Business Lending

New Jersey is Propelling its Own Confession of Judgment Bill

December 12, 2019
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The New Jersey legislature has climbed aboard the Confession of Judgment restriction train. On Thursday, the state’s Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a “business financing” contract with a New Jersey debtor. The bill was introduced in March but had not experienced movement until today. New […]

Merchant Growth Partners with goeasy to Provide Funding via Physical Branches

December 11, 2019
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This month Merchant Growth, the Vancouver-based alternative finance company, announced its partnership with goeasy Ltd. that will see Merchant Growth’s services being offered in goeasy branches throughout Canada. Beginning with British Columbia, Alberta, and Saskatchewan in 2019, Merchant Growth aims to have expanded to the remaining provinces in the first quarter of 2020. Under the […]

National Funding CEO David Gilbert Caddied For Tiger Woods For a Day

December 6, 2019
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David Gilbert, the CEO of National Funding, had the honor of caddying for Tiger Woods on Wednesday at the Hero World Challenge pro-am in the Bahamas. Gilbert earned the opportunity by being a very generous participant in a Woods charity event held earlier this year. The proceeds went to the TGR Foundation. Gilbert told deBanked […]

Hedge Fund Billionaire With Fintech Focus is Buying The New York Mets

December 4, 2019
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Steve Cohen, the hedge fund billionaire behind Point72 Asset Management, is reportedly buying a majority stake in the New York Mets. After a long infamous run at the helm of S.A.C. Capital Advisors, Cohen founded Point72 and with it, an early-stage venture capital fund that focuses on areas like fintech and artificial intelligence. Among the […]

The Broker: How Gerald Watson Mixes Factoring with MCAs

December 3, 2019
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Gerald Watson - The Watson Group

Role? I’m the owner of The Watson Group, a factoring broker company.   How did you end up in the industry? I got started in what I call the contract financing industry about 35 years ago, kind of by accident. I had spent years working with a large management consulting company in Boston and we […]

StreetShares Discontinues Major Segment of Its Financing Business

December 3, 2019
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military metal

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 […]

The Current State of SME Lending in Canada

December 1, 2019
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Canada Finance

According to the latest statistics, there were 1.18 million employer businesses in Canada, with the majority of them located in the provinces of Ontario and Quebec. 1.15 million (97.9%) represented small businesses 21.926 (1.9%) referred to medium-sized ventures Only 2.939 (0.2%) accounted for large corporations Small and medium companies are blooming in Canada: they represent […]

Broker Fair / Black Friday ONE-DAY ONLY Special Price

November 28, 2019
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broker fair 2020

Broker Fair Returns to New York City on May 18, 2020. Take advantage of this special ONE-DAY only discount code and get 29% OFF THE EARLY BIRD PRICE. This incredible deal ends at 11:59pm EST on 11/29/19. Promo code: brokerfair29 Register here Broker Fair’s two previous annual events sold out in advance. Hundreds of brokers […]

Flender Makes BIG Mark in Ireland’s SME Lending Market

November 26, 2019
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Dublin Ireland

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 […]

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 […]

IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability

November 14, 2019
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iou homepage

IOU Financial originated $41.4M in business loans in Q3, according to the company’s latest published financial statements. The figure is a modest increase over Q2’s $38.5M. IOU also kept up its trend of profitability with net income $1M. Shares of IOU, which trade on the Toronto Stock Exchange, are valued at around (CAD) 14 cents […]

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 […]

Factoring for Freelancers

November 8, 2019
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Freelancers

The number of freelancers in America is quickly growing year on year, with a recent study indicating the percentage of full-time freelancers has increased from 17% of the workforce in 2014 to 28% in 2019. Representing a host of fields, from writing and photography to marketing and programming, the incomes and needs of such workers […]

Selecting a Third-Party Commercial Collection Agency

November 8, 2019
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Third Party Collections

It’s said that anyone can lend money out but the hard part is getting paid back. The latter part is full of nuance, a 32-page white paper authored by Minnesota-based Dedicated Commercial Recovery (Dedicated) reveals. “Choosing a third-party commercial collection agency is a matter of comparing potential returns and risks in order to achieve an […]

David Goldin is BACK – The Scoop Behind His Return

November 7, 2019
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David Goldin

“When I started, the term merchant cash advance didn’t even exist. There really were no business loans back then, the word ‘fintech’ didn’t exist, ‘alternative lender’ didn’t exist … Back in the day it was all about getting a credit facility, and that was like the iPhone 5, and now we’re the iPhone 11. There’s […]

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, […]

Shopify Capital Originated $141M Of Loans And MCAs In Q3, Says It’s a Meaningful Part Of The Shopify Business

October 29, 2019
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shopify glyph

Shopify Capital, Shopify’s small business funding division, originated $141 million in loans and merchant cash advances last quarter, an 85% increase over Q3 last year. The company has now cumulatively originated $768.9M since it began funding in April 2016. On the earnings call, Shopify COO Harley Finkelstein commented on the company’s recent initiative to fund […]

Become Closes Series A with $12.5 Million

October 29, 2019
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Become, formerly known as Lending Express, has finished its Series A funding round with $10 million having been raised from Benson Oak Ventures and Magenta Venture Partners, among others, as well as an additional $2.5 million in venture debt from Viola Credit. “We strongly believe it is time to disrupt conventional and ‘alternative’ lending practices,” […]

OnDeck Repurchased 3.2M Shares, Reports $8.7M Q3 Profit

October 24, 2019
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OnDeck

OnDeck announced this morning that it has repurchased 3.2M of its own shares for $11M since making its buyback announcement on July 29th. The company intends to repurchase another $39M worth. OnDeck was profitable in Q3, reporting a net income of $8.7M on originations of $629M. Although that was an increase over the previous quarter, […]

The FTC Wants To Police Small Business Finance

October 22, 2019
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FTC Police

This story appeared in deBanked’s Sept/Oct 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE On May 23, the Federal Trade Commission launched an investigation into unfair or deceptive practices in the small business financing industry, including by merchant cash advance providers. The agency is looking into, among other things, whether both financial technology […]