Fintech

Online Loans You Can Take To The Bank

April 16, 2019
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This story appeared in deBanked’s Mar/Apr 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE OnDeck, the reigning king of small business lending among U.S. financial technology companies, is sharpening its business strategies. Among its new initiatives: the company is launching an equipment-finance product this year, targeting loans of $5,000 to $100,000 with two-to-five […]

OnDeck Takes Advantage of New Same-Day ACH Technology

April 12, 2019
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Same-day ACH is here, thanks to NACHA’s planned upgrade, and OnDeck, a small business lender, has already incorporated it into its platform. Shaleen Prakash, OnDeck’s Vice-President of Product Management, told deBanked: “We are hyper-focused to get customers faster access to funding that’s already been approved for them.” Small business owners can now access up to […]

Online Lenders Square Off, Offer The Kabbage In Brooklyn Food Court

April 10, 2019
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In a fast gentrifying section of Downtown Brooklyn, online lenders are waging a silent turf war. Each day, hungry consumers flock to DeKalb Market, a subterranean hipster food court where lunch and a drink can cost $17. The maze-like space with retro neon signs and rustic wood countertops offers a dizzying array of cuisines, and […]

Computers Continue to Fine Tune Underwriting

April 5, 2019
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What’s the present role of computers in the underwriting process? “It’s faster and more accurate,” CEO of Kapitus Andy Reiser said of the company’s new AI process. “We get thousands of pages a day of bank statements, and we can digitally read it through [our system] and then manipulate that data and analyze it.” Co-founder […]

Top Minds in Fintech Came Together in Manhattan Last Night

April 3, 2019
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Fintech Disruption Forum

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 […]

Acquisition Costs Compared for GreenSky, Square, PayPal, OnDeck, Lending Club, and Prosper

March 5, 2019
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GreenSky graph

Greensky, a consumer lending company, wants investors to know how low its acquisition costs are relative to the competition. The chart above, which appeared in their year-end earnings report, showed how much lower their sales & marketing expense ratio is versus Square and PayPal. deBanked examined three additional fintech lending companies and ranked them as […]

Square Capital On Pace to Overtake OnDeck in Small Business Lending

February 28, 2019
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Square Versus OnDeck

OnDeck’s annual loan origination volume has more than doubled since 2014, from $1.2 billion to $2.5 billion, allowing them to retain the top spot in deBanked’s small business funder rankings. But Square Capital, the small business lending division of Square, has grown by 16x since 2014. In the course of 5 years, they’ve gone from […]

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 […]

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 […]

deBanked CONNECT Miami 2019 Photos

January 28, 2019
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deBanked CONNECT Miami 2019

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Joust Launches Banking Platform for Entrepreneurs

January 17, 2019
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Lamine Zarrad

Lamine Zarrad, CEO, Joust This week marked the launch of the Joust iOS app, a platform for freelancers and small businesses that provides banking, payments, collections and invoice factoring solutions. The Android App is scheduled for release on February 1, 2019. “We straddle three different domains: payments, merchant processing, and factoring, all in one app,” […]

LendUp Gets a Shake-up

January 11, 2019
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Anu Shultes

Anu Shultes, LendUp’s new CEO Among other company news, LendUp announced yesterday that it has formed a separate company called Mission Lane that will be devoted to scaling its credit card business. LendUp will continue to operate under its name and will focus on personal loans, education and savings opportunities, according to the announcement. Along […]

Trained at OnDeck, LendingFront Founders Help Banks Lend to Small Businesses

January 9, 2019
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LendingFront-front

Yesterday LendingFront announced that it has raised $4 million to help deliver its white label software designed to help banks and other financial institutions lend to small businesses. The company was founded in 2015 by two former OnDeck employees, Jorge Sun and Dario Vergara. Sun was the Chief Credit Officer at OnDeck from 2007 to […]

How a Computer Game Master Applied His Talents to Online Lending

December 28, 2018
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Warcraft 3

Eden Amirav is co-founder and CEO of Lending Express. The 29 year old spends his days trying to grow his company, an online lending platform for small businesses. But about 15 years ago, as a teenager in Israel, he spent his evenings and school breaks fighting orcs, defending construct units and mostly defeating enemies in […]

deBanked’s Most Popular Stories of 2018

December 22, 2018
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top stories

Five of the top 10 most read stories of 2018 were related to the saga of 1st Global Capital; The bankruptcy, SEC charges, the revelation that they had made a $40 million merchant cash advance, and finally the devastating news of that deal falling apart. We decided to lump all of them together in our […]

2019 Alternative Finance Predictions

December 21, 2018
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2019 Loading

With 2019 approaching, deBanked asked executives in the funding and payments industry if they had any predictions for the new year. We kept it pretty open-ended and received forecasts regarding technology, regulations, and the evolving relationship between fintech companies and banks. And yes, we also asked a few lawyers in the small business lending space […]

Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

Cross River Bank Raises $100 Million

December 11, 2018
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Cross River Bank

Cross River Bank, which provides banking services to fintech companies, announced last week the completion of a funding round of roughly $100 million. This was comprised of a $75 million equity investment from KKR, along with capital from Andreessen Horowitz, Battery Ventures, Rabbit Capital, and funding from new investors CredEase and Lion Tree. This adds […]

Finitive Appoints Neil Wolfson to Board

December 10, 2018
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Neil Wolfson

Finitive announced today that it has appointed Neil Wolfson to its Board of Directors. Wolfson also serves on the Board of Directors at OnDeck. “Finitive has established an innovative platform to provide institutional investors with direct access to alternative lending investments,” said Wolfson. “Finitive’s platform brings further transparency to this asset class.” According to an […]