Articles by Todd Stone

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OnDeck Launches New Subsidiary

October 16, 2018
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Noah Breslow, Brian Geary, ODX

OnDeck announced today that it has created a new subsidiary, called ODX, which will help banks become more efficient online lenders. OnDeck’s CEO Noah Breslow told deBanked that ODX is an expansion of OnDeck’s successful partnership with JPMorgan, which started in 2016. “We created what at the time was I think a pretty groundbreaking partnership […]

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The Broker: How Andy Savarese Changes Collars and Closes Deals

October 12, 2018
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Andy Savarese JustiFi

Title: I’m the Managing Partner at JustiFi Capital, a brokerage in Farmingdale, Long Island.  I started it September 2017 with my cousin, who’s the owner and my best friend. We do mostly MCA, but also some term loans. His schedule: I have a part-time/full-time job in the mornings. I work in sanitation for the town […]

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Yoel Wagschal Becomes Last Chance Funding’s CFO

October 10, 2018
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Yoel Wagschal

Above: Yoel Wagschal speaks at Broker Fair in Brooklyn, NY | May 14, 2018 Yoel Wagschal, an accountant who specializes in servicing MCA funding companies, told deBanked today that he will now be the CFO for Last Chance Funding (LCF), which has been one of his clients for about five years. Wagschal said he will […]

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Brief deBanked San Diego Recap

October 6, 2018
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deBanked CONNECT San Diego Hallway

More than 300 people attended the first deBanked CONNECT event on the west coast at the Andaz Hotel in San Diego. The half-day learning and networking conference drew people in the small business finance space from across the country, including New York, Philadelphia, Detroit, Houston, Salt Lake City, and cities in Florida and all throughout […]

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National Funding Promotes Justin Thompson

October 3, 2018
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Justin Thompson National Funding

National Funding announced today that Justin Thompson, formerly Executive Vice President of Sales, has been promoted to Chief Revenue Officer of National Funding. The new position is an expanded role that will include Thompson’s previous management of a 100-person sales division that includes Direct Sales, Renewal Sales, Broker Sales, Equipment Financing and the responsibilities of […]

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Nelnet Withdraws Application in Latest Controversy Over ILC Banks

October 2, 2018
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nelnet booth at LendIt Fintech 2018

Nelnet announced that it has withdrawn its application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Nelnet Bank, a Utah-chartered industrial bank, or an ILC (Industrial Loan Company) bank. This could have been made possible through an existing, yet controversial, policy established over 100 years ago […]

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National Funding Acquires QuickBridge

October 2, 2018
Article by:

David Gilbert

David Gilbert, CEO, National Funding National Funding announced today that it has purchased QuickBridge. The two companies will combine back-end resources, including advanced technology, innovation and product development, but they will continue to operate independently, as separate brands. Ben Gold, QuickBridge’s founding President, will remain in his current post and will work closely with National […]

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1st Global’s Best Agent Raised $53M

October 1, 2018
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investor losses

1st Global Capital’s most successful capital raising agent by far was Trae Wieniewitz, a financial advisor in Knoxville, Tennessee, who brought in $53,647,000 from his clients. Wieniewitz’s company website, Wieniewitz Financial, says he specializes in financial planning for retirees and pre-retirees. According to data from 1st Global’s bankruptcy, Wieniewitz earned nearly $1 million in commissions […]

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Funding Circle Stays Global; Goes Public in London

September 29, 2018
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London Stock Exchange

Funding Circle became a public company yesterday on the London Stock Exchange, listed as FCH. Founded in 2010, the peer-to-peer lending platform for small and medium-sized businesses, was initially priced at 440 pence (£4.40), which was on the low end of the 420-530 pence per share price range. But it opened at 460 pence, placing […]

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Renaud Laplanche Barred From the Securities Industry

September 28, 2018
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LendIt USA 2016

Renaud Laplanche, 1 month before he resigned from LendingClub at the LendIt USA 2016 conference in San Francisco, California, USA on April 11, 2016. (photo by Gabe Palacio) The SEC announced today that it charged LendingClub Asset Management, formerly known as LendingClub Advisors LLC (LCA), and its former president and co-founder Renaud Laplanche, with fraud […]

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