Articles by Press Release
The Alternative Finance Bar Association Announces September 13th Event
August 31, 2017An announcement from the AFBA:
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SAVE THE DATE
Location: NYC Bar Association Offices
42 West 44th Street
New York, NY 10336
When: September 13th
Date: September 13, 2017
LOCATION: NYC BAR ASSOCIATION OFFICES
Clark Hill’s Consumer Financial Services Regulatory & Compliance Practice Group is a national leader in the field of consumer financial services law, providing strategic legal counsel to clients in all areas of consumer and small business finance. We provide advice, consultation and litigation services to a wide variety of financial institutions throughout the country. Our exceptional team of lawyers as well as government and regulatory advisors has extensive experience in – and an in-depth understanding of – the laws and regulations governing consumer financial products and services including engagement with the Consumer Financial Protection Bureau and prudential regulators.
Credibly Selected to Service Bizfi’s $250M Portfolio
August 30, 2017
Credibly also announced that it has crossed the $500 million milestone in capital deployed to tens of thousands of SMBs across the U.S. This is separate from the $250M portfolio the company is now servicing from BizFi.
“Acquiring the servicing rights of BizFi’s portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses,” said Ryan Rosett, Credibly’s Founder and Co-Chief Executive Officer. “We welcome our new customers and are committed to ensuring that their growth capital needs are met.”
In addition to servicing the BizFi portfolio, Credibly is working with both sales partners and merchants to provide additional working capital to the businesses in BizFi’s portfolio. Credibly’s data science team has the ability to analyze BizFi’s twelve years of data and remittance history, which will allow Credibly to better service both the BizFi and Credibly portfolios. Further, BizFi’s data enhances Credibly’s risk management, scoring models, and portfolio management tools.
The Small Business Association (SBA) estimates that traditional banks still reject approximately 90 percent of SMB loan applications. Since 2010, Credibly has emerged as a proven platform that leverages data science and analytics to provide SMBs with a simple and intuitive way to access critical working capital. The company addresses the fundamental capital needs of SMB owners across a broad credit spectrum and through every stage of a business’s life cycle.
Main Street SMBs across a wide variety of industries that include restaurants, retail stores, salons, spas, dry cleaners, auto body shops, and doctors’ offices, all rely on Credibly to secure the necessary capital they need to grow.
Credibly has achieved widespread industry recognition for its risk management, data technology, and data driven approach. For more information on Credibly, please visit www.credibly.com.
About Credibly
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior customer experience that meets the needs of all small businesses, regardless of product need or credit profile.
Learn more at www.credibly.com. Follow Credibly @credibly360.
Media Contact:
Tracy Rubin / Olivia Levis
JCUTLER media group
323-969-9904
tracy@jcmg.com / olivia@jcmg.com
BFS Capital Appoints Michael Marrache as CEO
August 17, 2017Coral Springs, Fla.—August 17, 2017—BFS Capital Inc., a leading small business financing company, announced that it has appointed Michael Marrache as Chief Executive Officer to succeed outgoing CEO and co-founder Marc Glazer. Named President in September 2016, Marrache previously served for more than three years as the company’s Chief Operating Officer. He also will join the company’s Board of Directors. Marc Glazer will continue to serve as Chairman of the BFS Capital Board.
“Michael has been invaluable in enhancing operations and driving sales. As CEO, he will lead our strategic direction both domestically and internationally, and spearhead initiatives that will continue to improve our loan portfolio metrics and strengthen our reputation among customers and partners as a premier small business lending organization,” said Glazer.
Over recent months, Marrache has built a management team that will execute on a long-term strategic plan to guide the company’s future and reach new milestones in the areas of origination, ISO partnerships and customer experience.
“I began work with BFS Capital nearly four years ago because I thought the company had enormous potential, and I’m even more certain of this today. I’m honored to have been asked by Marc and the Board to lead the company’s next phase of growth,” said Marrache.
“Our business has experienced great momentum over the last year and we’re setting a course for continued growth and leadership. We have a strong, committed management team and together, along with our employees, we’re primed to execute on our priorities, including upgrading the customer experience, investing in our product offerings and leveraging our data science to drive insights for our customers and partners,” Marrache added.
In April, BFS Capital reached a milestone of $1.5 billion in financing—a 50% increase over the $1 billion the company generated from inception through July 2015, led by loan portfolio growth in both new and repeat customers.
About BFS Capital
BFS Capital champions the long-term growth and prosperity of small businesses by providing timely, flexible financing solutions. BFS Capital’s leading small business financing platform leverages customized underwriting and proprietary algorithms to fund businesses in all 50 states and Canada, and through its affiliate, Boost Capital, in the United Kingdom. Since 2002, BFS Capital has provided more than $1.5 billion in total financing to more than 18,000 small businesses across more than 400 industries. Headquartered in South Florida with offices in New York, California and the United Kingdom, BFS Capital is an accredited BBB company with an A+ rating. To learn more, please visit: www.bfscapital.com.
Breakout Capital Expands Senior Leadership Team
August 6, 2017Breakout Capital – a leading small business lender – announces the hires of Robert Fleischmann as Senior Vice President, Strategic Partnerships and Tom McCammon as Senior Vice President, Business Operations. These key additions position the small business lender for continued growth.
McLean, VA, August 7, 2017 – Breakout Capital announced today the appointments of Robert Fleischmann as Senior Vice President, Strategic Partnerships and Tom McCammon as Senior Vice President, Business Operations. Both Mr. Fleischmann and Mr. McCammon bring a wealth of knowledge and small business lending experience that can accelerate Breakout Capital’s rapid growth.
“Breakout Capital’s growing employee base shares the same passion and commitment to advancing the Company’s mission to provide transparent working capital solutions, educate small businesses, and promote industry-wide best practices. We are thrilled with the additions of Robert and Tom to the leadership team,” said Founder & CEO, Carl Fairbank.
“Breakout Capital impressed me with its outstanding commitment to educating and advocating on behalf of small businesses,” said Fleischmann. “The innovative loan products combined with the impressive team of professionals make me extremely excited about the opportunity.”
Mr. Fleischmann will lead Breakout Capital’s efforts to expand and diversify its channels through strategic partnerships. Prior to joining Breakout Capital, Mr. Fleischmann was Director of Strategic Partnerships at RapidAdvance where he worked with a diverse group of partners, including banks and commercial finance companies, to help meet the financing needs of their business clients.
Mr. McCammon joins Breakout Capital with direct industry experience as he was formerly Director of Portfolio Management and Credit Operations at OnDeck. Prior to OnDeck and his recent move to the Breakout team, Mr. McCammon was involved in two de novo banks and was a consultant to the FDIC during the financial crisis. He will be a central figure in continuing to build Breakout Capital’s stature as both a credit-and customer-centric enterprise.
“Having worked in both retail banking and fintech, I was drawn to Breakout Capital as they have successfully combined strong credit and ethics fundamentals from traditional banking while still efficiently delivering capital to small businesses,” said Mr. McCammon.
Breakout Capital has quickly established a reputation as one of the most trusted and respected lenders in the market with a focus on product innovation, transparency, responsible lending and a partnership-based approach that extends beyond providing capital. Additionally, Breakout Capital is a Principal Member of the Innovative Lending Platform Association (ILPA), the leading trade organization representing a diverse group of online lending and service companies serving small businesses.
About Breakout Capital
Breakout Capital, headquartered in McLean, VA., is a technology-enabled direct lender which has provided a wide range of working capital solutions to small businesses across the country. In addition to becoming one of the fastest growing companies in the market, Breakout Capital is a leading advocate for small business. Its CEO, Carl Fairbank, is a Board Member of the Innovative Lending Platform Association. Breakout Capital has produced a highly regarded “educational series” through its blog, Breakout Bites, that helps small businesses better understand the technology-enabled lending market and how to avoid the hidden fees and debt traps that are prevalent in the industry. With a laser focus on educating small businesses, advocating for industry-wide best practices, and providing diverse, transparent working capital solutions, Breakout Capital is changing the financial landscape for millions of small businesses in need of funding. For more information, visit http://www.breakoutfinance.com.
From the Board of Credit Suisse to the FinTech World – Gaël de Boissard joins the winner of last year’s Money20/20 Europe Startup Competition
June 27, 2017
New York, NY – 26 Jun, 2017 – Exactly one year after winning Money20/20 Europe Startup Competition, James (a FinTech in Credit Risk, formerly known as CrowdProcess) returns to Copenhagen after closing an oversubscribed investment round led by Ex-Credit Suisse Board Member Gaël de Boissard. This round also included ex-Deutsche Bank COO, Henry Ritchotte, and BiG Start Ventures, a VC focused on FinTech and InsurTech. As a result of this deal, Mr. de Boissard has now joined James’s Board of Directors, after having previously been at the board of Credit Suisse.
The company that successfully pivoted into the FinTech industry in late 2015 sees its ambition of building the first Credit Risk AI, together with the superb results achieved with banks’ risk departments as the major factors behind this successful investment round. According to Mr. de Boissard, “Having worked in banking and credit for more than two decades, I was always surprised to see how little progress was being made in advancing the science, data analysis, and process automation around credit risk. When I met James I knew that was the future I’d been looking for, and I’m incredibly excited to be part of implementing the first credit risk AI.”
Providing financial institutions with solid, scientifically-backed risk management tools can help prepare them against cyclical crisis and help protect their reputation, making the global financial system safer in the long-run. Additionally, the fact that the company has a track record of helping banks achieve results such as 30% default rate reduction and 10% acceptance rate increase has been the cornerstone of its growing reputation both in the US and in Europe.
After going through a product/market fit process that involved testing the solution with over 25 financial institutions in three different continents, the company is now focused on execution and growth. In order to fulfill this, company co-founder and lead researcher Pedro Fonseca recently handed over the role of CEO to his co-founder João Menano, who built the company’s strong international commercial reach. This marks the beginning of a new stage for the company, where the focus has shifted from finding product/market fit to reaching global scale.
This investment round will allow James’s team to grow accordingly to the market needs felt mainly in the US and in Europe.
About
James is a data science company focused on the credit industry. Founded with the goal of bringing the best of data science to every risk department, James is on its way to build the first Credit Risk AI. Currently operating in three continents, the solution was tested by over 25 financial institutions, from Tier 1 banks to alternative lenders.
Winner of last year’s Money20/20 Europe Startup Competition, the 20 person startup aims to one day place the best of data science in every risk department.
Contact
Name: Francisca Beija
Email: francisca@crowdprocess.com
Phone Number: +351 968 183 576
CloudMyBiz and Ocrolus Announce Ground-Breaking FinTech Partnership
June 4, 2017
June 4, 2017 – CloudMyBiz, a leader in Salesforce development and implementation, is pleased to announce a new partnership with Ocrolus, an emerging innovator in bank statement review automation. The integration of the PerfectAudit API, powered by Ocrolus, into the Fundingo lending platform by CloudMyBiz, has created the industry’s first turnkey solution, revolutionizing Alternative Lending.
“For years, lenders have relied on inefficient and lengthy procedures for bank statement review, a critical part of the loan underwriting process. This is no longer the case. Combining the PerfectAudit API with our Fundingo Underwriting automation, we are taking the slowest part of the lending process and supercharging it. This partnership will have a huge impact on FinTech.” said Henry Abenaim, Founder and CEO of CloudMyBiz.
The PerfectAudit API analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology enables lenders to review every borrower’s bank statement data automatically, regardless of whether or not the borrower provides sensitive bank login credentials. Through the partnership with CloudMyBiz, the PerfectAudit API will be integrated directly into Salesforce.
“Until we started plugging in the PerfectAudit API, even the elite, technology-driven lenders could not review every application digitally,” said Sam Bobley, Co-founder and CEO of Ocrolus. “Partnering with CloudMyBiz is a groundbreaking moment because it’s leveled the playing field, allowing lenders of all shapes and sizes to transition to a hyper-accurate loan determination process within days. CloudMyBiz takes on all the implementation work, so achieving greater accuracy and automation than firms who’ve invested millions into technology is now just a phone call away.”
About CloudMyBiz
The CloudMyBiz team, via the Fundingo suite of apps, empowers business through the Cloud and encourages streamlined collaboration between departments, clients, customers and partners. CloudMyBiz focuses on Salesforce Implementation, Migration, Integration and Development, Third Party Applications, and Custom App Development, all specializing for the lending industry.
About Ocrolus
Ocrolus is a technology company that automates the review of bank statements. The Company’s PerfectAudit platform analyzes statements from every financial institution with 99+% accuracy, generating account information, summary analytics and a comprehensive database of transactions. By replacing one of the few remaining manual underwriting procedures with hyper-accurate automation, Ocrolus strives to strengthen the FinTech ecosystem.
Contact Information:
Dennis Mikhailov
Business Development | CloudMyBiz, Inc.
P 818.732.4316 | M 818.419.7339
dennis@cloudmybiz.com
Sam Bobley
CEO, Ocrolus Inc.
o: 646.850.9090 Ext. 1
c: 516.233.4293
sbobley@ocrolus.com
No-Login-Required Bank Statement Review Automation Starts with Strategic Funding Source
May 5, 2017Wall Street, NY — Ocrolus, the emerging leader in bank statement review automation, is pleased to announce its arrival in the lending community with flagship customer Strategic Funding Source. The PerfectAudit API, powered by Ocrolus, analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology allows lenders, for the first time, to review every potential borrower’s bank statement data automatically, regardless of whether or not the borrower provides sensitive bank login credentials.
“We are delighted to be working with Strategic Funding, one of the elite firms in the alternative lending industry,” said Sam Bobley, CEO and Co-founder of Ocrolus. “Strategic Funding helped us understand the pain points of reviewing bank statements as it relates to small business loan underwriting and we’re very thankful for their guidance. We are excited to enable Strategic Funding to conduct an automated, hyper-accurate bank statement review for every potential borrower.”
Over the last few months, Ocrolus and Strategic Funding Source have been working together on a retroactive analysis project, employing the PerfectAudit API to investigate loans that have already been funded. With evidence of the platform’s effectiveness, Strategic Funding Source will now also be utilizing the PerfectAudit API to analyze bank statements for new applicants.
“Taking on live applications for Strategic Funding Source represents our formal debut in the lending community,” said Victoria Meakin, President and Co-founder of Ocrolus, who has more than 125 accounting and law firm customers. “We look forward to rolling out our API to additional lenders who seek increased accuracy, automation, and standardization, which we believe are critical factors in managing credit risk.”
About Ocrolus
Ocrolus is a technology company that automates the review of bank statements. The Company’s PerfectAudit platform analyzes statements from every financial institution with 99+% accuracy, generating account information, summary analytics and a comprehensive database of transactions. By replacing one of the few remaining manual underwriting procedures with hyper-accurate automation, Ocrolus strives to strengthen the FinTech ecosystem.
To learn more about Ocrolus, visit www.ocrolus.com.
About Strategic Funding
Founded in 2006 and headquartered in NYC, Strategic Funding has been recognized by customers and the industry as one of the most reliable and respected names in small business financing. With flexible financing options, Strategic Funding provides small businesses with the working capital they need to take advantage of opportunities and grow.
To learn more about Strategic Funding, visit www.sfscapital.com
Ocrolus Contacts:
Sam Bobley
CEO
sbobley@ocrolus.com
o: 646.850.9090 Ext. 1
c: 516.233.4293
Victoria Meakin
President
vmeakin@ocrolus.com
o: 646.850.9090 Ext. 2
c: 917.941.5388
AMA Recovery Group Announces Joshua Pena as Director of Client Relations
April 4, 2017
Houston, TX — We are pleased to announce Joshua Pena has been brought on board to oversee our client services in the capacity of Director of Client Relations.
Josh brings over 15 years of customer relations and operations experience to our team. Prior to joining AMA, Josh served as Vice President of Operations for a consumer products company where he was responsible for sales, customer service and distribution channel management. Josh’s hire builds on our unmatched client experience, further accentuating why AMA Recovery is the collector of choice for successful MCA companies. “We are very pleased to have Josh join the AMA team. Josh’s commitment to results, outstanding customer service skills and business experience will enhance our proven collection experience” said Anh Regent, Director of Legal Operations.
Please do not hesitate to welcome Josh to the team, ask questions or discuss your collections needs.
About AMA Recovery Group
AMA Recovery Group was founded in Houston in 2015. Our dedicated professionals, complete end-to-end collections process, access to real time status updates and results driven focus give our clients peace of mind. It’s our goal to exceed expectations in customer service and collection performance.
Contact:
Joshua Pena
jpena@amarecovery.com
713.322.5396
