Industry News

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

June 26, 2019
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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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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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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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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 […]

Business Loan Brokers Indicted

March 16, 2019
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handcuffs and money

Five business loan brokers were named in a federal indictment in Ohio for defrauding a 69-year-old business owner out of his money and cars. In addition to being asked for hundreds of thousands of dollars in upfront fees to apply for the loan, the victim signed over the title of 55 vehicles to a broker […]

Why RapidAdvance Is Now Rapid Finance

February 7, 2019
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Rapid Finance

RapidAdvance has officially changed its name to Rapid Finance. “The term ‘advance’ is out of favor these days,” said founder and Chairman of Rapid Finance Jeremy Brown. “It also doesn’t reflect who we are as a company or what our brand is. We put our clients in a variety of different financing solutions including factoring, […]

deBanked CONNECT Miami 2019 Photos

January 28, 2019
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deBanked CONNECT Miami 2019

Photos from the event are below Register For The Next Industry Event!

Thanks For Coming to deBanked CONNECT Miami

January 26, 2019
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Miami Beach from the Eden Roc

We would like to thank everyone that sponsored and attended deBanked CONNECT Miami. We’ll publish the photos when we have them available. If you enjoyed the event, you’ll love the upcoming full day Broker Fair 2019 conference on May 6th in New York City at the Roosevelt Hotel. It will be our biggest crowd yet. […]

BFS Capital Surpasses $2 Billion in Financing

January 22, 2019
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Ruddock

BFS Capital announced this morning that it has exceeded $2 billion in financing to over 22,000 small businesses across the United States, Canada and the UK. “This is a major originations milestone,” said Mark Ruddock, CEO of BFS Capital. “We’re incredibly proud to see these investments take root, as BFS Capital continues to solidify its […]

Capify Secures Massive Credit Facility from Goldman Sachs

January 16, 2019
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David Goldin

Capify, which serves the UK and Australia markets, announced this morning that it has secured a £75 million (roughly $95 million) credit facility from Goldman Sachs. “This credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to […]

Why Strategic Funding Rebranded as Kapitus

January 15, 2019
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Kapitus Website

Today, Strategic Funding announced the launch of a new brand identity, including a name change. Strategic Funding will now be called Kapitus. “We had a name that was very well respected,” said Kapitus founder and CEO Andy Reiser. “Everybody loved our name, quite frankly. They loved it so much, they all copied it. You can’t […]

Kabbage Finances US Small Business Customers of Alibaba

January 14, 2019
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Alibaba

Kabbage announced today that it has partnered with Chinese e-commerce giant, Alibaba, to provide financing to small businesses that purchase materials on the platform. The financing program, offered by Alibaba and powered by Kabbage, is called Pay Later. “Financing at the point of sale requires a fully automated solution that can handle the immense volume […]

Trial of Debt Settlement Mastermind Sergiy Bezrukov Postponed, Again

January 13, 2019
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buffalo map

The trial of debt settlement mastermind Sergiy Bezrukov has been postponed until April 1, 2019, court records indicate. The planned January 14 start date was just the latest in a series of postponements. Bezrukov is charged with conspiracy to defraud, mail fraud, wire fraud, bank fraud, and money laundering. The charges carry a maximum penalty […]

LendUp Gets a Shake-up

January 11, 2019
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Anu Shultes

Anu Shultes, LendUp’s new CEO Among other company news, LendUp announced yesterday that it has formed a separate company called Mission Lane that will be devoted to scaling its credit card business. LendUp will continue to operate under its name and will focus on personal loans, education and savings opportunities, according to the announcement. Along […]

Meet CAN Capital’s New CEO

January 8, 2019
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Ed Siciliano

CAN Capital announced this morning the appointment of Edward J. Siciliano as its new CEO. “There is still a huge delta between the need for capital for small businesses and the capital that banks are willing to provide,” Siciliano said. “And this creates an enormous opportunity for CAN to expand its business.” Siciliano comes to […]