Industry News

BFS Capital Hires Peter Ng as CRO

March 20, 2020
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Last week BFS Capital announced that it has appointed Peter Ng as Chief Revenue Officer. Coming from BlackBerry, where he served as Senior Director of Global Alliances and Business Development, Ng will be responsible for leading all revenue-related functions as well as overseeing the development of partnerships. “I’ve had the privilege of working with Peter […]

OnDeck’s Chief Accounting Officer is Leaving The Company

March 16, 2020
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On March 9th, OnDeck filed a disclosure with the SEC that their Chief Accounting Officer, Nicholas Sinigaglia, would be leaving the company on May 1st. Sinigaglia was with the company for more than 5 years. OnDeck said it was doing this as part of changes it had made to streamline its finance organization. Shares of […]

Funding Metrics Deal Puts Them On The Map

March 4, 2020
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A new $100 million revolving credit facility is poised to give a big boost to small business funding provider Funding Metrics. The company operates the Lendini and QuickFix Capital brands, and this new credit facility comes as the company seeks to increase its base of more than 9,500 small businesses served so far. “We now […]

Lendio Plans Development and Growth With $55 Million Series E

February 27, 2020
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Today Lendio announced that it raised $55 million as part of its series E funding round. This included $31 million in equity led by Mercato Partners Traverse Fund and a $24 million debt facility from Signature Bank. “We think that we’re just getting started, that there’s a really large opportunity in front of us and […]

Intuit Agrees to Buy Credit Karma For $7.1 Billion

February 26, 2020
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Credit Karma

This week the news broke that a deal had been reached between Credit Karma and Intuit that will see the latter purchase Credit Karma for $7.1 billion, paid for with cash and stock. After rumors of the deal leaked over the weekend, the agreement was confirmed on Monday by chief executives from both companies. Under […]

Luxury Asset Capital Acquires and Relaunches Borro

February 26, 2020
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borro

Luxury Asset Capital, the Denver-based lender that secures financing against goods such as Ferraris and Rolexes, has announced this month that it has acquired Borro and will be relaunching borro.com. LAC did not disclose the purchase price. The news comes after LAC had been in talks to acquire Borro for years, LAC CEO Dewey Burke […]

Bitty Advance Has a New Major Partner

February 21, 2020
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Edward Siegel - Craig Hecker - Bitty Advance

Craig Hecker, who founded and sold Rapid Capital Funding, has acquired a stake in Bitty Advance. According to the press release, Hecker and Bitty Advance CEO Edward Siegel first met more than ten years ago when Siegel had just entered the merchant cash advance industry at Rapid Capital Funding. Bitty has been on the move. […]

Shopify Capital Originated $430 Million in Loans and MCAs in 2019

February 17, 2020
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shopify glyph

Shopify Capital, the e-commerce giant’s small business financing arm, originated $430 million in funding through loans and merchant cash advances in 2019. Shopify now has more than 1 million e-commerce merchants on its platform, the company says. Earlier in the year the company began rolling out funding to merchants that are not using its payment […]

Idea Financial Chimes In On New Hire

February 17, 2020
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Idea Financial

Last week Idea Financial announced that it had appointed Gregory Sandler as its Chief Operating Officer and General Counsel. Having served as General Counsel to both Beyond Finance and Spruce Finance after working as VP and Corporate Counsel to Bayview Asset Management, Sandler believes he’s well positioned to help Idea. “I have a sense of […]

We’ve Acquired All Of DailyFunder

February 6, 2020
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Daily Funder

deBanked’s parent company has acquired 100% of DailyFunder. I was a co-founder of the online forum that launched in 2012 and had remained a partner in it until recently when I had the opportunity to acquire the remainder of the company’s shares. What does this mean for DailyFunder? DailyFunder will remain an independent entity and […]

Ocrolus Partners with Kiva to Provide Funding and Publish its Customers’ Stories

February 6, 2020
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Ocrolus

Ocrolus has announced a partnership with Kiva, the Californian non-profit that provides loans to entrepreneurs in countries underserved by funding options. The deal comes after news of Ocrolus’s partnership with Plaid in December, a venture that helped launch the Ocrolus+ platform. As part of Kiva’s work to help global small business owners, it publishes the […]

CAN Capital Brings On Edward Dietz as Chief Compliance Officer & General Counsel

February 5, 2020
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CAN Capital is continuing its executive hiring spree into 2020 with the news that it has brought on Edward Dietz as its latest Chief Compliance Officer and General Counsel. After providing legal expertise to Marlin Business Services Corporation for nine years and working as an associate for two law firms in Wisconsin and Pennsylvania previous […]

Kabbage Introduces Customized Short Term Loans

February 4, 2020
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kabbage

Today Kabbage, the Atlanta-based fintech company that has been funding businesses since 2009, announced its latest product: customized short-term loans that are a result of the combination of Kabbage Payments and Kabbage Funding. The loans, which run for the length of 3-45 days, are best suited to those businesses who need funding to cover issues […]

Liberis Secures $42 Million in Funding, Plans American Expansion

February 3, 2020
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Liberis Homepage

Liberis, the London-based small business finance provider, secured £32 million ($42 million) in capital late last month following a round of equity fundraising. The firm, which has funded businesses through cash advances since 2007, has now raised a total of over £150 million ($197 million) via debt and equity. Having already entered Nordic markets, Liberis […]

The Scoop Behind Sprout Funding’s Acquisition of Jet Capital

January 25, 2020
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Sprout Funding Homepage

News from North Texas this month as Dallas-based Sprout Funding announced its acquisition of Jet Capital. The move comes as Sprout seeks to expand its technical operations. “Sprout built a reputation as a group that funds a lot of its own internal deals, and Jet had spent a lot of time, energy, and money on […]

Quarterspot is Shifting Its Business Focus

January 22, 2020
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Money on the beach

Last week, several industry insiders reported receiving an email from NY-based company Quarterspot that said their agreement had been terminated. The contents stated that the company is “shifting its business focus and will no longer be originating loans, but will continue to service currently outstanding loans.” deBanked has confirmed that to be true. More information […]

Broker Fair 2020 Announces Two Special Keynote Speakers

January 17, 2020
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Broker Fair 2020 Keynotes

Two special guests will speak at Broker Fair 2020 on May 18th in New York City. Scott Rasmussen and John Henry will complement a roster of leading professionals from the commercial finance industry. Broker Fair 2020 will be deBanked’s largest ever event. TICKETS ARE ON SALE NOW AND EARLY BIRD PRICING IS STILL AVAILABLE!

Nav Co-founders Step Down From C-Level Positions

January 14, 2020
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Nav homepage

Levi King, a co-founder of Nav Inc., resigned as the company’s CEO on Tuesday. In a two-part explanation on LinkedIn, King wrote. “To be clear, I’m not burned out on Nav. I’m not aspiring to do something elsewhere, and I’m not leaving the company. I’m still dedicated and passionate about helping Nav succeed. And, I […]

Hudson Cook Partner Appointed to CFPB Taskforce on Federal Consumer Financial Law

January 14, 2020
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CFPB Logo

Jean Noonan, a Partner at Hudson Cook, LLP, has been announced as one of the new members of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law. Seeking to produce research and legal analysis of US consumer financial laws, over the next year the taskforce will focus on “harmonizing, modernizing, and updating the […]

Visa Acquires Plaid in $5.3 Billion Deal

January 14, 2020
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visa plaid

Yesterday it was announced that Visa and Plaid, the financial services company that helps business connect with customers’ bank accounts, have penned a deal that would see Visa purchase the San Francisco-based startup for $5.3 billion. The purchase price is roughly double Plaid’s previous valuation of $2.7 billion after its 2018 Series C investment of […]