Industry News

Avi Wernick and Boris Kalendarev Move to RDM Capital Funding

September 23, 2019
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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, 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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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 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

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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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 […]

Maria Vullo Joins Emigrant Bank

July 31, 2019
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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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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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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 […]