Articles by Todd Stone

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FTC Sues Lending Club

April 25, 2018
Article by:

Scott Sanborn, Lending Club CEO

Above: Lending Club CEO Scott Sanborn speaks at LendIt Fintech 3 weeks ago in San Francisco Today, the Federal Trade Commission (FTC) filed a 30 page lawsuit against Lending Club, primarily for using language in its marketing that misleads consumers. There were also charges against Lending Club that it has made unauthorized withdrawals from consumer […]

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Two Arizona Businessmen Sentenced to Prison for Loan Fraud

April 24, 2018
Article by:

in handcuffs

Last week, owners of a medical equipment manufacturer and distributor in Phoenix plead guilty and were sentenced to prison for defrauding the Small Business Administration (SBA) and two Arizona banks. According to a statement released by the US Department of Justice (DOJ), the now defunct company, called Global Medical Equipment of Arizona, defrauded the SBA and […]

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Finitive Launches Alternative Lending Investment Platform

April 24, 2018
Article by:

Jon Barlow, Finitive

Finitive, which brings capital from institutional investors to alternative lending companies, announced earlier this month that it received capital commitments totaling $1.3 billion. It also officially launched its financial technology platform. According to founder and Executive Chairman Jon Barlow, the company, which was founded last August, has two kinds of clients: institutional investors and alternative […]

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Despite Movement of Negative Bill for MCA and Factoring Industries, Hope for a Solution

April 23, 2018
Article by:

https://debanked.com/2018/04/what-got-said-in-the-california-senate-hearing-about-commercial-loan-disclosures/

Last week, California State politicians gathered for a hearing on SB 1235, a bill that would require the disclosure of an Annual Percentage Rate (APR) for all loans and non-loans, including MCA and factoring products. This is very problematic because APR (which includes interest rate) cannot be calculated for most MCA and factoring products for […]

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Demand for Tax Guard Grows, and Receives Private Equity Investment

April 19, 2018
Article by:

Hansen Rada

Hansen Rada, CEO, Tax Guard Tax Guard announced on Monday that it received an investment from Falfurrias Capital Partners, a Charlotte, NC-based private equity firm. “What really excites me about [partnering with Falfurrias Capital Partners] is the breadth of experience that they bring to the table,” said CEO and co-founder Hansen Rada. “They have some […]

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Ascentium Capital Surpasses $4 Billion in Originations

April 18, 2018
Article by:

Tom Depping

Texas-based lender Ascentium Capital announced last week that it had surpassed $4 billion in origination volume since the company was founded in 2011. The company has two key channels of business. The vendor channel, in which Ascentium creates custom finance programs for clients like equipment manufacturers, distributors and resellers. It calls these clients its “vendor […]

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CAN Capital Hires New CFO

April 17, 2018
Article by:

TomDavidson

CAN Capital has just hired Tom Davidson, a finance veteran, to become its new CFO. Davidson joins CAN Capital from Sierra Auto Finance where he was Chief Financial Officer and Chief Capital Officer. Before that, he worked at GE Capital for 16 years, eventually becoming Chairman and CEO of GE Capital Markets, Inc. “Given that […]

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Kabbage to Acquire Orchard Platform Markets

April 14, 2018
Article by:

Kabbage Booth, Lendit

Kabbage is set to acquire Orchard Platform Markets, a provider of lending data and investment advisory services, according to a Bloomberg report yesterday. However, neither company has confirmed this and both companies were unreachable today.    Orchard was founded in 2013 by David Snitkof, Angela Ceresnie, Jonathan Kelfer, Matt Burton and Phil Rosen. Burton and […]

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Harvesting Inc Uses AI to Assess Credit Risk for Farm Lenders

April 12, 2018
Article by:

Ruchit_Garg

This week, Silicon Valley-based Harvesting Inc launched an Artificial Intelligence (AI)-backed platform that uses satellite images of farms to gauge credit risk for banks that lend to farmers. The technology can be used to capture data on farms in the developing world as well as in mature markets like the US. Harvesting Inc generates “credit […]

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Lendio’s New Turndown Program Grows

April 11, 2018
Article by:

Brock Blake Headshot

Lendio, the marketplace for borrowers and lenders, announced on Monday that its Turndown program has facilitated nearly $60 million in loans in less than a year since its launch last summer. The Lendio Turndown program allows participating lenders to refer borrowers to the Lendio marketplace that have been declined. “Instead of just saying ‘No’ to […]

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