Articles by Todd Stone

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Top Minds in Fintech Came Together in Manhattan Last Night

April 3, 2019
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More than 200 people packed into a Manhattan office last night to hear panelists from top fintech companies discuss everything from Artificial Intelligence (AI) in fintech to U.S. regulations to diversity. The event, called Disruption Forum Fintech NYC, was organized remotely by a Poland-based software and technology consulting company called Netguru. This was their third […]

Will Millennials Bring Non-banks into Their Finances?

April 1, 2019
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Following Apple’s announcement last week of its upcoming Apple Credit Card, one question that comes to mind is: Will people, particularly millennials (now roughly 22 to 37 years old), be up for banking with non-bank companies? According to an Accenture survey from five years ago, 34% of millennials said they would bank with Apple if […]

Lyft IPO Follows a Foray into Finance Business

March 29, 2019
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Lyft had its IPO today in the same week it announced that it was offering a debit card to its drivers. The company announced the launch of “Lyft Driver Services,” a suite of services for Lyft drivers including Lyft Direct, a no-fee bank account and debit card. The Lyft Direct debit card will allow drivers to […]

Two Cultures Collided, Gently

March 25, 2019
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Daniel Davis, CEO, Axiom Bank Banks are heavily regulated. Factoring companies are not. The two don’t always mix. So it was interesting last July when Axiom Bank, a regional bank in Florida, acquired Allied Affiliated Funding, a factoring company based in Texas. Fast forward nine months and the merger of the two companies has been […]

Undercover in the Underwriting Room

March 22, 2019
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Undercover

Think of the stereotype of a high energy, high testosterone sales floor of men practically shouting on the phone. And then scale it down to a level of about 2 out of 10. That was the environment I stepped into on a recent visit to a room of small business finance underwriters. They let me […]

WeWork, The Home Office of Small Business Finance Startups

March 20, 2019
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wework

Kunal Bhasin, owner of brokerage 1 West Finance, funded three A paper deals for companies that all happened to work out of the same Manhattan office building on the corner of 42nd Street and Third Avenue. It’s actually not as big a coincidence as it sounds because it’s the same building where 1 West Finance […]

How to Turn Your Client List Into a Business Referral Network

March 19, 2019
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Chad Otar with merchant

Left: Chad Otar, Excel Capital. Right: Lori Miller, LGC Interior Design Excel Capital CEO Chad Otar was so impressed by a marketing company he helped obtain funding for that he turned around and emailed his other clients about the potential benefits of their service. As a result Otar said that about five of his clients […]

Can a Merchant’s FICO Score Increase By the End of the Day?

March 16, 2019
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credit scoring

Earlier this week, Alan Hayon had a challenge – to get a merchant above a 500 FICO score in order to make them eligible for small business funding. Within 30 minutes, Hayon increased the merchant’s personal FICO score by 59 points, getting them above 500. And the deal funded the following day. Hayon is the […]

LinkedIn Posts Are Turning Into Deals & Dollars

March 14, 2019
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LinkedIn

On average, I sign up one ISO every time I post a message on LinkedIn, says Jennie Villano, VP of Business Development at Kalamata Capital Group. They don’t all end up submitting business, she adds, but overall it works. It costs her nothing more than her time and it produces results. Villano is among the […]

Competition Steps Up in Canadian Small Business Lending Market

March 11, 2019
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Canada

Last week’s announcement by Funding Circle that it will establish an operation in Canada later this year is part of a trend of large non-Canadian funders entering or expanding into the Canadian market, according to Adam Benaroch, President of CanaCap, a small business funder based in Montreal. Funding Circle started in the UK and expanded […]

Common Mistakes Commercial Tenants Make

March 8, 2019
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Space interior

deBanked recently heard a live presentation given by Dale Willerton, “The Lease Coach.” Willerton is an expert in helping commercial retail tenants to find and negationate spaces. But much of his advice applies to commercial office tenants as well. Below are some common mistakes he urges tenants to avoid: Not Looking at Multiple Spaces Simultaneously […]

The Art of Moving The Deal – When it becomes too high risk for you

February 27, 2019
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garbage removal

OakNorth, a small and medium sized business lender and online bank, has mastered a strategy to avoid merchants from defaulting 100% of the time, according to a story published in Quartz. The strategy: tell the merchants at risk of defaulting to refinance their loans at a competitor. “We’ve said [to merchants], ‘Go renegotiate with another […]

True Story: I Cold Called a Merchant

February 25, 2019
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Todd Stone Makes a Cold Call

While visiting the office of Excel Capital in Manhattan on a reporting assignment, I saw a few open desks. They weren’t exactly empty, just available. There were phones, headsets, and computers all set up, just waiting for a salesperson to sit down and plug in. I pictured the salespeople I’ve previously profiled, smiling & dialing, […]

Elevate Reflects on Success of Fintech in Personal Loans

February 21, 2019
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Jason Harvison - Elevate COO

The unsecured personal loan market hit an all-time high in 2018, jumping 17 percent year-over-year to $138 billion, according to data from TransUnion released today and featured in a CNBC story. “The rapid growth in consumer loans sits squarely on the shoulders of fintechs,” said Jason Laky, senior vice president and leader of TransUnion’s consumer […]

How Should a Funder Market?

February 20, 2019
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brainstorming

Whether it’s marketing to ISOs or for direct leads, funders have different marketing techniques that suit their size and business philosophy. Credibly, a New York-based company of 160 employees, works with LendingTree and uses Google and Facebook for leads. But Director of Marketing and Strategic Partnerships Jeffrey Bumbales said that advertising on large pay-per-click channels […]

Small Community Banks Power Fintech Revolution

February 15, 2019
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Bank

“A few years back there was a lot of disruption talk about how the fintechs were going to destroy the banks,” said Jo Ann Barefoot, co-founder of Hummingbird Regtech and a former deputy U.S. Comptroller of the Currency, which regulates national banks. “There’s much more talk in the last few years about the need for […]

Small Business Funders Court Florists Before Valentine’s Day

February 14, 2019
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valentines day

Earlier this month, LendingTree published results from a survey they conducted about consumer spending on Valentine’s Day. The main takeaway is that men are planning to spend almost two and a half times more than what their significant others (of either gender) expect them to spend. So there might be some nice surprises today! On […]

Fintech Inevitable, But Petrou Says Risks Abound

February 12, 2019
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becoming a bank

At the end of last week, two large regional banks, BB&T and SunTrust announced that they are merging. The entity will be the sixth largest U.S. bank and the largest bank merger since the 2008 financial crisis. A MarketWatch story yesterday indicated that large bank mergers are part of a somewhat recent trend, citing the […]

Liquid FSI to Augment Healthcare Lending Platform with Blockchain Technology

February 11, 2019
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Frank Capozza

Liquid FSI announced today that it has entered into an agreement with TVS Next, an IT company, to build a blockchain platform to enhance its healthcare lending capabilities. “Our Blockchain solution solves a myriad of issues including the privacy of provider [typically medical office], biller, payer, patient and bank data,” said Liquid FSI President and […]

Why the Human Connection is Still Important in Debt Recovery

February 10, 2019
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damaged piggy bank

The CEOs and lawyers for debt recovery companies, particularly those in the commercial space, say that speaking to merchants over the phone is the best way to collect money for their clients.  At New York-based Empire Recovery, Managing Attorney Steven Zakharyayev told deBanked that they call this “soft collection.” “Soft collection is probably the most […]