Gold Rush: Merchant Cash Advances Are Still Hot

August 18, 2019
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This story appeared in deBanked’s Jul/Aug 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Last year, when Kevin Frederick struck out on his own to form his own catering company in Annapolis, the veteran caterer knew that he’d need a food trailer for his business to succeed. He reckoned that he had a […]

Enova’s Small Business Division Garner’s Limelight in Q2

August 16, 2019
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Late last month, Enova released its second quarter report for 2019. Generally bearing positive news, the report asserts that the company is in a good position due to increasing demand, growth in various areas, and reductions in financing costs. Total revenue is up from Q2 2018, rising 13% from $253 million to $286 million, just […]

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 […]

The 2019 Top Small Business Funders By Revenue

August 14, 2019
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The below chart ranks several companies in the non-bank small business financing space by revenue over the last 5 years. The data is primarily drawn from reports submitted to the Inc. 5000 list, public earnings statements, or published media reports. It is not comprehensive. Companies for which no data is publicly available are excluded. Want […]

Michele Romanow on Clearbanc’s Recent $300M Series B

August 7, 2019
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Michele-RomanowPic

Last week Clearbanc announced it had secured $300 million in a Series B. Specializing in the provision of capital to business owners for the purchasing of ads on digital platforms such as Facebook and Instagram, the company operates in an untapped niche. Alternative financing for the acquirement of a highly specific product, this product being the […]

Shopify Issued $93M in MCAs and Loans in Q2, Has Begun Offering Funding to Non-Shopify Payment Customers

August 4, 2019
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shopify glyph

Shopify, a publicly traded e-commerce platform, is quickly growing its merchant cash advance and loan originations through its Shopify Capital brand. The company issued $93M in Q2, up 36% year-over-year and an increase from the prior quarter of $5.2M. Shopify’s loan product is only available in Arizona, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, North […]

Clearbanc Raises $300M in a Series B

July 31, 2019
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Michele Romanow speaks at deBanked CONNECT Toronto

Above: Clearbanc President & co-founder Michele Romanow speaks at deBanked CONNECT Toronto | July 25, 2019 Toronto-based Clearbanc, a company founded on the idea of providing business owners with capital to purchase facebook and instagram ads in exchange for a percentage of their future sales, has raised $300M in a Series B. $50M of it […]

Spotlight on deBanked CONNECT Toronto

July 30, 2019
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deBanked CONNECT Toronto

As the heat of the Toronto sun split the stones outside, the crowd inside the Omni King Edward’s seventeenth-floor Crystal Ballroom mingled and munched as part of deBanked’s most recent CONNECT event. The first of its kind to be held in Toronto, the CONNECT series are half-day events that take place in both San Diego […]

California DBO Making Progress On Finalizing Rules Required By The New Disclosure Law

July 29, 2019
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Senator Glazer California

Last October, California Governor Jerry Brown signed a new commercial finance disclosure bill into law. The bill, SB 1235, was a major source of debate in 2018 because of its tricky language to pressure factors and merchant cash advance providers into stating an Annual Percentage Rate on contracts with California businesses. The final version of […]

deBanked CONNECT Toronto Photos

July 27, 2019
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deBanked CONNECT Toronto on Stage

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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 […]

Is The COJ Law In Effect Yet?

July 18, 2019

coj clock

Artwork by Cindy Recile The COJ bill passed, but where’s the governor’s signature? When the legislature passes a bill in New York State, there’s a documented procedure on the Senate’s website for how it becomes law. If the legislature is still in session, the governor has only 10 days to sign it. If the passed […]

Star Fundraiser For 1 Global Capital Settles With The SEC

July 15, 2019
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United States Securities and Exchange commission SEC logo on entrance of DC building near H street

Henry J. “Trae” Wieniewitz, III was charged by the SEC on Monday for his role in allegedly selling unregistered securities in two companies, 1 Global Capital (the now defunct merchant cash advance provider) and Woodbridge Group of Companies (a purported real estate lending business revealed to be a $1.2 billion ponzi scheme). “Wieniewitz and Wieniewitz […]

Online Lenders Beat Credit Unions, Friends, and Family as Primary Source of Credit

July 14, 2019
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primarysource

7% of small businesses generating less than $5 million/year in revenue relied on online lenders as their primary source of credit in the last quarter, according to the latest Private Capital Access Index published by Pepperdine Graziado Business School. 3% relied on credit unions as their primary source and 6% relied on friends and family. […]

Confession of Judgment Bill Still Awaits Governor’s Signature

July 9, 2019
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cuomo speech

New York State Governor Andrew Cuomo will have only ten days to sign S6395, the bill that prohibits companies from entering Confessions of Judgment in New York against non-New York State debtors, once its delivered to him. Only two possible contingencies could prevent that from happening: (1) An official veto (2) a pocket veto Neither […]

Making it Work: CanaCap and the Case for Canada

July 5, 2019
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Canadian Flag

What leads an alternative financer to establish their own business in Canada? For Evan Marmott and his partner Adam Benaroch, it was the level of opportunity that the country offered in comparison to United States, where the alternative funding industry had become bloated and saturated with funders and brokers alike by 2017, when the pair […]

Merchant Advance Capital Rebrands to Merchant Growth

July 3, 2019
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Merchant Growth website

Merchant Advance Capital, which trumpets itself as Canada’s fastest and most transparent small business financier, is rebranding as Merchant Growth. The company has offices in Vancouver, BC and Toronto, ON and was founded in 2009. “I founded our company out of my apartment 10 years ago,” David Gens is quoted as saying in a company […]

2M7 Financial Solutions and the State of Alternative Funding in Canada

July 1, 2019
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Canada Finance

“What’s a cash advance?” This is how Avi Bernstein, CEO of 2M7 Financial Solutions, recalled a typical conversation in 2008, when his company was founded in the Canadian market. According to him, customer knowledge of alternative financing methods was dismal, partly due to a handful of homogenous banks dominating the scene as well as a […]

“Do It Better Than How You Learned It”: How Paul Pitcher Came To Be In Canada

June 27, 2019
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Paul Pitcher

Few kids who dream of running their own international business actually grow up to live that fantasy. Even fewer end up working alongside their childhood heroes. Paul Pitcher is doing both, and he’s loving every minute of it. Growing up in Annapolis, Maryland, the Managing Partner at First Down Funding and SharpShooter Funding studied at […]

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 […]