Announcements
CFG Merchant Solutions Closes Credit Facility of up to $145 Million to Support Small Business Growth
May 29, 2024NEW YORK, NY. May 29, 2024 – CFG Merchant Solutions, LLC (“CFGMS” or the “Company”), a technology-enabled specialty finance and alternative funding provider, announced the successful completion of a $100.0 million senior credit facility. The credit facility is expandable up to an additional $45.0 million, representing a total capital raise of up to $145.0 million. Proceeds from the funding, secured from a prominent, U.S.-based institutional investor focused on private structured credit, will serve to further fuel the Company’s mission to empower and support the growth of small and medium-sized businesses (SMBs).
Since its founding in 2015, CFGMS has a proven track record of asset performance and profitability, and has funded more than $1.4 billion to over 33,000 SMBs across diverse industries throughout the U.S. With the infusion of additional capital, CFGMS will continue to focus on delivering flexible and accessible financing solutions that empower small businesses to seize growth opportunities, create jobs, and contribute to the overall economic prosperity of the communities they serve.
“We are thrilled to have secured this substantial capital raise, as it reaffirms our commitment to empowering small businesses,” said Andrew Coon, Chief Executive Officer of CFGMS. “We extend our heartfelt gratitude to our investors for their continued trust and support. With this new credit facility, we will be able to reach a wider range of small businesses and provide them with the financial resources they need to thrive.”
Bill Gallagher, President of CFGMS, expressed enthusiasm for the future impact of the capital raise, stating, “This new facility will strengthen our position to ensure our small business clients have access to fast and efficient financing solutions tailored to their unique needs. We are excited to leverage this capital to expand our operations and deepen our commitment to empower U.S. small businesses to succeed.”
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 undeserved by traditional financial institutions and may have experienced challenges obtaining timely financing. The Company uses 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
Dragin Technologies and Ocrolus Announce Strategic Partnership: Enabling the Next Generation of Application Process Automation for Small Business Financing
May 20, 2024
New York, NY – 05/20/24 – Dragin.io, a machine learning process automation tech firm, is thrilled to announce a product integration and strategic partnership with Ocrolus, a leader in AI-driven financial document analysis. This collaboration aims to combine Dragin’s cutting-edge process automation technology with the industry-leading bank statement automation and cash flow analytics products offered by Ocrolus. Together, the new solution offers clients in small business financing unmatched speed, accuracy, compliance, and a robust fraud detection system, providing them with confidence and security in their financial operations.
Mark Ross, CEO of Dragin, expressed his enthusiasm for the partnership: “This is incredibly exciting for the future of the small business financing industry. Dragin specializes in automation solutions that help our clients deliver their offers faster than anyone else in the industry. Partnering with Ocrolus enables us to achieve technological advancements in business financing sooner than expected.”
Dragin’s AI and machine learning (ML) algorithms enable sophisticated data processing, providing actionable insights for offer creation and customization in the business funding deal cycle. This technology empowers underwriters to make informed decisions smarter and more quickly.
This partnership will enable powerful solutions for providers of small business financing, offering:
- Speed and Efficiency: Clients can rapidly analyze bank statement data, accelerating decision-making and reducing the time required for underwriting approvals.
- Compliance and Fraud Detection: Ocrolus’ technology performs comprehensive, AI-driven fraud detection, safeguarding clients against potential risks.
- Accuracy and Reliability: The partnership guarantees high levels of accuracy in data extraction and analysis, minimizing errors and enhancing the reliability of financial assessments.
- A.I. & Machine Learning: Dragin has developed advanced AI and ML models that can parse and classify nearly all document types and fill in missing fields such as industry, leading to a more robust auto-decline system. Integrating Ocrolus’ AI-driven document automation and analytics will bolster Dragin’s overall capabilities in lead prequalification.
“We are incredibly optimistic about this partnership with Dragin,” remarked Sam Bobley, CEO of Ocrolus. “Their focus on improving the efficiency of small business funding processes and commitment to client satisfaction makes them an ideal partner for Ocrolus. We look forward to a successful collaboration that will provide customers with the trusted and accurate data, fraud detection, and analytics they need to confidently make important financial decisions.”
About Dragin
Dragin is a leading fintech solutions provider dedicated to delivering innovative and efficient services to its clients. Founded with a mission to simplify and streamline financial processes, Dragin has developed cutting-edge technology, including A.I. and machine learning, to streamline processing automation which creates actionable insights for offer creation and customization. For more information about Dragin and its automation solutions, please visit https://www.dragin.io
About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting hundreds of document types including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 500+ clients across a number of use cases. Customers such as Enova, PayPal, Rapid Finance, Bluevine, National Funding, and Kapitus leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.
Broker Fair 2024 Surpasses deBanked CONNECT MIAMI 2024 in Registrations
May 19, 2024New York, NY – Broker Fair 2024 in New York City, scheduled for Monday, May 20 at the Metropolitan Pavilion, is gearing up to be a major event. The conference surpassed registrations recorded at the recent deBanked CONNECT MIAMI event this past January, which generated a massive turnout. The Preshow Party tonight from 7-9pm (May 19) is sold out but for info on any possible chance to get in last minute, please email events@debanked.com.
This is the 6th Broker Fair to take place in New York City since 2018. Hundreds of brokers, funders, lenders, vendors, collectors, lead generators, syndicators, bankers, and tech partners will be there. The headline sessions include Peter Ribeiro (working capital & equipment finance brokering), Bob Coleman & Adam Seery (SBA loan brokering), and the New York Legal and Regulatory Update.
Register for The 6th Annual Alternative Finance Bar Association Conference
May 16, 2024
THE ABFA’s Annual Conference is almost here – JUNE 3RD and 4th!
The Agenda includes:
June 2nd: Sunday evening Cocktail Reception from 5:30pm-7:30pm at Gallow Green (NYC’s hidden treasure)
June 3rd: Monday 8:30am-4:30pm: Legal panel discussions, including Litigation in Bankruptcy; Multistate Collections; Updates in Case Law; Regulatory Considerations; Participations in Alternative Finance. Our keynote speaker will be BOB ZADEK, an industry pioneer and an all-things-UCC expert, who will spend an hour with us. You won’t want to miss this! CLE Credits to be earned.
June 3rd Evening Cocktail Reception: Castell Rooftop 5:30pm-7:30pm
June 4th: Legal and Business Panels: Hot Topics in Alternative Finance; Securitization 101; The Reach of ECOA; New York State of Mind, to be followed by a Networking Hour
Both days of the conference include breakfast and lunch. June 3rd is open to attorneys only while June 4th is open to both attorneys and business people.
Tickets are limited and going fast! If you are a member there’s a significant discount so be sure to inquire about membership status with Lindsey Rohan at Lindsey@lrohanlaw.com and fitzgeraldmegan19@gmail.com
You can find more information by clicking this link: AFBA Conference 😊
Maxim Commercial Capital Promotes Fernando Rodriguez to Director – Vendor Sales
May 6, 2024LOS ANGELES, CALIF. (May 5, 2024) – Maxim Commercial Capital (“Maxim”) announced Fernando Rodriguez has been promoted to Director – Vendor Sales. In this role, Rodriguez manages vendor relationships, business origination, and sales for Maxim’s Truck and Equipment Financing divisions. He is responsible for the divisions’ national sales strategy, leads the company’s sales team, manages high volume national vendor accounts, and assesses and onboards new vendors.
“Fernando has made great contributions to Maxim since joining the firm in 2021,” noted Michael Kianmahd, Maxim’s CEO. “He has been instrumental in developing and leading our direct and returning customer sales efforts, handling high touch strategic accounts, and managing truck vendor relationships in California. We are extremely pleased to have Fernando on our executive team.”
Rodriguez brings 25 years of experience in the financial services industry to his new role. Previously, he served as a senior credit manager, sales team manager, mortgage loan officer, and mortgage broker for companies including Secured Funding, Citibank, and Newport Lending Corporation, funding over $40 million in mortgage loans monthly. Prior to joining Maxim, Fernando managed his family’s environmental business in Puerto Rico.
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners nationwide by providing loans and leases (“financing”) from $10,000 to $3 million secured by trucks, trailers, heavy equipment, and real estate. It funds equipment purchase financings and leases, working capital, and debt consolidations. Maxim’s more creative financing structures leverage equity in real estate and owned heavy equipment to facilitate growth and preserve customers’ cash. As a leading provider of transportation equipment financing, Maxim supports startup and experienced owner-operators and non-CDL small fleet owners by funding loans and leases for class 8 and class 6 trucks, trailers, and reefers. Learn more at www.maximcc.com or by calling 877-776-2946.
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Contact:
Michael Kianmahd, CEO
Maxim Commercial Capital
michael@maximcc.com
(213) 984-2727
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Levo Funding Appoints Jenny Merris as New CEO
April 22, 2024
April 22 – We are delighted to share the exciting news that the Board of Directors of Levo Funding unanimously voted to appoint Jenny Merris as its new CEO. With an extensive background spanning over 18 years in the legal and financial services/FinTech sector, Jenny is a seasoned executive known for her exceptional expertise and leadership.
Throughout her career, Jenny has demonstrated a remarkable ability to provide strategic counsel to executive management teams, aiding in the formulation and implementation of corporate objectives and policies. Her strategic executive counseling has been invaluable in driving business development initiatives, fostering growth, and effectively managing company-wide risk.
While announcing the promotion, the Board of Directors stated that Jenny’s “leadership, strategic insight, and commitment to our values make [her] qualified for this role. [The] appointment is significant for Levo Funding, and we anticipate growth under [her] guidance.”
Jenny’s proficiency in legal matters has been instrumental in enabling seamless business operations. Her oversight of litigation and meticulous management of legal strategies have safeguarded organizational interests and facilitated swift resolutions. Further, her keen eye for detail and proactive approach to risk mitigation ensures compliance with regulatory frameworks while optimizing operational efficiency. Furthermore, Jenny’s leadership extends beyond legal matters. She has successfully led adjacent departments, implementing best practices across cross-functional teams and at the enterprise level.
As Jenny embarks on this new journey as CEO of Levo Funding, we are confident that her unparalleled expertise, strategic vision, and leadership acumen will propel the company to new heights of success. Please join us in extending heartfelt congratulations to Jenny on this well-deserved appointment.
About Levo Funding
For more information about Levo Funding, please visit levofunding.com. Stay updated on their latest developments and news by following them on Linkedin.
Contact
(619) 908-1372
info@levofunding.com
Capify Announces New Growth Phase with Global Marketing Director Appointment
April 2, 2024Leading online SME lender, Capify, has appointed Ash Yazdani to oversee its marketing and customer experience functions in both the UK and Australia.
Yazdani joins from Stockholm-based Hoist Finance, where he spent four years as Global Head of Marketing, Product and Customer Experience.
Having worked previously for two of the largest global media networks WPP and Dentsu Aegis, Yazdani made the move into financial services with Think Money Group, before joining Hoist.
“To be joining Capify at this stage of its growth journey is a massively exciting opportunity,” said Yazdani.
“This is a hugely ambitious business, with an innovative vision to improve access to SME finance for under-supplied areas of the UK and Australian economy. My experience in reaching new segments, developing propositions that meet their needs, and delivering seamless end-to-end customer experience will help us on our mission to do that”.
Capify was launched in the UK and Australia 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). Founded initially in the United States in 2002, it was one of the world’s first online alternative financing companies for SMEs.
Yazdani’s appointment is the latest in a series of high-profile hires made by the alternative lender. Earlier this year, Mike Morris moved from Funding Circle to lead Capify’s advisor and introducer network in the UK.
John Rozenbroek, COO/CFO at Capify, said: “We’re absolutely delighted to welcome Ash to our growing team. In these volatile trading times, the funding needs of business changes fast. Having someone with Ash’s experience will enable us to ensure that SMEs know about – and understand – our funding options.”
“As we scale, he will also help ensure our customer touch points are efficiently optimised to continue to deliver an excellent customer experience. His appointment underlines our commitment to our UK and Australian SME market and represents a further milestone 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. Originally started in the US over twenty years ago, the fintech businesses have been serving the SME market in the UK and Australia for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the 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
http://www.capify.com.au
Media enquiries
Sam Gallagher, Director
LendSaaS Partners with Actum Processing to Pioneer Real-Time Payments in MCA Sector
March 28, 2024In an industry-first initiative, LendSaaS, the premier Merchant Cash Advance (MCA) origination and servicing platform, is thrilled to announce its integrated partnership with Actum Processing, a leader in ACH and real-time payment processing.
Innovative Integration for Instant Merchant Funding
LendSaaS has integrated Actum’s cutting-edge RTP technology, positioning itself as the first platform in the MCA space to offer instant funding solutions to lenders. This transformative feature enables MCA lenders on the LendSaaS platform to instantly transfer funds to their merchants 24/7/365, streamlining the funding process and significantly reducing the transaction costs associated with traditional wire transfers.
Revolutionizing MCA Funding
With the integration of Actum’s RTP capabilities, LendSaaS is setting a new standard in the MCA industry. Lenders can now enjoy the dual benefits of immediate fund disbursement and cost savings, providing their merchants with unparalleled financial support and operational efficiency.
Commitment to Excellence
Both LendSaaS and Actum are committed to leveraging technology to enhance the lending experience. This partnership reflects their dedication to innovation, security, and customer satisfaction, ensuring that MCA lenders and their clients receive the best service possible.
About LendSaaS
LendSaaS is a leading software solution in the MCA industry, known for its comprehensive suite of tools designed to streamline and optimize the lending process. From origination to servicing, LendSaaS provides lenders with the technology they need to succeed in a competitive market.
About Actum
Actum is at the forefront of payment processing solutions, offering secure and efficient ACH and RTP services. With a focus on innovation and reliability, Actum empowers businesses across various sectors to maximize their payment strategies.
Contact LendSaaS and Actum processing to learn more about this partnership and the benefits of real-time payments in the MCA sector.
LendSaaS / sales@lendsaas.com / (888) 369-5376
Actum Processing / sales@actumprocessing.com / (800) 975-5640
