Industry News

Happy Thanksgiving. It’s Meme Time!

November 27, 2019
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Happy Thanksgiving. You know what that means! deBanked original memes! Here’s the latest: SEE ALL THE MEMES FROM PREVIOUS YEARS! 2017 1: The State of The Industry (In Memes) 2017 2: Take a Break From Funding This Thanksgiving 2016: The History of Alternative Finance (As Told Through Memes) 2013: 10 Clues You’re Hardcore About Merchant […]

Merchant Infamous For Safari-Themed Home, Has Died

November 18, 2019
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The saga of Michael Willhoit has come to an end. deBanked wrote about Willhoit in December 2018 when we learned he defaulted on nearly half a million dollars in merchant cash advance transactions and was sued by banks over $4.5 million in bad loan deals. This past June he was also indicted on 36 counts […]

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

November 14, 2019
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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 […]

BFS Capital Hires New COO

November 12, 2019
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BFS announced this morning that it has hired Brian Simmons as its new Chief Operating Officer. The news come as the company is preparing for the North American launch of its tech platform in December, a move that is part of BFS’s vision to become a more customer-focused business. This planned “journey,” as CEO Mark […]

PIRS Capital, Fundera Make Crains’s Fast 50

November 7, 2019
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newspaper headline

Crain’s New York Business has revealed its Fast 50 companies. Among them are Fundera (#22 with 720% 3-year growth) and PIRS Capital (#50 with 230% 3-year growth). Crain’s says that to be considered for the Fast 50, firms had to be at least four years old, generate at least $10 million in 2018 revenue and […]

Who Exactly Got Paid In Knight Capital’s Sale… And How Much? ($27.8M)

November 6, 2019
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Knight Capital Sale

Update 11/7/19 9:05 AM: Ready Capital Corporation confirmed this morning that Knight Capital’s total sale price was $27.8M. $10M was in stock. When Ready Capital Corporation acquired Knight Capital last week for $10 million in stock and an undisclosed amount of cash, questions abounded over who directly benefitted from the sale and how much cash […]

Merchant Cash Advance Industry Pioneer David Goldin Launches Lender Capital Partners To Provide Financing To Merchant Cash Advance / Alternative Business Loan Providers

November 5, 2019
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Lenders Capital Partners

White Plains, NY – November 5, 2019 – David Goldin, one of the merchant cash advance industry pioneers who founded one of the first US merchant cash advance providers in 2002, Capify (formerly known as AmeriMerchant), that later expanded to the UK and Australia has partnered with a subsidiary of Basepoint Capital, a seasoned specialty […]

Janene Machado Appointed Director of Programs for PCMA’s New York Chapter

November 4, 2019
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janene machado

DeBanked’s Director of Events, Janene Machado, has been appointed the Director of Programs for Professional Convention Management Association’s (PCMA) New York Chapter. Machado will oversee the Program Committee for a three-year term (January 2020 – December 2022). The Committee is responsible for deciding on the topics, programming, logistics, and speaker invitations for the New York […]

Knight Capital Has Been Acquired

November 1, 2019
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knight

Publicly-traded Ready Capital Corporation has acquired 100% of Knight Capital LLC. The total sales price was undisclosed but it consisted of cash and 658,771 common shares of Ready Capital stock. A share currently trades at $15.83, valuing the stock portion in excess of $10 million. More details may emerge when Ready Capital publishes quarterly earnings […]

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, […]

Avi Wernick and Boris Kalendarev Move to RDM Capital Funding

September 23, 2019
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RDM Website

Avi Wernick and Boris Kalendarev are joining RDM Capital Funding as the new Director of Partnerships and Strategy and CFO/COO, respectively. The move comes after a fruitful year for the company, with it securing a $7.5 million credit facility from Charleston Capital, an amount that it has since extended; upping its funding originations from $300-500,000 […]

Stripe Ventures Into Merchant Cash Advance Financing

September 6, 2019
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stripe conference room

Stripe, a payments firm lauded as the world’s most valuable private fintech company (at $22.5B), has officially launched a merchant cash advance product. Dozens of news outlets have announced that the company is providing loans, but that’s not all, deBanked has learned. Both loans and merchant cash advances are available. The company’s FAQ page originally […]

Tampa Business Loan Broker Arrested

August 30, 2019
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arrest handcuffs

William Robert Wren was charged with four felonies on August 21st for engaging in an alleged advance fee loan scam. Wren, a business loan broker for a company doing business as Business Loan Solutions in Tampa, FL, surrendered to the authorities last week and was released on his own recognizance according to county records. A […]

IOU Financial Originates $38.5M in Q2

August 26, 2019
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iou homepage

IOU Financial originated $38.5M in loans in Q2, up from $32.8M the quarter before. The company said that the figure was actually a 31.8% increase over Q2 2018. In a press release, IOU CEO Phil Marleau said, “IOU delivered strong loan origination and revenue growth in the second quarter of 2019 and continued to post […]

Alan Heide, CFO Of 1 Global Capital, Hit With Criminal Charge & SEC Violations

August 15, 2019
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handcuffs

Update: Alan Heide has pleaded guilty to one count of conspiracy to commit securities fraud. The former CFO of 1 Global Capital, Alan Heide, was stacked with bad news on Thursday. The US Attorney’s Office for the Southern District of Florida lodged criminal charges against him at the same time the Securities & Exchange Commission […]

LendingPoint Places Seventeenth on Inc. 5000

August 14, 2019
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LendingPoint

Today Inc. 5000 released is 2019 list of the fastest growing private companies in America, featuring alternative finance company LendingPoint in seventeenth place after it witnessed a three-year revenue growth of 9,265%. LendingPoint offers consumer loans of up $25,000 and provides financing to merchants, service providers, and medical institutions via its LendingPoint Merchant Solutions program. This is […]

Funding Circle Originated $377M of US Loans in First Two Quarters of 2019

August 8, 2019
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Funding Circle originated $377M of loans in the US in the first six months of 2019, according to their latest public report. The company said that “growth was proactively controlled” and that they tightened higher risk band lending and increased prices. They’ve now loaned more than $2B cumulatively in the US since inception and their […]

Funding Circle Co-Founder & Managing Director James Meekings to Step Down

August 8, 2019
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funding circle co-founder james meekings

Funding Circle’s lackluster business performance has led to a casualty. Co-founder James Meekings, who serves as Managing Director of the UK Business (the company’s primary market), will be transitioning to a non-executive role on the UK board in Q3. He will no longer be MD, the company announced. Lisa Jacobs, Funding Circle’s Chief Strategy Officer, […]

Fox Corp / Credible Deal – What’s Online Lending Got To Do With TV Broadcasting?

August 5, 2019
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Fox Flag

On Sunday Fox Corp announced it had agreed a deal to buy a majority share of 67% in Credible, a San Francisco-based online lending platform that is publicly traded in Australia. Credible, which was valued at $397 million by Fox, provides credit checks for mortgages, personal loans, and student loans; gathers the information yielded; and […]