Articles by Press Release
Credibly and BodeTree Announce Strategic Partnership
October 27, 2015Today, Credibly, an emerging Fintech platform that provides a broad range of tailored capital solutions to satisfy the entire SMB credit spectrum, announced a partnership with BodeTree, a leading cloud platform that provides small businesses with real-time access to all of their financial accounts and cash flow trends in one place.
The partnership provides BodeTree’s customers with streamlined access to Credibly’s full suite of business capital solutions. The collaboration will also allow Credibly to further optimize their service offerings, which provide customized funding and financial management options that best fit a small business’s unique needs.
“At Credibly, we believe all businesses deserve the right to access capital, and our partnership with BodeTree makes good on the mission of providing that access to as many entrepreneurs as possible,” said Glenn Goldman, CEO of Credibly. “The insights garnered from the BodeTree platform, coupled with access to funding through Credibly, will help BodeTree’s customers achieve their growth goals.”
To date, Credibly has provided over $200 million of funding to more than 4,500 businesses in over 300 industries. In Q3 2015 alone, Credibly provided small businesses with access to over $26 million, and in the last year, the company has grown revenue 100%, opened new offices in three states, and doubled the number of its employees to 120.
“The integration of BodeTree’s financial tools and Credibly’s efficient and equitable lending process equips even more small businesses with the resources and capital they need to thrive,” said BodeTree CEO Chris Myers. “The spirit of our partnership, and the shared vision of both companies, is truly about helping small businesses.”
BodeTree was developed to fill the gap in business intelligence and financial resources available to small businesses and startups. The company’s intuitive financial management system aggregates and organizes financial information, giving businesses a clear and actionable picture of business health, cash flow, valuation and options for capital.
For information on BodeTree, visit www.bodetree.com, and learn more about the Credibly Partner Program at partners.credibly.com.
About Credibly
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 all small businesses. Founded in 2010, with offices in New York, Michigan, Arizona, and Massachusetts, Credibly is dedicated to creating a superior lending experience that meets the needs of all small businesses, regardless of product need or credit profile. To learn more, visit www.credibly.com.
About BodeTree
Founded in 2010, BodeTree is an online financial management platform for small businesses, and an alternative to costly accounting services and complex bookkeeping applications. The BodeTree app securely imports data from bank records to automatically generate financial reports, forecasts, and benchmark analyses so owners can confidently take steps to bring their businesses to the next level. For more information, visit www.bodetree.com.
Contacts
Bliss Integrated Communication
Reed Handley, 212-840-0088
reed@blissintegrated.com
LeaseQ Partners with Fund Simple to Offer Customized Equipment Financing to Small Business Owners
October 16, 2015
LeaseQ, an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy, today announced a partnership with alternative lending platform Fund Simple, Inc., a trusted and reliable source for small and medium-size businesses to obtain loans for expansion and growth. The strategic pairing of LeaseQ’s automated equipment financing platform and Fund Simple’s diverse customer base ensures that more borrowers, regardless of equipment type or credit profile, can shop for and secure the best financing option for their business.
Investment in business equipment and software is expected to grow 4.1 percent in 2015, according to a Q4 market report from the Equipment Leasing & Finance Foundation (ELFF). In fact, the equipment financing industry is growing consistently year over year, with new deal originations expected to top $1 trillion in 2015. With a cloud-based, automated platform and instant quotes, LeaseQ is capitalizing on the growth of the market, connecting lenders and equipment sellers in over 30 vertical equipment markets with small business borrowers in all credit classes looking to expand, while preserving cash flow.
“Equipment financing is a highly-fractured industry, and we pride ourselves in being experts who help borrowers, lenders and vendors navigate the messiness,” said Vernon Tirey, LeaseQ co-founder and CEO. “Our partnership with Fund Simple underscores our focus on professionalism, and allows us to reach more borrowers, with more financing options both online and on the dealer floor.”
Douglas Rovello, Fund Simple’s chief financial officer, said as Fund Simple’s equipment financing arm, LeaseQ has the ability to deliver a customized platform for their clients.
“LeaseQ’s automation in equipment financing gives us a level of diversity and transparency we can offer our end-merchant and vendor clients,” Rovello said. “The partnership benefits all parties involved, because we’re now offering a product and a program on a customized platform that no one else out there is offering.”
LeaseQ significantly lowers the cost of sales by delivering highly qualified lease applications to financing companies. A free underwriting engine, real-time-credit processing capability and BPO management system enables leasing companies to create an Nth number of risk tiers with variable lease pricing for each vertical market segment, generate instant lease quotes, and manage the lease application and lease closing process all online.
About LeaseQ
LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. For more information about LeaseQ visit www.leaseq.com.
About Fund Simple, Inc.
Fund Simple is an alternative lender that funds and tailors loans for small to medium-size businesses to provide borrowers with capital for expansion and growth. Unlike traditional bank loans, Fund Simple programs offer alternatives to cash flow financing, including term loans, debt consolidation loans, lines of credit and instant quotes for equipment financing. Fund Simple aims to accelerate the vision of entrepreneurs and business leaders who are looking to become proficient in all aspects of their business and need a partner for growth. For more information about Fund Simple, Inc. visit www.fundsimple.org.
Media Contact:
Matter Communications
McKenzie Mayer
978.518.4822
LeaseQ@matternow.com
Palladium Equity Partners Announces Investment in Fora Financial, a Provider of Working Capital Financing to Small- and Medium-Sized Businesses
October 14, 2015
Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with over $2.0 billion in assets under management, today announced that one of its affiliates has made a significant investment in partnership with the co-founders and management of Fora Financial LLC (together with its affiliates, “Fora Financial” or the “Company”), a technology-enabled provider of financing to small- and medium-sized businesses nationwide.
Founded in 2008, Fora Financial offers loans and merchant cash advances of between $5,000 and $500,000 to small businesses throughout the country. Since inception, the Company has provided total funding of nearly $400 million to more than 8,000 businesses. It has experienced rapid growth and recently was ranked among the fastest-growing companies in America in the Inc. 5000 list. Fora Financial recently expanded its New York City offices to accommodate its growing roster of over 100 employees as it bolsters key capabilities in analytics and technology and aims to continue to execute on its strategy of delivering capital in a timely and cost effective way.
Fora Financial will continue to be led by its two founders, CEO Jared Feldman and President Dan Smith.
“We believe Fora Financial has developed a highly attractive credit offering and technology platform that have made it a valued provider of financing to thousands of small businesses seeking capital,” said Justin Green, a Principal of Palladium. “My partners and I look forward to supporting Jared, Dan and the Fora Financial management team to continue the strong growth trajectory of the Company, including through new partnerships, expanded product offerings and increased lending capabilities.”
Feldman said, “We are excited to partner with Palladium, a firm with extensive financial services expertise and many years of experience supporting founder-owned businesses.”
Smith added, “With this partnership in place, we are well-capitalized to continue offering the small business community the custom, innovative funding solutions that have enabled us to build this Company into a market leader.”
Terms of the investment were not disclosed. Fora Financial was advised by Raymond James & Associates.
About Fora Financial
Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. The Manhattan-based company places a high value on trust and transparency and provides businesses with quick, customized financial solutions utilizing its state-of-the-art technology platforms. Founded in June 2008, Fora Financial has more than 100 employees who have provided nearly $400 million to over 8,000 customers. For additional information, please visit www.forafinancial.com, call (855) 515-2413 or follow Fora Financial on Facebook at facebook.com/Fora.Financial.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with over $2.0 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.5 billion of capital in more than 25 platform investments and over 50 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.
For media inquiries, please contact:
Todd Fogarty or Peter Hill of Kekst and Company
212-521-4800
todd-fogarty@kekst.com or peter-hill@kekst.com
PSC Board of Directors Appoints New CEO
September 29, 2015
PSC, a technology leader in providing front, middle and back office software platforms for the Merchant Cash Advance Industry, announced today that their Board of Directors has appointed H. Russell Heiser Jr. to the position of CEO. Mr. Heiser has extensive experience advising family offices in venture and private equity investments in companies across a variety of sectors. In many cases, he ended up in operational roles within these companies. In addition, Mr. Heiser was an investment banker at both UBS Investment Bank and Bear Stearns after receiving his MBA from Columbia Business School.
In the second quarter of 2015, Mr. Heiser led an investment group that obtained a stake in PSC. In tandem with
the equity investment, PSC received a significant debt commitment to provide funding to the MCA companies
utilizing the PSC platform.
“The PSC platform, with its seamless deal management software and in-depth reporting, was already an effective vehicle for our members to launch and grow a Merchant Cash Advance business,” Heiser said. “By layering in additional functionality and access to growth capital for its members, the PSC platform provides even more value to its members.”
“PSC conducted an exhaustive search to find the right individual to deliver our new products and manage our growth,” PSC’s Vice President of Operations Andrew Ragavanis stated. “Russ has the full support of the executive management team, as well as, the Board of Directors and I am excited to see PSC continue to grow under his leadership.”
PSC is a full-service solutions provider specializing in the Merchant Cash Advance Industry. The Company provides the support staff and MCA software to facilitate direct funding from start to finish via a secure platform, a syndication platform across its membership, impartial deal provisioning of opportunities directed to the PSC platform and growth financing. Our staff of seasoned professionals has significant experience throughout the alternative financing sector. The Company’s information is available on its website: http://www.pscny.us or through salessupport@pscny.us.
BFS Capital Has Filed IPO Docs With the SEC
September 25, 2015
CORAL SPRINGS, Fla.–(BUSINESS WIRE)–BFS Capital Inc., formerly known as Business Financial Services, Inc., today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be sold and the price range for the proposed offering have not yet been determined.
The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Contacts
BFS Capital Inc.
Todd Zarin, 954-509-5381
Business Financial Services Rebrands as BFS Capital
September 21, 2015
CORAL SPRINGS, FL, September 21, 2015 – Business Financial Services, Inc., a leading technology-enabled small business financing platform, announced today that it has rebranded as BFS Capital and launched a new website, www.bfscapital.com. As part of this rebranding, the company has also unified its North American business affiliates.
A champion of small business, BFS Capital provides flexible, timely solutions for customers without access to traditional financing. The new BFS brand conveys a sustained commitment to empowering the growth and success of these businesses. Today, BFS Capital offers loans and merchant cash advances – up to $2 million – to small businesses across 400 industries in all 50 states, the United Kingdom and Canada through its extensive network of independent sales organizations, as well as its direct sales and online channels.
The rebranding reflects the company’s deep experience serving the diverse financing needs of small businesses, its commitment to innovative products and technology, and its expanded market opportunities. “As we have grown and acquired new partners over the years, we saw the need to unify our businesses under a single brand representative of our rich history and bright future,” said Marc Glazer, CEO and co-founder.
BFS’s affiliates, Entrust Merchant Solutions, GBR Funding and Premium Capital Group, are also known as BFS Capital, which now has more than 275 employees. The former Entrust team has become the BFS direct sales group, led by Ilya Fridman as Senior Vice President. UK affiliate, Boost Capital, will retain its name.
About BFS Capital
BFS Capital champions the long-term growth and prosperity of small businesses by providing timely, flexible financing solutions. BFS’s leading small business financing platform leverages customized underwriting and proprietary algorithms to fund up to $2 million for businesses in all 50 states and Canada, and through its affiliate, Boost Capital, in the United Kingdom. Since 2002, BFS has provided more than $1 billion in total financing to small businesses across more than 400 industries. Headquartered in South Florida with additional offices in New York, California and Georgia, BFS is an accredited BBB company with an A+ rating. For more information, please visit www.bfscapital.com.
Contact
Abby Trexler, Peppercomm
bfs@peppercomm.com
Fundera Raises $11.5 Million
September 17, 2015
NEW YORK–(BUSINESS WIRE)–Fundera, the online credit marketplace for small businesses, today announced an $11.5 million Series B funding round led by Susquehanna Growth Equity with participation from previous investors including QED Investors, Khosla Ventures and First Round Capital, bringing the company’s total funding to date to $15 million.
Since the most recent financial crisis, small business owners have been underserved by traditional banks with small business loans down from their pre-recession high. As a result, they have been forced to turn to online lenders to find the capital they need to grow. The majority of small business loans originated by online lenders are sourced through predatory offline loan brokers who engage in deceptive practices and take exorbitant fees to market certain lenders over others, driving up the cost of loans to borrowers. This unethical behavior takes advantage of small business owners, often putting them into loans that they do not fully understand or cannot reasonably repay.
America’s small business owners deserve better. Fundera was created to disrupt the loan broker ecosystem and make the process of getting a small business loan as transparent, fair and accountable as possible. Fundera utilizes software to create a seamless common application which enables borrowers to apply to multiple pre-screened lenders in a matter of minutes, clearly presenting funding options while encouraging competition among lenders. Fundera’s customer success team acts as an impartial advocate on behalf of borrowers and the company produces content to educate and allow borrowers to make informed financing decisions. Additionally, this past August, Fundera helped lead the creation of a Small Business Borrowers’ Bill of Rights that brought together a coalition of major industry players with the goal of eliminating predatory lending, and which is quickly becoming the gold standard for fairness in online lending.
Fundera will use this latest round of funding to accelerate its mission of making small business lending more transparent and helping small business owners grow through the responsible use of credit. The company plans to expand its team of dedicated loan specialists and engineers, develop and refine its borrower experience, and continue to build new products that help empower borrowers to choose the best loan for their business.
“Everyday throughout America small businesses which represent the lifeblood of our economy are being taken advantage of by online lenders and brokers,” said Fundera founder and CEO, Jared Hecht. “By creating a transparent marketplace that lays out a small business owners’ loan options and empowers them with tools to choose the best option for their business, Fundera is revolutionizing how small business owners access credit while creating a software solution that is disrupting the loan broker industry.”
Susquehanna Growth Equity shares the company’s passion for empowering consumers and affecting structural changes in the financial space. Scott Feldman, Managing Director at Susquehanna Growth Equity and newly appointed member of Fundera’s Board of Directors, echoes this sentiment: “At Susquehanna, we look for holistic teams that demonstrate true passion for their mission. As early investors in Credit Karma, we understand the Fundera model and have experience in helping companies transform areas of credit and financial services that empower consumers to win.”
Small business credit is one of the few industries where the Internet has had minimal impact when it comes to empowering borrowers and providing them the buying power they need to come out on top, and Fundera is bringing that change to small businesses nation-wide.
Fundera launched in February 2014 and has established itself as the most-trusted online marketplace for small business owners. To date, Fundera has helped secure over $60 million in credit to more than 1,200 small business owners across the country in industries including retail, restaurants, and creative contractors. The company is based in New York City.
About Fundera
Fundera is the most-trusted online marketplace that connects small business owners with the best funding providers for their businesses by working with prescreened lenders to assemble the highest quality funding sources. Fundera was co-founded in 2013 by GroupMe co-founder Jared Hecht and successful software entrepreneur Rohan Deshpande to bring transparency, accountability, and fairness to the online lending industry at large. The company has raised $15 million from Susquehanna Growth Equity, QED Investors, Khosla Ventures, First Round Capital, Lerer Ventures, SV Angel, and angel investors Aaron Levie, Scott Belsky, Strauss Zelnick, Rob Wiesenthal, David Rosenblatt and David Tisch, and is based in New York City. To learn more or get started on a loan application, please visit www.fundera.com.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. Notable prior investments in marketplace companies include CreditKarma (financial management platform with 40 million members), BStock Solutions (overstock inventory liquidation marketplace) and Globaltranz (marketplace for transportation services). To learn more, please visit us at www.sgep.com.
Contacts
Brew Media Relations
Ashley Hopkins, 646-517-7544
fundera@brewpr.com
Alternative Fintech Pioneer Merchant Cash and Capital Transforms into Bizfi
September 15, 2015NEW YORK–(BUSINESS WIRE)–Merchant Cash and Capital, one of the pioneers in the alternative finance space, announced today that MCC has transformed into Bizfi, an online lending and aggregation platform. Due to the success of Bizfi.com, launched earlier this year, Merchant Cash and Capital is completing its operational and brand metamorphosis in a way that better reflects the Company’s commitment to financial technology. The name change is a consideration of the Company’s rapid growth – in the second quarter of 2015 alone, the Company provided $115 million to more than 3,000 small business owners – as well as its online expansion.
Bizfi’s aggregation platform provides small businesses access to products from more than 35 funding partners including OnDeck, Funding Circle, CAN Capital, IMCA, Bluevine, Kabbage, and SBA lender SmartBiz. Bizfi, which is also a direct lender on the platform, can finance a small business owner in as little as 24 hours. It is the only funding platform that allows a business owner to go directly to contract online.
“Since the launch of Bizfi.com, we have received an overwhelming response from both business owners and funding partners,” said Stephen Sheinbaum, Founder of Bizfi. Bizfi and its family of companies over the past two years has doubled originations to fund more than 25,000 small businesses totaling $1.3 billion. Sheinbaum continued, “Bizfi stands at the nexus of alternative finance and financial technology. With Merchant Cash and Capital becoming Bizfi, we will provide fast and unparalleled funding options to businesses across all types of sectors in the United States and internationally.”
With 80 percent of small business owners today turning online to search for financing, and 66 percent making loan applications after traditional banking hours, Bizfi is positioned to be the leader in the future of small business financing. Bizfi offers a range of funding options including short-term funding, medium term-loans, SBA loans, equipment financing, invoice financing, medical financing, lines of credit, and franchise financing.
Mr. Sheinbaum concluded, “The marketplace for business funding has changed dramatically throughout the ten years that we have been in the industry. We are continuing to grow, adapt and combine our deep expertise with cutting-edge technology to meet the needs of small business owners around the country.”
About Bizfi
Bizfi.com is the premier alternative finance company combining both aggregation and funding on one platform with proprietary technology and unmatched customer service. Bizfi’s connected marketplace instantly provides multiple funding options to businesses with a wide variety of funding partners and real-time approvals. Bizfi.com’s funding options include short-term financing, franchise funding, equipment financing and invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. A process that once took hours, now takes minutes.
Formerly Merchant Cash and Capital, Bizfi and its proprietary marketplace and funding technologies have provided more than $1.3 billion in financing to over 25,000 small businesses across the United States since 2005. Businesses across all industries and sectors have received funding through Bizfi, including restaurants, retailers, health service providers, franchises, automotive service shops and many others.
