Industry News

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

August 15, 2019
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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 announced a civil suit for defrauding retail investors. Heide was criminally charged with conspiracy to […]

LendingPoint Places Seventeenth on Inc. 5000

August 14, 2019
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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’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 […]

Maria Vullo Joins Emigrant Bank

July 31, 2019
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Maria T Vullo

Maria Vullo, who served as the Superintendent of New York’s Department of Financial Services (NYDFS) from 2016 to February 2019, has been elected to Emigrant Bank’s Board of Directors. As well as this, Vullo will be joining Emigrant’s holding company, New York Private Bank & Trust (NYPB&T). The move comes five months after the end […]

Chase Ends Partnership With OnDeck, OnDeck Stock Tanks On Bucket of Mixed News

July 29, 2019
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OnDeck NYSE

The market didn’t take too kindly to OnDeck’s Q2 earnings announcement on Monday. The stock price set a new all time intraday low of $3.01, down 24% from Friday’s close. First, JPM Chase ended their partnership with OnDeck, the company said, bringing a 3-year relationship to a close. “We can’t speak for Chase and their […]

PayPal Begins Offering Business Loans in Canada

July 28, 2019
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PayPal LoanBuilder

PayPal has extended its popular working capital business loan program to Canada, according to company CEO Dan Schulman. “This quarter, we began offering our PayPal business loan product to PayPal merchants in Canada, allowing them to access financing to build and sustain their businesses,” he said during the Q2 conference call. “This follows the expansion […]

Become: The Who, What, and Why of a Rebrand

July 23, 2019
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become logo

Last week Lending Express rebranded to Become. Founded in 2016, the company, which educates businesses looking for loans on how to appear more attractive to funders, was spearheaded by CEO Eden Amirav in Australia originally, with an eventual expansion to the US. Three years in, the company has over 50 lending partners across its two markets, a […]

CAN Capital Hired a New CFO: Here’s His Take On The Company

July 23, 2019
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cancapitalpurple

The last 12 months have seen plenty of developments within the offices of CAN Capital. September witnessed the announcement of a new credit facility of $287 million with Varadero Capital. January brought news of the hiring of a new CEO. And now, completing the hat trick is CAN’s employment of John McNeill as its CFO. Coming from years of […]

Breakout Capital is BACK

July 17, 2019
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Breakout Capita

Above: Breakout Capital Finance founder Carl Fairbank shakes hands with SecurCapital CEO Steve Russell SecurCapital Corp has acquired the lending business of Breakout Capital Finance. Breakout was founded in 2015 by Carl Fairbank, a former investment banker, and quickly made a splash in the burgeoning small business lending industry. The company has raised significant capital […]

WATCH CAPITOL HILL HEARING LIVE: Crushed by Confessions of Judgement: The Small Business Story

June 26, 2019
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us capitol

The House Committee on Small Business will meet for a hearing titled, “Crushed by Confessions of Judgement: The Small Business Story” today at 11:30am. This hearing is intended to bolster support for The Small Business Lending Fairness Act, a bill to outlaw COJs in small business loans and merchant cash advances nationwide. (Read more about […]

Long Island Business Loan Brokers Arrested in Bust

June 13, 2019
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Suffolk County Police

The owner of a Long Island based ISO/loan brokerage and several employees have been arrested, Newsday reports. Demetrios Boudourakis, whom deBanked has previously reported on, is charged with grand larceny, money laundering and other crimes for his role in an advance fee loan scheme. Boudourakis allegedly led a fraud ring that stole more than $2 […]

Jonathan Braun Sentenced to 10 Years

May 28, 2019
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Fed courthouse Brooklyn

Jonathan Braun, who Bloomberg Businessweek profiled in a merchant cash advance story series, was sentenced to 10 years for drug related offenses this morning at the federal courthouse in Brooklyn. He will get credit for 17 months previously served in 2010 – 2011. He is scheduled to surrender on August 25th. Prior to the judge’s […]

Small Business Finance Broker Wins Entrepreneur Of The Year

May 17, 2019
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Sonia Alvelo Award at the Latinas & Power Symposium

Left: Latin Financial CEO Sonia Alvelo receives the Entrepreneur of the Year Award from Connecticut Secretary of State Denise Merrill Sonia Alvelo, CEO of Newington, CT-based Latin Financial LLC, has been awarded Entrepreneur of The Year by the Latinas & Power Symposium. The event, incubated in Hartford, Connecticut in 2004, is the largest of its […]

Kapitus Rolls Out Fully Automated Funding Process

April 2, 2019
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Kapitus Website

New York, NY – Kapitus, a leading provider of alternative financing to small and midsize businesses, announces the roll-out of auto-checkout – a fully automated funding process for qualified deals. The new process allows for not only a faster, more streamlined experience for its partners; but it also provides more flexible financing options, by providing […]

Debt Settlement Mastermind of MCA Industry Finally Caves, Pleads Guilty to Criminal Charges

March 30, 2019
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do not pass go

The mastermind that pioneered debt settlement in the merchant cash advance industry ended his career with a whimper last week. Sergiy Bezrukov pled guilty to Conspiracy to Commit Bank Fraud and Conspiracy to Commit Money Laundering. Bezrukov has been in jail for two years awaiting trial, which had been repeatedly postponed because he kept on […]

What Did Direct Lending Investments Invest In?

March 27, 2019
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confused

When Bloomberg News reported that Direct Lending Investments (DLI) had lost approximately 25% of its portfolio value from a deal gone bad, some were surprised to learn that it had nothing to do with its core competency of online lending. VOIP Guardian Partners I, which stuck DLI with more than $190 million in unpaid loans, […]

WeWork, The Home Office of Small Business Finance Startups

March 20, 2019
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wework

Kunal Bhasin, owner of brokerage 1 West Finance, funded three A paper deals for companies that all happened to work out of the same Manhattan office building on the corner of 42nd Street and Third Avenue. It’s actually not as big a coincidence as it sounds because it’s the same building where 1 West Finance […]

Direct Lending Fund CEO Resigns, Investigation

March 20, 2019
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Ross moderates a panel

In this dark blurry photo, Ross moderates an online lending panel in 2014 Direct Lending Fund CEO Brendan Ross, has resigned, according to Bloomberg News and numerous individuals identifying themselves as investors on an industry blog. The fund not only lost nearly 25% of its portfolio in a single sour investment, but it’s reported that […]