolio of existing small business capital providers with the highest technological advances in the field of online business loans.
Company leaders expect the change will help small businesses immensely. “Clients will see quicker approval turnarounds and a more streamlined process,” said Porrata. “This will also help clients who would not otherwise have equal access to growth opportunities.”
Vice President Chris Jones expects small business owners will be excited about the Dealstruck news. “This restructuring will allow us to approve more clients than ever before,” he smiled. “I’m looking forward to joining many new business ribbon-cutting ceremonies. Nothing gives us more pride than a grand opening.”
The reorganization allows Dealstruck to expand its mission while maintaining the personalized service that makes it so well known. The new management team has access to more capital and creative financing terms for Dealstruck clients.
About Dealstruck: As a leading online capital facilitator, Dealstruck connects small and medium-sized businesses with access to a variety of working capital options. These options help business owners find custom-tailored loans, so they can better manage their time and achieve their goals. For more information, visit dealstruck.com.
Contact:
Anthony Porrata – CEO
855-610-5626
info@dealstruck.com
Fora Financial & Expansion Capital Group Partner with Ocrolus to Automate Underwriting Legwork
October 8, 2018
New York, NY — Ocrolus, the emerging leader in analyzing loan documents, today announced integrations with Fora Financial and Expansion Capital Group, two of the fastest-growing online small business lenders. Enabling quicker and more precise loan decisions, Ocrolus has seen rapid adoption since its debut in the small business lending world with flagship customer Strategic Funding Source in May 2017. Following its Series A round highlighted by QED Investors, Ocrolus is quickly growing its customer base and team with laser-focus on the lending space.
Ocrolus employs crowdsourcing and artificial intelligence to drive efficiencies in the origination process, from document collection to calculating credit model inputs. The Company’s simple API ingests and analyzes bank statements and other loan files, returning actionable data and risk analytics, with 99+% accuracy.
Fora Financial, one of the most prominent New York City-based online lenders, has partnered with Ocrolus to automate bank statement reviews, resulting in a faster, more accurate end-to-end underwriting workflow. The benefits of automation have become increasingly important as Fora Financial accelerated growth after its June 2018 acquisition of US Business Funding. Leveraging Ocrolus to parallelize underwriting tasks, Fora Financial is poised to eclipse $400 million in annual originations over the next year.
“We are excited to automate an additional step in our underwriting process that has historically been very laborious, requiring additional staffing as we grew originations,” said Dan Smith, Co-founder and President of Fora Financial. “As a tech-enabled SMB lender, we rely on our technology to achieve scale while delivering a frictionless process for small businesses to access capital.”
Expansion Capital Group (ECG), recently honored on the 2018 Inc. 5000 as one of the fastest-growing private companies in America, has also partnered with Ocrolus to enhance its underwriting process. ECG sought a loan automation partner to facilitate ambitious growth objectives while improving risk management capabilities. With Ocrolus now handling its document analysis work, ECG, who has grown 627% over the past three years, looks forward to scaling its operation to new heights, thanks to its leaner, technology-enabled infrastructure.
Herk Christie, Head of Operations at ECG says, “Using Ocrolus solutions, we have been able to create a lean, smart and tech-enabled underwriting infrastructure that focuses on quality without sacrificing speed. The level of data Ocrolus provides will continue to feed the growth of our statistical models, further benefiting our clients and partners alike.”
Growing beyond online small business lending, into online personal lending and traditional banking, Ocrolus has added a couple of prominent lending executives to its team. Matt Burton, former CEO of Orchard Platform has joined Ocrolus as a Board Advisor. Kevin Bailey, former Senior Advisor at the US Department of Treasury, has joined Ocrolus as Head of Growth.
As CEO of Orchard Platform (acquired by Kabbage), Matt Burton became a cornerstone of the online lending community. Orchard’s Online Lending Meetup events regularly brought together industry thought leaders from all over the world, helping to shape the next generation of financial services. As an Advisor to Ocrolus, Mr. Burton is continuing his mission to grow online lending into an efficient, transparent, and global financial market.
A former White House and Treasury official, Kevin Bailey brings more than fifteen years of experience as a financial services and public policy professional. Prior to joining Ocrolus, Kevin was the Director of Business Development & Capital Markets at CommonBond, a leading marketplace student lender. Mr. Bailey is a graduate of Rice University and the University of Chicago Booth School of Business. At Ocrolus, Mr. Bailey is leading growth efforts as the Company expands beyond its core online small business lending market, into online personal lending and traditional banking.
Visit www.ocrolus.com for more information.
About Ocrolus
Ocrolus is a RegTech company that automates data verification and analysis for bank statements and other loan documents. The Company analyzes e-statements, scans, and cell phone images of documents from any financial institution with over 99% accuracy, and rigorous process documentation. By replacing tedious, imperfect human audits with sharp, AI-driven analyses, Ocrolus modernizes financial review processes in lending with unprecedented speed and accuracy.
Media Inquiries:
media@ocrolus.com
