Announcements

Expansion Capital Group Names Herk Christie Chief Operating Officer

Sioux Falls, SD — Expansion Capital Group ECG) today announced the appointment of Herk Christie from VP of Operations to Chief Operating Officer. Christie will oversee the company’s underwriting, IT, analytics, and merchant support and services departments. Christie, has been with ECG since March 2016 and has played a critical role in the growth of ECG and its many successes.

ECG, headquartered in Sioux Falls, SD, is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses.

Since inception, ECG has connected over 12,000 small businesses nationwide to approximately $350 million in capital. Christie’s appointment comes as ECG continues to see increased growth in its small business lending platform that utilizes technology, data, and analytics to drive user experience and increase access to capital. Christie will lead ECG’s internal operational infrastructure to meet the growing demand for its expanded services.

“ECG continues to put Sioux Falls on the map for financial technology innovation by creating products and solutions that have won the hearts and minds of our customers,” said Christie. “I am incredibly energized to help lead the company to its next phase of innovation and operational excellence as we expand product options to suit the evolving needs of small businesses across America.”
Vincent Ney, CEO of ECG, said, “Herk understands how to create a culture and environment where our hardworking employees have the opportunity to maximize their growth potential within a range of businesses opportunities. Herk’s leadership in our operational strategy has been a key driver in ECG’s growth and success.”

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About Expansion Capital Group

Expansion Capital Group (“ECG”) is headquartered in Sioux Falls, SD with an additional office in Wilmington, DE. ECG is a technology-enabled specialty lender that leverages data and analytics to offer customized solutions to small businesses. Since inception in 2013, ECG has provided approximately $350 million in working capital to small businesses throughout the United States. Continued investment in its lead referral partnerships, technology platform, people, and its proprietary risk-based analytics modeling platform has positioned ECG to increase its origination volume by approximately forty percent since 2018. This investment and growth has led ECG to be recently recognized as the 802nd Fastest Growing Private Company in America and the 2nd Fastest in South Dakota by Inc. 5000, as well as the Best FinTech to Work by SourceMedia.

For business inquiries, please contact newpartners@expansioncapitalgroup.com.
For job inquiries, please contact khillberg@expansioncapitalgroup.com.

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Enova Small Business Hires Two Industry Veterans to Lead ISO Partnerships

CHICAGO (June 14, 2019) — Enova Small Business, a leading provider of loans and financing to growth-minded small businesses in the U.S., announced today that Justin Friedman and Jay Shaw have joined Enova Small Business as senior sales executive and senior manager of partner management, respectively. In their roles, Friedman and Shaw will be responsible for managing ISO relationships for Enova Small Business subsidiaries Headway Capital and The Business Backer, reporting to head of Enova Small Business, Jim Granat.

The hire of Friedman and Shaw comes at a time of rapid growth for Enova Small Business, as Q1 small business originations increased 58 percent year-over-year.

“At Enova Small Business, we are focused on delivering a faster and easier funding process for our customers, and we’re excited to welcome Justin and Jay to help drive our continued growth,” said Granat. “Both Justin and Jay are highly regarded in the small business funding community, and they bring a wealth of knowledge and experience to the team that will benefit our partners and our customers,” said Granat.

Friedman joins Enova from Libertas Funding, where he served as head of strategy. Prior to that, he led partnerships account management at OnDeck. Shaw joins Enova Small Business from funder Quick Bridge Funding, where he served in a variety of roles, including Chief Compliance Officer and, most recently, director of account management and syndication.

Friedman and Shaw will manage ISO relationships for the Eastern U.S. and the Western U.S., respectively.

About Enova Small Business
Enova Small Business includes Enova International’s two small business brands, Headway Capital and The Business Backer.

Headway Capital offers a True Line of Credit up to $100,000 to U.S. small businesses looking for flexible, fast funding. Headway Capital serves small businesses of all sizes and across industries with everyday revolving access, transparent terms and no prepayment penalty. Small businesses can select bi-weekly or monthly payments and can determine the repayment timeline that works best for them, from 12 months to two years.

The Business Backer extends relationship-based funding solutions to small businesses in need of cash flow management and believes that by replacing distrust with trust and by valuing relationships over automation, they are building a better way where small business owners can trust the financing process and easily access the best solutions. The Business Backer is proud to offer its customers competitive rates, fast funding, and a quick and simple approval process. Small business owners walk away with a solid understanding of what’s available to them based on their situation and can quickly determine the best next step in their journey to getting funded.

IOU Originates $32.8M in Loans in Q1

IOU Financial funded $32.8M in loans in the first quarter of 2019, according to publicly filed financial statements. The company also continued its profitable streak and plans to grow originations by:

• Identifying, recruiting and partnering with business loan brokers;
• Forming new strategic partnerships with entities such as banks and small business suppliers and leveraging their relationships with small businesses to add new customers;
• Expanding its product offering to allow it to serve small businesses whose needs are not met by its current products;
• Investing in direct marketing and sales; and
• Continuing its expansion into Canada.

IOU originated $125M in loans in 2018.