Articles by Press Release
Breakout Capital Announces New $15MM Credit Facility with Medalist Partners
May 30, 2018Leading innovative fintech lender announces $15MM credit facility to further fuel its growth in small business lending
McLean, VA May 30, 2018 – Breakout Capital, a technology-enabled small business lender, announced today the launch of a new, $15MM credit facility with a fund managed by Medalist Partners. The new facility will enable Breakout Capital to continue the rapid expansion of its small business lending programs, including the award-winning FactorAdvantage℠ program, across the country.
“Medalist is an ideal partner to support our growth,” said Carl Fairbank, Founder & CEO of Breakout Capital. “They appreciate the tremendous value that FinTech lenders offer to small businesses through timely access to capital, and its vital role as a growth engine for our entire economy. And just as importantly, they are aligned with our values of innovation, transparency, and advocacy for small business.”
The facility will support Breakout Capital’s growth across traditional business loans, Breakout Bridge loans, and FactorAdvantage℠ program loans. In the patent-pending FactorAdvantage℠ program, Breakout Capital complements traditional A/R factoring with a hybrid business loan, enabling consolidations or overadvances.
“We believe the combination of strong underwriting, product innovation, and a top-notch management team is a great recipe for success,” said John Slonieski, Director of Private Credit for Medalist Partners. “We are excited to add this credit facility to our portfolio of high quality asset-based lending programs.”
Throughout 2018, Breakout Capital has continued to grow its origination volume, breaking records each month for new funding volume. In parallel, the company has continued to innovate in its technology program, with notable advances in machine learning, artificial intelligence, and use of the blockchain to support lending operations.
“We are privileged to have Medalist as a partner on our growth journey,” said Fairbank. “This new credit facility is key to our bringing more of our great products, together with our partners, to more small businesses.”
About Breakout Capital
Breakout Capital is a leading financial technology company, leveraging best-in-class technology to provide a wide range of credit solutions to small businesses across the country. Built on three pillars of transparency, education, and advocacy for small business, the company is one of the fastest-growing direct lenders in the space, and leads a world-class technology innovation effort. Breakout Capital is a Principal Member of the Innovative Lending Platform Association and an original advocate for the SmartBox™ standard for transparency and cost disclosure.
To learn more about Breakout Capital, please visit www.breakoutfinance.com.
About Medalist Partners
Medalist Partners is an SEC registered investment manager with approximately $900 million of assets under management as of May 1, 2018. The New York based firm manages strategies in specialty finance and structured credit. The business and track record was started within Credit Suisse and Candlewood Investment Group, LP prior to being spun-out as an independent, partner-owned firm in 2018.
To learn more about Medalist Partners, please visit www.medalistpartners.com.
Uplyft Capital Launches New Brand Identity, Putting its Business Friendly Technology Capabilities at the Forefront
May 29, 2018
Uplyft Capital, a technology-focused cash advance company today announced the launch of its new brand identity. The redesign emphasizes the company’s utilization of business-friendly technology solutions to improve communication, underwriting and servicing for its clients.
“Cash Advance companies in the US are broken and inefficient. We launched Uplyft in 2012 with one simple strategy in mind – to actually make receiving working capital simple, intuitive and human. We stand with our small business clients and we believe that technology can significantly improve the funding process. As we transition from a strictly human-based approach to a hybrid AI-driven model we believe we can service both Clients and Sales Partners more efficiently. Uplyft Capital is now better positioned to serve our growing and diverse client base,” said Michael Massa, Uplyft Capital CEO and Founder.
“The small business funding marketplace is changing quickly and we knew that we needed to transform with it. As we continue to grow, we want to provide improved capabilities for our trusted consumers, sales partners, and investors.
Uplyft Capital’s new logo visually exhibits the changed brand. Using a soft purple as its base for the icon, the lowercase “uplyft capital” wordmark is a more minimal and modern than the previous design. Uplyft Capital’s new icon plays with the “arrow in upwards growth” for small businesses, looking to get out of the current box they are in, a playful hearkening to Uplyft Capital’s mission to help the growth potential of each client.
“Uplyft Capital’s remarkable new identity is a product of focused research, strategy, and execution. We believe it perfectly conveys the foundational brand values of a modern, technologically-focused company adept and capable of tackling the future of small business funding, ” said Mr. Massa.
With the announcement of the rebrand, Uplyft Capital’s has also redesigned its consumer-facing user experience to better help customers and partners stay organized and efficient. With this redesign, users will find an improved user experience, particularly on mobile, with more natural and easy-to-use features with overall better reporting and tracking tools.
Announcing the Launch of the SBFA Broker Council
May 11, 2018Washington, D.C.—The Small Business Finance Association (SFBA) today announced the launched a new initiative called the SFBA Broker Council dedicated to bringing together responsible brokers that serve small businesses to focus on creating best practices. The Council is co-chaired by Jared Weitz, founder & CEO of United Capital Source and James Webster, CEO & co-founder of National Business Capital. The mission of the Council will be to create standards and a certification for brokers who agree to best practices focused on four basic principles—transparency, responsibility, fairness, and security.
“We want to give small business owners confidence that the brokers they work with are trustworthy, vetted, and committed to being responsible,” said Jared Weitz. “We need to take steps to promote brokers who are acting in the best interest of small business owners and send a clear message about the valuable role we play in the small business finance ecosystem.”
“We need brokers who believe in best practices to enter the national conversation about small business alternative finance and show policymakers how we serve small business customers,” said James Webster. “We all know there are bad actors out there, but the goal of this Council is to help show the how responsible brokers are working to capitalize underserved small businesses.
“We appreciate Jared’s and James’ leadership in creating this new initiative within SBFA,” said Jeremy Brown, chairman of RapidAdvance and chairman of SBFA. “It is important we send a message to the millions of small businesses we serve that we support brokers who understand that transparency, responsibility, fairness, and security are critical to our industry’s future.”
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 SBFA is supported by companies committed to promoting small business owners’ access to fair and responsible capital.
“Small business owners are a powerful constituency and we want to give them the utmost confidence in the alternative finance industry,” said Steve Denis, Executive Director of the SBFA. “This includes promoting brokers who are providing transparent capital solutions that they can trust.”
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.
6th Avenue Capital Announces Promotion of Darren Schulman to President
April 26, 2018Former Chief Operating Officer also appointed to company’s Board of Directors along with Chief Executive Officer Christine Chang
New York City – April 26, 2018 – 6th Avenue Capital, LLC (“6th Avenue Capital”), a leading provider of choice for alternative small business funding, announced today the promotion of Darren Schulman to President, effective immediately. In his new position, Schulman has oversight over originations, underwriting, operations, collections and strategic initiatives. He previously served as Chief Operating Officer, and will continue to report directly to Chief Executive Officer Christine Chang.
The company also announced today that Chang and Schulman have been appointed to the company’s Board of Directors.
“We are extremely fortunate to have a well-respected industry expert and innovator like Darren on our leadership team,” said Chang. “He’s made immeasurable contributions to our strategic direction and growth since joining us last year. I am confident Darren will continue to play a critical role in guiding our business forward in his new position as President.”
Schulman brings two decades of experience in small business financing and additional experience in banking to his new position. He joined 6th Avenue Capital in March 2017. Previously, Schulman served as COO at Capify (formerly AmeriMerchant), a global small business financing company, and President and CFO at MRS Associates, a Business Process Outsourcing (BPO) company specializing in collections. In addition, Schulman was an Executive Vice President at MTB Bank.
“6th Avenue Capital is made up of exceptional individuals who are focused daily on advancing the capital needs of small businesses. I am honored by the promotion and delighted to be joining the Board with Christine,” said Schulman. “Together we will continue to set a strategic course for our company and build on the momentum we’ve established over the past year helping small businesses across the country grow.”
For more information on these updates, or if you’re interested in discussing partnership opportunities with 6th Avenue Capital as an ISO, please contact Marc Seidel at bizsuccess@6thAveCap.com. You can also use that same email address to schedule time to meet with members of the team at the National Association of Equipment Leasing Brokers (NAELB) conference in Las Vegas from April 26 to 28.
About 6th Avenue Capital, LLC
6th Avenue Capital is changing the small business funding landscape by offering a data-driven underwriting process and fast access to capital with variable payment options. 6th Avenue Capital employs a unique blend of industry experts who are committed to the highest operating standards, including high touch service and a policy of direct merchant access to underwriters. For more information, visit www.6thavenuecapital.com or email bizsuccess@6thAveCap.com.
Media Contact
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Indicate Media
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Quicksilver Capital Secures $15 Million Credit Facility
March 4, 2018
Quicksilver Capital LLC, a leading FinTech provider of financing to small and mid-sized businesses, has announced the closing of a $15 million facility provided by a New York based private investment firm.
“We are pleased to announce this $15 million credit investment, which increases our funding capabilities and is indicative of Quicksilver’s excellent operational and financial execution,” stated Michael Puderbeutel, CEO of Quicksilver Capital. “The new facility, from a leading institutional investment firm, is a validation of the strength of our team, our track record of success and the market reputation that Quicksilver Capital has built.”
Since its founding, Quicksilver Capital has provided more than 18,000 businesses with over $350 million in working capital solutions to grow and succeed. Proceeds from the transaction will be used by the Company to execute its strategic growth plan and accelerate their ability to provide more small and medium sized businesses with access to attractive non-bank financing.
Visit: http://quicksilvercap.com/
Greenbox Capital Renegotiates Its Credit Facility
February 27, 2018
Miami, FL – Greenbox Capital is happy to announce that they have recently renegotiated their credit facility, lowering their interest rate and doubling their funding capacity in the US, Puerto Rico, and Canada.
The journey to this success has not been a straight shot. Just over one year ago, Greenbox Capital suffered internal theft. Some individuals on their staff were back-dooring deals, looking to make a quick buck, and leaving Greenbox to suffer the consequences.
In March of 2017, deBanked reported this internal theft that had dated back to October of 2016. Greenbox launched an investigation, hiring a private investigator and bringing these offenders to justice.
In the midst of this unfortunate circumstance, Greenbox resolved to take a stand for deal security, striving to become the safest funding company to do business with. They’ve executed a strategic network security assessment and have transitioned their controls to that of a banking institution. This assessment was completed in conjunction with the release of their proprietary software, “The Box,” which reduces human interaction with deals, increasing security of merchant sensitive information and security of broker deals.
With the release of The Box in February of 2017, Greenbox has been funding deals faster (and more safely) than ever before, with funding in as little as 24 hours. With some strategic restructuring of the company, i.e., being particularly selective in their hiring process, terminating brokers who create disadvantages for others by manipulating the system, and the release of The Box, Greenbox’s performance has improved exponentially and their credit facility has increased their limits to allow for them to reach their potential in the industry.
Greenbox CEO, Jordan Fein, asserts, “When you reach your potential, you naturally become more attractive and we’re becoming more attractive every day!” With so many positive changes made at every level of the business, 2018 looks bright for Greenbox Capital.
Keith Nason Steps in as New CEO of In Advance Capital
February 21, 2018
In Advance Capital, who has seen steady growth, has announced that Keith Nason stepped in to the role of Chief Executive Officer as of February 3, 2018. This growth includes 163% year over year growth in 2017.
“We are going to be disciplined, develop even stronger relationships with all channels, internal and external, and strive to execute to perfection to produce the absolute best product for all of our clients while assisting small business owners accomplish their dreams,” Nason said.
Nason has spent the last 10 years in risk, credit modeling, and operational leverage, specifically, through various financial institutions and alternative lenders. While previous CEO, Shalom Auerbach, transitions into a Board of Directors role while assisting with strategic initiatives for In Advance, Nason says that he is “excited about the opportunity and appreciative of the trust that the executives of this company has instilled in me”.
Through the efforts of Tom Corliss, Co-Founder and Head of Sales, and the well developed In Advance sales channels, In Advance has been able to maximize valuable relationships through direct consumer and brokerage channels to drive sales opportunities while cultivating strong, profitable relationships.
About In Advance Capital
Founded in 2015, the company provides working capital to small business owners. To learn more, visit http://www.inadvancecap.com or call 646-412-3303.
BlueVine doubles invoice financing credit lines to up to $5 million
January 30, 2018BlueVine also increases business line of credit to $200,000; opens New Jersey office
REDWOOD CITY, Calif. – January 30, 2018 – BlueVine has doubled the credit line size for its invoice factoring product to up to $5 million, underscoring the online business lender’s push to offer fast and flexible working capital financing to small and medium-sized businesses.
BlueVine also increased the limit for its business line of credit product to $200,000 from $150,000, making its Flex Credit product an even more attractive financing option for larger or fast-growing companies.
“In just four years, we’ve dramatically increased our invoice factoring credit line to $5 million, and our business line of credit to $200,000,” BlueVine CEO and founder Eyal Lifshitz said. “We continue to be fully committed to providing business owners with robust financing options to help them thrive.”
BlueVine helped Mindstar Aviation unlock capital trapped in unpaid invoices. The Virginia-based company, which develops and writes software for flight simulators, used to wrestle with cash flow gaps while waiting for customers to pay their bills, which often took 45 days or longer.
BlueVine allowed Mindstar to get cash advances on those invoices.
“Because we have BlueVine in place to make a purchase, we could proceed immediately,” said Johnny Johnson, the company’s executive vice president. “We don’t have to wait, which could impact a project timeline. BlueVine financing is easy. It’s quick. No hassle. BlueVine is not nickel-and-diming people, charging fees here and fees there. It’s really straightforward and easy to understand.”
A business line of credit from BlueVine enabled entrepreneur Jesse Urrutia, owner of MarketMe, a video production company in San Carlos, California, to take on bigger clients and grow his business.
“In the past, if I didn’t have cash to pay for a production, I would just turn down the project,” Urrutia said. “It’s ridiculous to turn business down because you don’t have the money. BlueVine fixed that for us.”
BlueVine also announced the opening of its new office in Jersey City, New Jersey, from where the company hopes to better serve customers and partners on the East Coast. Aside from its headquarters in Redwood City, BlueVine also has offices in New Orleans and Tel Aviv.
BlueVine revolutionized business lending with a highly automated, completely online invoice factoring platform that allows businesses to get advances on unpaid invoices.
In 2016, BlueVine introduced a 6-month business line of credit called Flex Credit based on weekly payments. The company introduced a 12-month line of credit based on monthly payments in 2017.
About BlueVine
BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations. A fintech pioneer, BlueVine developed a fully-online cloud-based platform for invoice factoring, revolutionizing the 4,000-year old financing system that allows businesses to receive cash advances on outstanding invoices. BlueVine also offers FlexCredit, business line of credit financing based on 6-month and 12-month payment terms. Based in Redwood City, Calif., BlueVine has raised $273 million in equity and debt funding and is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
