Sean Murray

Articles by Sean Murray

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LendingClub Retail Investors Still Frozen Out In Several States After Sudden Restriction

December 5, 2019
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On September 23, retail investors on the Lending Club platform in 5 states received strange news, they had been temporarily restricted from buying notes because of the state they lived in. No further information was provided. 74 days later, investors in New York, Florida, Texas, Arizona, and North Dakota (the affected states) are still frozen […]

StreetShares Discontinues Major Segment of Its Financing Business

December 3, 2019
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StreetShares quietly discontinued a major part of its financing business on November 15, a new disclosure filed with the SEC revealed. “For new customers, the Company is no longer offering to factor invoice receivables,” the letter signed by General Counsel and Chief Compliance Officer Lauren Friend McKelvey says. The company had purchased more than $112 […]

Flender Makes BIG Mark in Ireland’s SME Lending Market

November 26, 2019
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Ireland can seem like a small place, so much so that on my way to meeting with Colin Canny, Flender’s Head of Partnerships, I quite literally bumped into Flender’s co-founder & CEO Kristjan Koik who was walking through Dublin’s Silicon Docks. I recognized Koik from the who’s who catalogue of executives I had compiled before […]

Bloomberg is Officially Running for President

November 25, 2019
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Former NYC Mayor Michael Bloomberg is officially running for President. He announced it over the weekend. His campaign’s website paints him as a self-made entrepreneur who at 39-years old founded a company in a one-room office with the idea of turning a computer that connects users to a vast network of information and data. Today, […]

Canadian Lenders Summit Recap

November 23, 2019
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Top Canadian Companies of the year

The Canadian Lenders Association’s largest annual event brought together hundreds of executives from the fintech and lending industries. It was hosted at MaRS, a dedicated launchpad for startups in Downtown Toronto that occupies more than 1.5 million square feet and is home to more than 120 tenants, many of which are global tech companies. After […]

OCC Believes It’s Time To Fix Madden Issue Once And For All

November 18, 2019
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OCC Seal

If a bank makes a legal loan to a consumer and then later sells the debt to a third party, the terms of the loan are still legal right? “Yes” should be the obvious answer, but in 2015 a federal appeals court said “no.” The case was Madden v. Midland Funding LLC, which started as […]

“Predatory Lenders” Slammed as Bill to Ban Confessions of Judgment Nationwide Advances

November 14, 2019
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Rep Nydia Velázquez and Michael Bloomberg

Above: Rep Nydia Velázquez and Michael Bloomberg | Brooklyn, 2011(Bloomberg is majority owner of Bloomberg News parent Bloomberg LP) Rep. Nydia Velázquez (D) celebrated the advancement of a bill on Thursday that aims to outlaw confessions of judgment (COJs) in commercial finance transactions nationwide. HR 3490, dubbed the Small Business Lending Fairness Act, made its […]

Brian Holloway, America’s #1 Most Requested Motivational Team Builder, to Speak at deBanked CONNECT Miami

November 13, 2019
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brian holloway

Salespeople, are you ready for… Total Market Domination?!?! Stanford All-American, 5 time NFL All-Pro, and All-Star front line competitor Brian Holloway will be speaking at deBanked CONNECT Miami on January 16th, two weeks before the Super Bowl takes place just down the road. deBanked CONNECT is taking place at the Loews in South Beach. Last […]

Costs, Losses Soar At StreetShares

November 12, 2019
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military metal

StreetShares increased revenue by nearly 40% year-over-year, according to the company’s latest fiscal year 2019 filing, but costs soared and increased by almost 90%. StreetShares reported a staggering $12.3M loss on only $4.4M in revenue. That loss was much wider than the previous year’s loss of $6.5M on $3.2M in revenue. Whereas startups may spend […]

Who Exactly Got Paid In Knight Capital’s Sale… And How Much? ($27.8M)

November 6, 2019
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Knight Capital Sale

Update 11/7/19 9:05 AM: Ready Capital Corporation confirmed this morning that Knight Capital’s total sale price was $27.8M. $10M was in stock. When Ready Capital Corporation acquired Knight Capital last week for $10 million in stock and an undisclosed amount of cash, questions abounded over who directly benefitted from the sale and how much cash […]

GoDaddy Now Offers Kabbage Business Lines of Credit To Its Customers

November 4, 2019
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godaddy kabbage

A curious thing popped up in my Godaddy account dashboard on Monday. Underneath the section to manage my domains, a “Deals from GoDaddy Partners” box offered me $300 in Free Yelp Ads on one side and a business line of credit from Kabbage up to $250,000 on the other. The Kabbage offer is brand new, […]

Janene Machado Appointed Director of Programs for PCMA’s New York Chapter

November 4, 2019
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janene machado

DeBanked’s Director of Events, Janene Machado, has been appointed the Director of Programs for Professional Convention Management Association’s (PCMA) New York Chapter. Machado will oversee the Program Committee for a three-year term (January 2020 – December 2022). The Committee is responsible for deciding on the topics, programming, logistics, and speaker invitations for the New York […]

Federal Judge Rules New York’s “Win” Against OCC’s Fintech Charter Nullifies The Fintech Charter Concept Entirely

October 21, 2019
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OCC Seal

The Office of the Comptroller of The Currency took a gamble with a federal judge in a lawsuit brought by the New York Department of Financial Services (DFS) and lost. On Monday, Judge Victor Marrero ruled that the OCC must “set aside” its special purpose (fintech) national bank charters entirely, not just for those with […]

The Broker: Funding Businesses The Irish Way

October 10, 2019
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Grand Canal Dock Dublin

I’m sitting in the lobby of The Marker Hotel, a 5-star 7-story property on the edge of Dublin’s Grand Canal Dock. Here in Ireland’s major tech hub, I’m waiting for a self-identified corporate finance broker by the name of Rupert Hogan, the managing director of BusinessLoans.ie. Outside of our email exchanges, I don’t really know […]

Did You Own Bitcoin Before The 2018 Crash? This Bitter Group of Crypto Plaintiffs Think You May Be Entitled to $1.4 Trillion in Damages

October 8, 2019
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Tether USDT

A group of plaintiffs whose Bitcoins suffered the great crypto crash of 2018, have a rough idea of how much damage was caused ($1.4 trillion) and who exactly was damaged, everyone. The alleged culprit is Tether, a little understood company that’s supposed to issue fully-backed digital US dollars to make trading in the crypto marketplace […]

What Happened to Borro?

October 6, 2019
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ferrari parked in los angeles

In 2013, Borro, an innovative online lending company that was poised to disrupt pawn shop lending forever, invited me to their stylish offices at 767 Third Avenue in Manhattan. It wasn’t for a story per se, but rather to learn more about each other’s place in the world of online lending. deBanked was still called […]

How Linked Finance is Linking Irish SMEs With Quick Loans

October 1, 2019
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Google Maps was convinced that I was already at my destination, but that didn’t make sense because I was still sitting in my cramped Airbnb rental apartment in Dublin and hadn’t left to go anywhere yet. “Oh man please tell me Google works in Ireland,” I said to myself while glancing at the time and […]

NYC Taxi Industry Leads Charge to Ban Confessions of Judgment Nationwide

September 30, 2019
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NYC Taxi

New York State may have outlawed entering confessions of judgments (COJs) against out-of-state debtors in their courts, but federal legislators want to see a ban on their use nationwide. On Thursday, the House Financial Services Committee convened for a hearing on predatory debt collection. Notably adding small businesses to the mix with consumers, COJs repeatedly […]

No Fees, Ever – Is Goldman Sachs Winning Or Losing The Online Lending Battle?

September 30, 2019
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Goldman Sachs

Peer-to-Peer lending in the United States died the day Goldman Sachs launched a rival online lending company in 2016. Armed with a low cost of capital and the trust of a household name, Marcus, as Goldman Sachs referred to themselves, sought to further disrupt consumer lending by eliminating every type of fee including late fees. […]

Could Peer-to-Peer Lending Be Resurrected By Falling Interest Rates? At Least For Now?

September 19, 2019
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Peer to Peer