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Utah Amends Definition of Commercial Finance Broker

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utah capitol

The Utah state legislature successfully passed a bill amending some elements of its recent commercial financing disclosure law.

As part of that the definition of a broker has changed from:

a person who, for compensation or the expectation of compensation, arranges a commercial financing transaction between a third party and business in the state.


to:

a person who:
(i) for compensation or the expectation of compensation, obtains a commercial financing product or an offer for a commercial financing product from a third party that, if executed, would bind the third party; and
(ii) communicates the offer described in Subsection (2)(a)(i) to a business located in the state .
(b) “Broker” does not include:
(i) a provider; or
(ii) a person whose compensation is not based or dependent on the terms of a specific commercial financing product that the person obtains or offers.

The law will also remove the line about having to disclose “any amount of the funds described in Subsection (2)(a) that the provider pays to a broker in connection with the commercial financing transaction.”

You can read it here. The bill just needs the governor’s signature.

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Nerdwallet Generated $101M in Revenue from SMB Products in 2023

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nerdwalletNerdwallet, a financial service shopping site, generated $101.2M in revenue across 2023 from SMB loans, business credit cards, and other financial products & services, according to the company’s latest earnings report. That was an increase of 11% over the previous year.

Nerdwallet said that it has been seeing “positive momentum” for SMB products.

“As we look to the rest of the year, we expect to return to double-digit revenue growth during the second half, given recent recovery in SMB products and insurance,” said Nerdwallet CEO Tim Chen.

Nerdwallet had 14 million registered users as of December 31, 2023, which creates a strong base to generate revenue.

“Critical to our aspiration of delivering consumers and SMBs with a trusted financial ecosystem is our ability to register and engage users – in turn allowing us to drive repeat visits, collect data and provide users with unique insights via nudges,” the company said. “We are focused on growing the traffic and engagement on our platform, as well as increasing our number of registered users, who have a lifetime revenue value five times greater than our non-registered users and more than twice the transactions and sessions, on average.”

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Amazon Discontinues Its In-House Business Loans

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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.

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FOR SALE: Funding Circle US?

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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.

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Capify Announces New Appointment to Lead Broker Division

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Mike Morris joins from Funding Circle to develop Capify’s work with introducers advisors

Leading online SME lender, Capify, has appointed Mike Morris to lead its broker business in the UK.

Mike joins Capify after five years with Funding Circle, most recently as Head of Business Development, where he was responsible for leading the lender’s broker network.

With nearly 20 years experience in the finance industry, including time at Close Brothers retail finance, Mike will focus on the growth and expansion of Capify’s introducer relationships and its marketplace offering.

“I’m hugely excited to join Capify to build out its broker programme and exponentially grow this channel for one of the first online SME lenders in the UK market,” said Mike.

“Capify occupies a vital place in the funding landscape – offering much-needed fast, flexible and responsible solutions for businesses. We’re focused on ensuring that introducers understand our offering and how we can help their clients. Our growth will then be realised by launching new products that go up and down the credit spectrum, providing the best possible service to enable the brokers, and ultimately the clients they represent, to get the funds they need to thrive in the current climate. Our goal is to have an offering for all types of businesses so we can be a one-stop shop for brokers and their clients. I look forward to Capify announcing these new offerings in the near future.”

Capify was launched in the UK in 2008, against the backdrop of the global financial crisis, when many small and medium-sized businesses were struggling to access funding from banks. Last year it was named the UK Credit Awards SME Lender of the Year (up to £1m). The company was founded initially in the United States in 2002 making it one of the world’s first online alternative financing companies for SMEs globally.
John Rozenbroek, COO/CFO at Capify, said: “We’re absolutely delighted to welcome Mike to the Capify team. Brokers play an integral role in helping businesses understand the complex funding landscape and the types of finance that are best suited to their needs. His appointment underlines our commitment to introducers and marks an exciting new stage in Capify’s continued growth.”

ABOUT CAPIFY

Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. Alongside its sister company, Capify Australia, the fintech businesses have been serving their respective markets for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the UK’s vibrant and vital SME community can meet the challenges of today and the opportunities of tomorrow.

For more details about Capify, visit: http://www.capify.co.uk

Capify Contact:
Ash Yazdani, Marketing Director
ayazdani@capify.co.uk

Media enquiries
Sam Gallagher, Director
sam.gallagher@1473media.com

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The Schedule at a Glance

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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: https://www.b2bfinexpo.com

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CFG Merchant Solutions Upsizes Corporate Note to $30.0 Million

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NEW YORK, NY. March 6, 2024 – CFG Merchant Solutions, LLC (“CFGMS” or the “Company”), a technology-enabled specialty finance and alternative funding provider, announced the upsize to $30.0 million of its investment-grade corporate note. The transaction was assigned a BBB rating by a nationally recognized statistical ratings organization.

Since its founding in 2015, CFGMS has a proven track record of asset performance and profitability, and has funded more than $1.3 billion to over 31,000 small and medium-sized businesses (SMBs) across diverse industries throughout the U.S. The Company plans to use the proceeds from the issuance to support continued growth of the business.

Our business has experienced considerable growth as banks and other funders have pulled back on credit over the past year,” said Andrew Coon, Chief Executive Officer of CFGMS. “This additional capital will help us continue our momentum in serving SMBs across the U.S.”

Bill Gallagher, President of CFGMS, added, “At CFGMS, we believe our unique platform is differentiated from other funders across the space. We are pleased that institutional investors share this view and continue to support us. This flexible capital will be very valuable as we seek to gain further market share.”

Brean Capital, LLC served as the Company’s exclusive financial advisor and sole placement agent in connection with the transaction.

About CFG Merchant Solutions

CFG Merchant Solutions (“CFGMS”) is an independent, technology-enabled alternative funding platform focused on providing capital access to small and mid-sized businesses that have historically been underserved by traditional financial institutions and may have experienced challenges obtaining timely financing. The Company utilizes its historical transactional data, proprietary underwriting, predictive analytics, and electronic payment technologies and platforms to assess risk, and provide access to flexible and timely capital.

For additional information about the Company, visit: https://cfgmerchantsolutions.com/.

Contact:
Name: Richard Polgar
Title: Chief Financial Officer
rpolgar@cfgms.com

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Small Business Administration Upgrades its Business Loan Marketplace

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SBA LoansAdd the SBA to the list of organizations capitalizing on the popularity of business loan marketplaces. The Administration recently announced the next generation of its Lender Match tool.

“The enhanced Lender Match will provide Americans seeking funding to start and grow their businesses with a simple, online tool that will more effectively match them with the SBA’s competitive lending products and additional offerings from a trusted network of banks and private lenders,” the SBA said.

The updated homepage says that the tool will match applicants with competitive rates and fees while offering unique benefits like lower down payments, flexible overhead requirements, and no collateral needed for some loans.

“Borrowers will now be able to easily view all of their matched lenders in one place, allowing the borrower to find and compare lenders to help them decide where to apply for a loan. The enhanced tool will also verify borrowers and screen for fraud to streamline the process for both lenders and borrowers. Importantly, with Lender Match, small businesses that are not matched to lenders will be connected to the SBA’s local network of free advisors to help them get capital-ready.”

The SBA says that it gets 50,000 requests for capital every month through Lender Match, a platform which now has nearly 1,000 SBA lenders and 257 community-based lenders.

Matching borrowers with lenders is big business right now. In January, for example, SoFi launched its own small business loan marketplace.

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