Industry News

Broker Fair 2020 Announces Two Special Keynote Speakers

January 17, 2020
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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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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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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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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 […]

Pacific Equity And Loan Acquires Emerald Capital Funding

January 12, 2020
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Emerald Capital Funding - Pacific Equity and Loan

This week Pacific Equity & Loan, a hard money lender based in Washington state, acquired Emerald Capital Funding. Done to “provide more resources and investment opportunity to real estate investors in the Washington market,” according to a statement from PEL, the merger will see all of ECF’s staff move over to PEL. “The move comes […]

The Scoop Behind The Primary Capital / Infinity Capital Funding Acquisition

January 6, 2020
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Primary Capital

This morning, Primary Capital announced that it had acquired the merchant cash advance division of Infinity Capital Funding. Infinity, which has been operating from California since 2006, began as an MCA company before expanding to offer small business loans as well. The acquisition will see Infinity’s thirteen years of data, technology, and merchant portfolios pass […]

Jonathan Braun Has Checked In To Prison

January 2, 2020
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FCI Otisville

Jon Braun, who Bloomberg Businessweek profiled in a 2018 story series, checked into FCI Otisville on Thursday. He was sentenced to 10 years in prison on May 28th for drug related offenses he committed a decade ago. He was originally scheduled to surrender on August 25th but he successfully delayed the date until today, January […]

The End Of An Era – deBanked Through The Decade

December 30, 2019
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the end

deBanked estimated that approximately $524 million worth of merchant cash advances had been funded in 2010. In 2019, merchant cash advances and daily payment small business loan products exceed more than $20 billion a year in originations. THE LARGEST SMALL BUSINESS FUNDERS OF 2008 AdvanceMe First Funds Merchant Cash and Capital Business Financial Services AmeriMerchant […]

deBanked’s Top Ten Things of 2019

December 20, 2019
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deBanked's Top Ten Things of 2019

In this video, I break down deBanked’s Top Ten Things of 2019. Happy holidays and have a Happy New Year from all of us at deBanked! Re-read the top ten stories of 2018 HERE.

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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African Queen

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 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 […]

BFS Capital Hires New COO

November 12, 2019
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BFS Capital Website

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, […]