Underwriting 101—Veteran Funders Share Tools of the Trade

August 12, 2018
Article by:

Underwriting Panel

This story appeared in deBanked’s Jul/Aug 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE For brokers, funding partnerships are critical to success. But making the most of these connections can be elusive. “Transparency, efficiency and a thorough scrubbing on the front end can help the whole process,” says William Gallagher, president of CFG […]

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World Global Financing Bankruptcy Converted to Chapter 7

August 9, 2018
Article by:

bankruptcy court

Florida-based World Global Financing (WGF), who filed for Chapter 11 in May, has been ordered into liquidation following their failure to abide by the settlement agreement with Eaglewood SPV I LP. Eaglewood’s claim on WGF comprised 98% of all creditor claims. WGF agreed to settle with Eaglewood for $2.95 million, but WGF failed to make […]

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Former Lendio Executive Leaves for Enova/The Business Backer

August 8, 2018
Article by:

Jim Granat

Enova announced last week that Jim Granat has joined the company as its Head of Small Business Financing. This will include oversight of Enova’s small business brands: Headway Capital, which provides lines of credit to small business, and The Business Backer, which provides merchant cash advances, among other products. Enova acquired The Business Backer in […]

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Lengthy Investigation Leads to Arrest of Former Funding Company Employee

August 2, 2018
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Former Yellowstone Capital employee arrested

A former Yellowstone Capital employee was arrested yesterday in New York City, the culmination of what Yellowstone CEO Isaac Stern said was a nearly year-long investigation that involved law enforcement in New York, New Jersey and Florida. The former employee was charged as a Fugitive of Justice in New York. And he is being charged […]

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Shopify’s Merchant Cash Advance Business Grows

July 31, 2018
Article by:

shopify glyph

Today Shopify released its Q2 2018 earnings report, revealing that Shopify Capital issued $68.5 million in merchant cash advances in the second quarter of 2018, an increase of 84% compared to the $37.2 million issued in the second quarter of last year. Shopify Capital has advanced nearly $300 million to merchants since they launched in […]

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Syndication at Heart of SEC and Criminal Investigation into 1st Global Capital

July 31, 2018
Article by:

Hallandale Beach

New light was shed into the bankruptcy filing of 1st Global Capital this morning. The investigations by the SEC and the US Attorney’s office are related to possible securities law violations, “including the alleged offer and sale of unregistered securities, the alleged sale of securities by unregistered brokers, and the alleged commission of fraud in […]

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90% of PayPal Merchant Advances and Business Loans Are Performing On Pace

July 28, 2018
Article by:

PayPal LoanBuilder

As of June 30, 90.6% of PayPal’s merchant advances and business loans were performing within the original expected repayment period, the company disclosed this week. That equated to $1.27 billion worth of deals. Only 4.2% of their merchants were more than 90 days behind their expected pace. PayPal had $1.4 billion in outstanding merchant loans, […]

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JTT Funding STILL Impersonating Rival Funding Company, Court Docs Allege

July 26, 2018
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imposter

A Court-ordered injunction hasn’t prevented New York ISO JTT Funding from continuing to pretend to be Accel Capital, a new motion filed in New York County this week argues. In May, JTT Funding failed to appear in court to defend itself against claims it was impersonating Accel Capital when contracting with merchants. After reviewing the […]

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MCA Funder Says Debt Settlement Company Operating Illegally Without a Budget Planning License

July 11, 2018
Article by:

lawsuit over money

Merchant Cash Advance companies are on the warpath against debt settlement companies. In the latest legal offensive, High Speed Capital alleges that Corporate Debt Advisors’ debt settlement business is really just an unlicensed Budget Planning operation, a misdemeanor criminal offense in New York. High Speed’s petition cites New York General Business Law § 455. “So-called […]

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Thinking Capital, Equifax Create Canadian Small Business Credit Grades

July 10, 2018
Article by:

Jeff Mitelman Thinking Capital

Jeff Mitelman, CEO, Thinking Capital Equifax and Thinking Capital today announced the launch of BillMarket, a service that will now provide Canadian small businesses with a credit grade, A through E. CEO and cofounder of Thinking Capital Jeff Mitelman told deBanked this is revolutionary because, up until now, a Canadian small business’ creditworthiness has usually […]

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