Articles by Press Release
Idea Financial Secures $50 Million Warehouse Facility to Expand Small Business Lending
October 1, 2024Miami, FL – Idea Financial, the leading provider of small business lines of credit, today announced the successful closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This strategic move significantly enhances Idea Financials’ lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.
The new facility was made possible due to Performance Trust’s relationships with community banks and strengthens Idea Financial’s position in offering competitive and flexible financial products to Main Street businesses across the United States.
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks,” said Larry Bassuk, Idea Financial’s President and co-founder. “With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
Justin Leto, Idea Financial’s CEO and co-founder, added, “As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth.”
Prior to this partnership, Idea Financial provided lines of credit up to $250,000. The increase to $350,000 allows the company to better serve the needs of growing small businesses requiring larger capital infusions.
Performance Trust Capital Partners, a full-service investment bank focused on community depository institutions, facilitated this deal by leveraging its relationships with community banks and aggregating the capital necessary to provide this substantial warehouse facility – a task typically requiring significant capital from super-regional or national banks.
This partnership marks a significant milestone in Idea Financial’s growth trajectory and reinforces its commitment to supporting small businesses across the nation.
About Idea Financial
Idea Financial is the leading non-bank provider of small business lines of credit in the United States. The company offers financial solutions to high-quality, established businesses needing funds to drive growth. To date, Idea Financial has funded thousands of American small businesses with hundreds of millions of dollars in loans, helping businesses #ChargeForward. For more information, visit ideafinancial.com.
About Performance Trust Capital Partners
Performance Trust Capital Partners is a full-service investment bank focused on community depository institutions. Their innovative approach enables syndication opportunities among community bank partners, allowing for the creation of significant facilities to support small business lenders. For more information, visit performancetrust.com.
For more information, please visit www.ideafinancial.com or contact Idea Financial at marketing@ideafinancial.com
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LoanGeek Launches LiveDeal: An Innovative Deal Portal for Commercial Real Estate Lenders
September 18, 2024RED BANK, N.J,, Sept. 18, 2024 — LoanGeek, a leading platform in commercial real estate financing, is excited to announce the launch of LiveDeal by LoanGeek, providing lenders with direct access to exclusive financing opportunities.
LiveDeal is designed to streamline the deal-sourcing process for lenders. It offers an intuitive, tech-forward solution that allows lenders to explore and evaluate potential deals in real-time. The platform is built for lenders, giving them the ability to filter deals based on key metrics such as loan type, loan amount, property type, and location. With the ability to view deal summaries at a glance, lenders can quickly assess opportunities and express interest in the ones that match their investment criteria.
“Our goal is to maximize deal exposure for our clients while providing lenders with a seamless experience,” said Chris Pepe, CEO of LoanGeek. “Traditionally, we’ve worked directly with lending partners to source financing. With the launch of LiveDeal, we are inviting lenders to be part of the process from the start, increasing efficiency and ensuring they have access to the best deals.”
Key features of LiveDeal by LoanGeek include:
- Advanced Deal Filtering: Lenders can filter deals by location, loan type, loan-to-value (LTV), and other metrics, enabling them to quickly find the most relevant opportunities.
- Instant Notifications: When lenders express interest in a deal, the LoanGeek team is immediately notified, ensuring quick follow-up and detailed discussions about the transaction.
- Real-Time Updates: LiveDeal offers live updates, so lenders are always working with the most current information on each deal.
LiveDeal by LoanGeek offers a significant step forward for lenders seeking efficiency in deal sourcing. It’s designed for lenders who want an efficient way to discover high-quality opportunities, making it the most effective platform for sourcing and evaluating deals in today’s competitive market.
About LoanGeek:
LoanGeek is a commercial real estate financing platform specializing in connecting real estate investors with capital providers. Serving the commercial real estate industry, LoanGeek’s platform streamlines the process for both lenders and borrowers.
For more information, visit www.loangeek.com
Capify Appoints Sam Colclough as Head of Technology to Accelerate Growth in the UK & AU Markets
September 17, 2024
MANCHESTER, 17th September 2024 – Capify, a leading online SME lender, is proud to announce the appointment of Sam Colclough as Head of Technology for both the United Kingdom and Australia. Sam joins Capify at an exciting time for the company, which is experiencing a growth trajectory, leveraging a new £100 million (~$130 mil USD) credit line from Pollen Street Capital, recent senior team appointments and an expanded product suite.
Sam brings a wealth of experience and expertise to Capify. With over 20 years of IT leadership experience, Sam will spearhead Capify’s technological and data-driven innovations, empowering the business to continue its growth across the UK and Australia.
“I’m thrilled to join Capify at such an exciting time,” said Sam Colclough. “Technology is a key enabler of growth, and I’m looking forward to working with the team to further enhance our technology, data & artificial intelligence capabilities. By driving innovation and operational efficiencies, we will continue to deliver exceptional value and support to SMEs across the UK and Australia, helping them to grow and thrive.”
Founded in the UK in 2008 during the global financial crisis, Capify has become a vital financial resource for small and medium-sized businesses. Recognised for its commitment to excellence, Capify was awarded SME Lender of the Year (up to £1m) at the UK Credit Awards last year. Originally launched in the United States in 2002, Capify was one of the world’s first online alternative financing companies for SMEs. Since its creation, Capify has supported over 20,000 businesses and funded over £1.2 billion to help SMEs achieve their growth ambitions.
Capify COO/CFO, John Rozenbroek, said: “We are thrilled to have Sam join the team. His impressive track record of leveraging technology to drive business growth aligns perfectly with our mission. As we look to scale further, Sam’s leadership will be crucial in taking our data and technology to the next level, ensuring we remain at the forefront of innovation in the alternative finance space.”
Capify’s appointment of Sam Colclough underscores the company’s commitment to technological growth and innovation, ensuring it remains at the forefront of the alternative finance industry, delivering unparalleled service and support to SMEs in the UK & Australia.
Abut Capify
Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. Originally started in the US over twenty years ago, the fintech business now operates in the UK and Australia and has served these markets for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the vibrant and vital SME community can meet the challenges of today and the opportunities of tomorrow.
For more details about Capify, visit:
Capify UK – http://www.capify.co.uk
Capify Australia – http://www.capify.com.au
Media enquiries
Ash Yazdani, Marketing Director
ayazdani@capify.com
BriteCap Financial Announces New CEO
September 16, 2024BriteCap Financial LLC (“BriteCap”), a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans, announced today the appointment of Richard Henderson as the company’s new CEO.
“I’m proud to see Rick take the helm at a time when BriteCap is poised to bring financial solutions to the market at scale,” said outgoing CEO Sri Kaza. “His experience and relationships across the industry will open the door for many more small businesses.”
BriteCap became a member of the growing family of companies under the North Mill Equipment Finance (NMEF) umbrella in 2023. “We are thrilled to have Rick join as the leader of BriteCap,” reported David C. Lee, Chairman and CEO, NMEF. “His two plus decades of success in equipment finance and working capital lending dovetail well with our strategy to offer comprehensive capital solutions for small and medium sized businesses. In particular, we look forward to developing unique solutions and programs for our key referral partners in partnership with BriteCap.”
“I’m excited to join BriteCap and lead such a respected, values-driven company,” said Rick Henderson, CEO, BriteCap Financial. “BriteCap has built an exceptional, tech-enabled funding platform that blends the speed and convenience of self-service with the expertise of a supportive team, making it easier and faster for small and medium-sized businesses to access the capital they need to grow. I look forward to collaborating with the BriteCap team and our strategic referral partners to build on this legacy, developing innovative solutions that empower America’s business owners and the finance brokers who support them.”
BriteCap operates from offices in North Hollywood, CA and Las Vegas, NV.
About BriteCap Financial
BriteCap Financial is a leading provider of working capital for America’s small business owners. Since 2003, BriteCap combines technology, non-traditional credit algorithms to provide fast, convenient and affordable working capital direct to businesses or through their broker network. For more information about becoming a partner, visit britecap.com/become-a-partner.
About North Mill Equipment Finance
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.
Media Contacts:
For BriteCap:
David Schneider
Vice President of Marketing
BriteCap Financial, www.BriteCap.com
david.schneider@britecap.com
954-494-1606
For NMEF:
Don Cosenza
Chief Marketing Officer
NMEF, www.nmef.com
dcosenza@nmef.com
203-354-1710
North Mill Announces $404 Million Term Securitization
September 3, 2024SEPTEMBER 3, 2024, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lender located in Norwalk, Connecticut, announced the closing of its eighth asset backed securitization (ABS), NMEF Funding 2024-A (“NMEF 2024-A”). The $404 million transaction is NMEF’s first ABS transaction this year, bringing the total ABS proceeds raised by NMEF since inception to $2.3 billion. NMEF 2024-A features a strong, diversified collateral pool resulting from NMEF’s recent adjustments to its pricing and risk framework.
“The interest in the NMEF shelf continues to grow. We received 45 orders from 32 unique investors, including 12 first time buyers, that drove demand to a ~3.5x oversubscribed level and allowed for continued tightening of spreads from launch to pricing,” said NMEF’s President and Chief Operating Officer, Mark Bonanno.
Mitch Tobak, NMEF’s VP of Corporate Development added, “NMEF was proud to present a strong collateral pool to investors, with a balanced mix that no longer contains long-haul trucking within the top five equipment types, along with the highest weighted average FICO of any NMEF issuance to date. Transportation collateral represents less than a third of the total pool, a testament to NMEF’s ability to originate profitable paper in a variety of industries. We are grateful for the continued support of our referral partner network and the ~14K active borrowers they have referred to NMEF.”
About NMEF
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ. For more information, visit www.nmef.com. One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from offices in North Hollywood, CA and Las Vegas, NV. For more information, visit www.britecap.com.
Leading Fintech MoneyThumb Acquired by Iron Creek
August 29, 2024San Diego, Calif. (August 29, 2024) – MoneyThumb, a leader in automated document evaluation and fraud detection solutions announced today that it has been acquired by Iron Creek Partners LLC (“Iron Creek”), a private investment firm with a focus on investments in the software, data, communications, and business services industries. Iron Creek led the investment group, which also included Main Street Capital Corporation (NYSE: MAIN). The transaction will provide growth capital to help meet MoneyThumb’s strong industry demand, which has recently produced 100% year-over-year annual growth. The transaction closed on August 19, 2024.
Ryan Campbell, previously heading up MoneyThumb’s business development since 2017, has been named as the new chief executive officer and has joined the investor group. Ryan has played an integral role in leading MoneyThumb’s sales, marketing and business development strategy. Ralph Mayer, the company’s founder will step down as CEO and assume an advisory role and retain his board seat.
Founded in 2014, MoneyThumb is an industry leading underwriting automation software that improves workflows for funders, lenders, and accountants by converting and analyzing pdf financial documents in seconds. The company also helps detect fraud with its AI file tampering detection tool that identifies fraudulent activity in seconds, giving lenders a powerful defense against risk and loan losses.
“This acquisition underscores MoneyThumb’s proven technology and strong industry demand, and supports our long-term growth objectives,” said Ryan Campbell. “This partnership marks an exciting milestone for our company and with the support of Iron Creek, we are well-poised to accelerate our growth, continue to deliver exceptional software solutions for our customers and help lenders manage risk and deliver more capital faster to small businesses.”
“MoneyThumb has built a highly successful business through its algorithm-driven software, product innovation and a meticulous approach to delivering value and service to their customers,” said John Bingaman, Founder and Managing Principal of Iron Creek Partners LLC. “We look forward to working closely with MoneyThumb’s talented team to continue to grow the business and broaden the product suite.”
Financial terms of the transaction were not disclosed.
For more information on MoneyThumb, please visit www.moneythumb.com.
About MoneyThumb
MoneyThumb is an advanced automation software solution that streamlines the lending underwriting process by converting bank statements instantly into actionable data. By exponentially increasing efficiency, accuracy and the detection of fraud – MoneyThumb empowers lenders and accountants to make faster, more informed and accurate decisions. MoneyThumb is headquartered in Encinitas, California, and serves customers globally. For more information visit www.moneythumb.com.
About Iron Creek
Iron Creek is a sector-focused, stage-independent private investment firm based in Santa Fe, NM, seeking attractive investment opportunities primarily in the software, data, communications, and business services industries. Iron Creek seeks to partner with strong management teams and to support its portfolio companies’ growth by leveraging its network of relationships and its sector experience.
About Main Street Capital Corporation
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market investment strategy. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.
Media Contact
Tracy Rubin
JCUTLER media group
Tracy@jcmg.com
Velocity Capital Group Welcomes Jesse Guzman as New Chief Revenue Officer
August 28, 2024
Cedarhust, New York – 08/28/2024 – Velocity Capital Group is thrilled to announce the appointment of Jesse Guzman as its new Chief Revenue Officer (CRO). With a distinguished career in revenue leadership, Jesse brings a wealth of experience and a proven track record of driving growth and innovation in the financial services industry.
Jesse Guzman joins Velocity Capital Group after serving as Chief Revenue Officer at Nexi from 2020 to 2024, where he played a pivotal role in the company’s growth and successful rebranding. Before his tenure at Nexi, Jesse was the Director at Arcarius LLC from 2017 to 2020, where he honed his expertise in financial strategy and revenue optimization.
In his new role at Velocity Capital Group, Jesse will leverage his extensive industry experience to lead the company’s revenue strategies, focusing on expanding funding options for merchants and enhancing support for Independent Sales Organizations (ISOs). His fresh ideas and innovative approach are expected to propel Velocity Capital Group to new heights, further solidifying its position as a leader in the alternative finance space.
“We are incredibly excited to welcome Jesse Guzman to the Velocity Capital Group team,” said Jay Avigdor, President & CEO of Velocity Capital Group. “Jesse’s deep understanding of the industry, combined with his visionary leadership, will be instrumental in helping us achieve our ambitious goals. We are confident that his expertise will enable us to provide even more funding to merchants and offer our ISOs the best service they’ve ever experienced.”
Jesse Guzman expressed his enthusiasm about joining the company, stating, “Velocity Capital Group has an outstanding reputation for innovation and excellence in the alternative finance industry. I am excited to bring my experience and fresh perspective to the team and to contribute to the company’s continued success. Together, we will explore new opportunities to better serve our clients and partners.”
About Velocity Capital Group
Velocity Capital Group is a leading provider of revenue-based financing solutions for small and medium-sized businesses. Leveraging advanced analytics and a deep understanding of the SMB sector, Velocity Capital Group offers tailored funding solutions that drive sustainable growth. With a commitment to innovation and customer service, the company partners with Independent Sales Organizations (ISOs) to deliver exceptional value to clients nationwide.
Media Contact:
Bogdan Klubuk
Marketing Director
Velocity Capital Group
Bogdan@velocitycg.com
www.Velocitycg.com
Five Leading Innovative Banks Join American Fintech Council (AFC), Expanding Collaborative Efforts With Fintech Industry Leaders and Regulators To Develop Future of Finance
August 28, 2024Washington, D.C. (August 28, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, has announced the addition of five new members representing regional and community banks committed to fintech innovation. In joining AFC, the five banks bring deep history and experience serving community needs, as well as leading fintech platforms and services that are driving unprecedented value for customers both local and national.
“We are immensely proud to welcome our five new innovative bank members, but this announcement is about far more than AFC,” said Phil Goldfeder, Chief Executive Officer of AFC. “Financial technology has been a disruptive force helping to expand access to financial services for millions, particularly underserved communities. Yet, regulators have far too often applied inconsistent and unclear standards to responsible fintech providers – failing to consider the needs of consumers and the realities of who benefits from the inclusive, transparent, customer-centric services our members provide. Adding five more responsible innovative banks to our membership, sends a clear signal that fintech is the future of finance, and the scope of responsible innovation happening across the industry is far too significant to be ignored.”
AFC has consistently advocated for a unified and pragmatic regulatory approach towards innovation. Building on its mission to develop sound public policy, AFC has engaged significantly with federal prudential regulators and made its members’ views understood across the government.
More about AFC’s five new members:
- Lincoln Savings Bank, founded 1902, is owned and managed by Iowans and offers full-service community banking and financial services, as well as fintech and Banking-as-a Service (Baas) offerings through its LSBX division founded in 2014.
- New Horizon Bank was founded in 2009 by local business owners in Powhatan, VA looking for a community-focused bank; New Horizon combines traditional banking with technology and innovation that anticipate community needs.
- Republic Bank has served Chicagoans since 1964; in addition to traditional bank offerings, family-owned Republic Bank is the payments and fintech partner for Fortune 500 companies, national retailers, and nationwide auto insurers.
- Stearns Bank was founded in Minnesota in 1912 and has since grown to serve customers in Arizona and Florida; in 2021, Stearns entered the embedded finance and BaaS spaces with a continued focus on expanding access to responsible credit and capital.
- TransPecos Banks offers a full range of banking products as well as fintech services concentrated in the TransPecos region of West Texas and San Antonio; founded in 1928, TransPecos Banks embraces technology and innovation to better serve local communities and businesses.
A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative BaaS banks. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
