Dan DeMeo is Back in Action… at Lendr
November 15, 2018
Daniel DeMeo has been hired as Chief Revenue Officer by the Chicago-based funder, Lendr. DeMeo has been working as an independent consultant for the last two years, according to LinkedIn. Prior to that he was the CEO of CAN Capital, a company he had dedicated himself to for nearly seven years until an internal account […]
View PostIOU Continues to Post Positive Earnings
November 14, 2018
Above: Phil Marleau, CEO, IOU Financial Loan originations for IOU Financial’s third quarter were $36.1 million, an 85% increase over last year’s Q3 originations of $19.6 million. This is also IOU’s fourth consecutive quarter with positive earnings. “IOU continued to deliver strong loan origination growth and earnings performance during the third quarter of 2018 and […]
View PostClearbanc Swaps VC Investing for MCA
November 13, 2018
The business model for many startups is that the business won’t even be close to profitable for years until it gets enough clients or users. But this isn’t the case for all startups. Some of them actually generate considerable revenue after just months. For companies like these, that also need capital for marketing or expansion, […]
Another Debt Settlement Defendant Pleads Guilty, Faces 30 Years in Prison
November 11, 2018
Mark Farnham, a co-conspirator in a high profile merchant cash advance debt settlement fraud case, pleaded guilty on Friday to conspiracy to commit bank fraud. He faces a sentence of 30 years in prison and a $1 million fine. According to the Department of Justice, Farnham, along with others, used a number of fraudulent companies […]
The Broker: How Industry Veteran Joe Cohen Closes Deals and Dodges Backdooring
November 11, 2018
Role: I’m the manager of Business Finance Advance in Brooklyn. I manage a team of about 20. Years in the business: Since the beginning. 2005/2006. How he closes a deal: You have to really know the customer. You have to have a feel for what his needs are. Is his hot button the […]
Big MCA Deal Was Really Just a Massive Ponzi Scheme
October 30, 2018
Bank deposits were apparently the entire business model for Daniel Rudden, a 72-year old from Denver who fashioned himself the owner of a life insurance company called Financial Visions. In reality, there hadn’t been any such business in almost a decade. In July, Rudden sent out a mass email admitting that his whole operation was […]
Shopify Capital Issued $76.4M in Merchant Cash Advances in Q3
October 25, 2018
Shopify Capital, Shopify’s funding arm, issued $76.4 million in merchant cash advances in the third quarter, the company revealed. That brings the total to $375 million advanced since April 2016. Overall, the company reported Q3 revenue of $270.1 million and a net loss of $23.2 million. The company operates an e-commerce platform for online stores […]
In New Jersey, Yellowstone Capital Buoys Volunteer Ambulance Organization
October 19, 2018
Hatzalah of Union County, New Jersey, a volunteer ambulance organization, has saved hundreds of lives thanks to its volunteer-only team and its three ambulances, all funded by donations from Yellowstone Capital CEO Isaac Stern and the company’s employees over the past seven years. Total donations from Yellowstone Capital, including from Stern, have exceeded $300,000. “[Stern] […]
“Out Of State” MCA Funder Not Precluded From Entering COJs in New York, Court Rules
October 18, 2018
In May 2017, Funding Metrics (FM), a small business funding provider, entered a signed Confession of Judgment (COJ) in Westchester County, NY against a California-based customer. The Court issued a judgment a mere five days later. That should have been the end of it, but on July 26th, the customer hired law firm White & […]
NYIC – IFA Northeast – AFBA – deBanked Conference Recap
October 17, 2018
Panel from left to right: Lindsey Rohan, Platinum Rapid Funding Group & the AFBA | Chris Murray, Stein Adler Dabah & Zelkowitz LLP | Robert Zadek, Buchalter | Richard Simon, Mandelbaum Salsburg Yesterday, the New York Institute of Credit (NYIC) hosted a conference in Manhattan with attendees from several segments of the commercial finance industry, […]
