Industry News

Online SME lender Capify secures $125 million credit facility from Pollen Street Capital

April 29, 2024
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Online SME lender Capify secures $125 million credit facility from Pollen Street Capital

Leading online SME lender Capify has today secured a $125 million credit facility from Pollen Street Capital (“Pollen Street”), an alternative asset manager dedicated to investing within financial and business services.

The new facility will support the lender’s ambitious future growth plans and provide working capital to thousands of SMEs over the coming years.

Founded initially in the United States in 2002, Capify was one of the world’s first online alternative financing companies for SMEs. It was launched in the UK and Australia in 2008, against the backdrop of the global financial crisis, when many small and medium-sized businesses were struggling to access vital funding from banks. Last year it was named the UK Credit Awards SME Lender of the Year (up to £1m).

“We are extremely excited about our future relationship with Pollen Street, a capital provider with a proven track record of partnering with impactful and innovative businesses. This deal represents another significant milestone for Capify and underlines the strength of our business model in providing fast, flexible and responsible support to SMEs”, said David Goldin, Founder and CEO of Capify.

“We are absolutely delighted to secure this financing deal with Pollen Street” added John Rozenbroek, CFO/COO at Capify. “The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to the growing number of small businesses in need of funding. We are passionate about the vital role SMEs play in the success of any economy . This new multi-year credit facility allows us to provide much-needed access to capital for SMEs to help them manage and prosper, whilst also enabling us to deliver on our own growth plans”.

“With continued investment in our platforms and customer experience, we will streamline our processes and provide even faster decisions to brokers and SMEs,” said Rozenbroek. “These enhancements underline our commitment to leveraging technology to meet the fast-evolving needs of small businesses, ensuring they have quick access to capital and can seize growth opportunities more effectively.”

“We are impressed by Capify’s seasoned management team and their enduring presence in the market. Since its inception in 2008, Capify has been at the forefront of online SME lending in both the UK and Australia, consistently demonstrating its commitment to the sector. Capify successfully addresses the needs of the underserved market segment, resulting from a chronic undersupply of bank financing, and promotes both financial inclusion as well as regional economic growth, aligning closely to Pollen Street Capital’s ESG framework. We are delighted to partner with Capify and support their ongoing growth” added Ethan Saggu, Investment Director at Pollen Street Capital.

About Capify

Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. Originally started in the US over twenty years ago, the fintech businesses have been serving the SME market in the UK and Australia for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the vibrant and vital SME community can meet the challenges of today and the opportunities of tomorrow.

For more details about Capify, visit:

About Pollen Street Capital

Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £4.2bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.

For more information, visit:

Media enquiries

Ash Yazdani

Pollen Street Capital

Update on the Kris Roglieri Saga

April 24, 2024
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bankruptcy courtThe trustee overseeing Kris Roglieri’s Chapter 11 bankruptcy case asked the Court on Tuesday to convert it to a Chapter 7. That’s because among the facts to come out of that and related proceedings thus far is that Roglieri did not ever maintain financial records for his various business entities, has no revenue coming in, and has no path to keeping his businesses going. The trustee also noted the added complexity of an FBI investigation and that the Receiver in a related civil case believes Roglieri owes creditors more than $100 million, funds that were allegedly derived from a ponzi scheme.

A Chapter 7 is a liquidation. The Court still has to approve it. A Chapter 7 trustee would have added powers that allows them to pursue assets for the benefit of creditors. The assets would be sold off.

Up until at least one month ago, Roglieri’s wholly owned business, the National Alliance of Commercial Loan Brokers conference (NACLB), was still soliciting for sponsorships. However, the ability to purchase tickets was shut off in early April and as of last week the conference website has gone completely offline. Roglieri previously attested that $436,237 was outstanding and due to Caesars Entertainment in Las Vegas for their 2023 conference. The Receiver in the Prime Capital Ventures case has also argued that the NACLB bank account had been the recipient of at least $20,000 in allegedly misappropriated funds and that $200,000 had been withdrawn from the NACLB’s bank account to aid in the present legal defense of Roglieri.

Staying Vigilant in the Funding Business

April 15, 2024
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There’s a lot of funny business going on these days, so here are some things for you and your merchants to look out for:

The LOC Bait and Switch
A scammer offers the customer an impossibly good deal on a line of credit that is contingent on first entering into some other product. After the customer enters into the first transaction, the LOC offer and the scammer disappear. If your customer is susceptible to falling for something like this, make sure to advise them ahead of time accordingly.

The Mystery Funder
Despite a customer claiming to work exclusively with you as a broker, at some point a third party mysteriously enters the process and offers a separate deal to them to compete with you. Although there could be many reasons for this happening both legitimate or otherwise, including the customer not being completely forthright about exclusivity, you should communicate with your customer beforehand about who or who not to expect a communication from. Also, there are methods you can use to mitigate this by plugging up common attack vectors like an email address or phone # on a submitted application. Allow an attorney to guide you on how to do this most effectively and legally.

The Debt Advisor
Beware the debt advisor who claims they are there to help a merchant reduce the obligations of their loans or advances as many do not understand the contracts they claim to advise on. Because of this, they can potentially push a customer into a much worse situation than they otherwise might’ve been in. A merchant’s best bet is to communicate directly with the source of capital on their own. Oftentimes a contract spells out the proper protocol to follow depending on what the situation is.

They got hot full packs for sale including bank statements, social security #s, and other data ready to send your way! Before engaging in any such transaction, please consult with an attorney about the potential implications of doing something like this. Same goes for you if you were thinking about “selling your declines.”

The Ghost
Brokers often complain about customers falling for obvious scams over the phone, including the classic LOC scam, however, brokers can be just as susceptible to the same tactics. Before working with any lender or funder, you should conduct a full range of due diligence on them. This includes investigating their precise address, who the owner is, what their background is, what their ISO contract says, what their merchant contract says, etc. Too often brokers are drawn in by a commission they believe they stand to make and a smooth talking biz dev rep they talked to on the phone and skip over all the fundamentals. If the funder turns out to be a scammer, then you’ve potentially placed customers with that scammer and put yourself doubly at risk. A commission isn’t worth waiving due diligence. The stakes are too high for this industry.

Amazon Discontinues Its In-House Business Loans

March 9, 2024
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amazon truckAfter deBanked reported that Amazon’s on-balance-sheet business loan receivables had remained steady throughout 2023, the company has abruptly decided to terminate its in-house lending program altogether.

Through an email confirmed to Fortune, Amazon ended its in-house term loan business on March 6. That same story says that they will continue to work with third party lenders and funders as they have been doing for a while. Some of their partners include Lendistry, SellersFi, and Parafin.

The in-house program had been running since 2011 and was first discovered by deBanked in 2013.

While the company was shy about disclosing origination figures, it carried approximately $1.3B in loan receivables on its books throughout last year.

The Amazon news coincides with the announcement that business loan rival Funding Circle has decided to exit the US market. Funding Circle US is currently up for sale.

FOR SALE: Funding Circle US?

March 8, 2024
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Funding Circle WebFunding Circle has decided to focus just on its UK business. The company is open to selling off its US business, it revealed.

“Whilst the US business offers attractive long term growth, it also requires a significant amount of cash and capital to grow the SBA proposition and we don’t believe that this is the best course of action for the Group,” said Funding Circle CEO Lisa Jacobs. “We have received indications of interest for the US business and will update further in due course.”

The US segment originated $491M in 2023 while generating $40.4M in revenue and a $29M net loss. That loss was steeper than the $11.6M recorded in 2022.

Funding Circle had just recently secured an SBLC license after years of lobbying for the SBA to end the 40-year pause. When that happened, it was anticipated to be a big boon for them.

Compared to the competition in 2023, Funding Circle’s American origination volume was only 1/6th that of Enova’s.

The Schedule at a Glance

March 7, 2024
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See what’s up next on the 2024 Agenda:

Broker Fair 2024 – New York City – May 20, 2024
Venue: Metropolitan Pavilion
Hotel: Renaissance New York Chelsea Hotel
Preshow Venue (Evening May 19): Somewhere Nowhere
Register Here

B2B Finance Expo – Las Vegas – Fall 2024
Attend this inaugural commercial financing expo taking place in Las Vegas this Fall.
Info coming soon at:

The Biggest Small Business Funders

February 21, 2024
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Although all of the specific data isn’t entirely available, we’ve compiled a short list of who the largest small business funders were in 2023:

1. Square
2. Enova
3. PayPal
4. Shopify
5. Amazon
6. Intuit
7. Parafin


Missing Funds in Prime Capital Ventures Case Now Exceed $90 Million

February 20, 2024
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eye on your moneyThe case of the missing $50 million in the Prime Capital Ventures deposit scheme case is quickly ballooning to a much larger sum. On Tuesday, the Receiver representing Prime in the recovery efforts informed the Court that the total owed to victims is now almost $91 million and that it has yet to locate and secure anywhere near that amount. The growing number is attributed to the fact that more victim companies are beginning to come forward after news of the receivership and personal bankruptcy of Prime’s principal Kris Roglieri have been made public.

Roglieri’s attorney has asked the Court for the automatic stay of actions afforded to him in his personal bankruptcy be also applied to the other businesses he owns that the Receiver of Prime is suing, including the National Alliance of Commercial Loan Brokers entity. Roglieri is reportedly the 100% owner of the NACLB.

The party that sued Prime into receivership in the first place, a company named Compass-Charlotte 1031, LLC, said in its rebuttal to Roglieri’s request that not only is Prime indisputably insolvent but that there is no evidence that Roglieri’s other businesses at issue are not equally insolvent. Compass-Charlotte and the Receiver have both asked the Court not to extend the bankruptcy stay to these other businesses so that Prime can continue to pursue the assets.