Announcements
CAN Capital Welcomes John McNeill, New Chief Financial Officer
July 23, 2019
Kennesaw, GA — CAN Capital, a leading provider of small business working capital loans, is pleased to announce the hiring of John McNeill as its new Chief Financial Officer (CFO). McNeill brings to the company a deep expertise in corporate finance, accounting, treasury and a growth orientation well suited for CAN’s current expansion.
McNeill has been a mainstay in the Atlanta financial services industry. He joins CAN from Ocwen Financial Corporation where he served as Senior Vice President of Servicing Finance, Treasury and Investor Relations. Before that, he served as Vice President of Finance and Treasurer at Home Loan Servicing Solutions, and has also worked in various financial capacities at WestRock and KPMG. He earned his undergraduate degree at the University of Georgia, his MBA at the Goizueta Business School at Emory University, and is a CPA and CFA Charterholder.
“I am very excited to be joining the team and having the opportunity to help the company build on its recent momentum and, ultimately, capitalize on its growth potential,” said McNeill. “I admire CAN Capital’s long history of providing much needed capital to small businesses and look forward to working with our customers, partners, and team during the next chapter of its business expansion.”
CEO Edward J. Siciliano spoke about McNeill’s role in CAN’s promising future: “I’m excited to work with John and benefit from his experience as we establish CAN as the market leader in small business lending on a national scope” Siciliano added, “John’s the perfect fit to drive our corporate finance activities in the upcoming expansion years.”
The entire CAN Capital team welcomes John, who, along with our dedicated group of CAN Capital team members, is here to support our mission of helping every small business succeed.
SecurCapital Acquires Breakout Capital Finance’s Lending Business
July 17, 2019Supply chain and logistics company acquires the lending business of leading fintech small business lender and injects new equity capital
MCLEAN, VA — SecurCapital Corp, an expanding supply chain and financial services provider headquartered in California, today announced the acquisition of the lending business of Breakout Capital Finance, a leading fintech company and nationwide small business lender. SecurCapital is also providing additional equity capital to drive growth in Breakout Capital Finance’s two primary lending products: its highly regarded and innovative term loan product and its FactorAdvantage ® lending solution for small businesses that utilize factoring to finance their business. The acquired lending business assets will be operated by a subsidiary of SecurCapital that will conduct business as Breakout Capital.
Steve Russell, CEO of SecurCapital commented, “We’re delighted to have found a highly respected team and innovative business model in the small business finance space. I share the founder’s vision of the massive potential of the FactorAdvantage lending solution and believe we now have the platform and capital to rapidly grow this industry-changing product. We couldn’t have found a better business to complement SecurCapital’s strategic vision for empowering small businesses.” SecurCapital, through a series of strategic acquisitions, provides supply chain and financial services to small businesses primarily in the logistics industry, including veteran-and minority owned businesses.
Breakout Capital Finance’s Founder, Carl Fairbank added, “After four years as Founder and CEO of Breakout Capital Finance, this transaction begins the next chapter of Breakout Capital’s lending business. SecurCapital is also committed to the proliferation of best practices to drive change in the broader market. I believe Breakout Capital, in partnership with SecurCapital, is now well positioned for substantial growth, especially with its commitment to FactorAdvantage.” Mr. Fairbank will provide strategic guidance during the transition, but has stepped down as CEO of the lending business to focus on driving innovation in advanced technology, including artificial intelligence, machine learning, and blockchain.
Tim Buzby has been appointed as the new CEO of Breakout Capital. He spent 17 years at Farmer Mac, in executive positions culminating as CEO. Notably, he oversaw a 58% increase in company earnings and an almost 4x increase in stock price and strategically matured the company into an agricultural lending industry leader.
Breakout Capital has also hired McLean Wilson, former CEO of Charleston Capital, an asset manager in the SME space, and former CEO of inFactor, a factoring company, as Chief Credit Officer. Mr. Russell added, “With the appointment of Tim as CEO and the addition of McLean to the management team, we expect Breakout Capital not only to carry forward its role in the industry as product innovator and transparent lender but also to deliver financing solutions to a much broader range of small businesses.” Breakout Capital is committed to maintain the high ethical standards, best practices, APR-based disclosure, and competitive pricing for which it has always been known.
About Breakout Capital
Breakout Capital, headquartered in McLean, Virginia, has been and will continue to be a leading fintech company, offering innovative small business lending solutions across the country. As part of SecurCapital, Breakout Capital will remain committed to transparent and responsible lending solutions through product innovation, small business borrowing education, and advocacy against predatory lending practices and will continue to empower small business through right-sized lending, suitability testing, improving terms and supporting the long-term financing objectives of small businesses. Breakout Capital has been widely regarded as the “white-hat” lender in the alternative finance space and intends to retain that reputation as part of SecurCapital.
FOR ADDITIONAL INFORMATION:
Breakout Capital www.breakoutfinance.com
CONTACT:
Public Relations and Media Contact:
Phone: 703.852.6142
Email: info@breakoutfinance.com
About SecurCapital
SecurCapital is headquartered in greater Los Angeles, California with locations in San Diego, Atlanta, Baltimore and Washington, DC. SecurCapital provides supply chain financial services and proven advisory services to logistics businesses from a seasoned team of logistics and financing professionals. SecurCapital offers mid-tier and startup companies access to working capital, M&A consulting, technology enablement and mission critical services for all their supply chain needs. SecurCapital offers forwarders, truckers, custom brokers, 3PL, wholesalers, 4PL, suppliers, veteran owned small businesses (VOSB), minority owned enterprises and government contractors’ on-line access to a broad range of services.
Forward-Looking Statements Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
FOR ADDITIONAL INFORMATION:
SecurCapital Corp www.securcapital.com
CONTACT:
Public Relations and Media Contact:
Phone: 619-384-3359
Email: info@securcapital.com
OnDeck Canada, Credit Union Announce Partnership
July 11, 2019
Today sees the partnership of OnDeck Canada and Coast Capital Savings, the first collaboration of its kind in Canada, being between an online lending company and a federal credit union.
Beginning this month, small business members of Coast Capital will be able to apply for term loan financing from OnDeck Canada of up to CAD$250,000 online, in branch, and via the Coast Capital Contact Centre. And as a perk of partnering with an alternative financing company, Coast Capital members will benefit from the fast turnaround times for approvals and funds being made available that are typical of the industry, with waits being as short as one day.
The move comes as OnDeck Canada is expanding to Quebec, paralleling Coast Capital’s efforts to spread across the nation, beyond its home of British Colombia. Both parties appear to be approaching the partnership with similar visions of where it will take them, with Tiffany Kayar, the OnDeck Canada Communications Manager, explaining that OnDeck is able to further help fund those small businesses who have been historically underserved by alternative financing, and Coast Capital will benefit from a greater national presence.
It is one more notch on OnDeck’s belt of partnerships, coming after the online lender linked with JPMorgan Chase in 2017 and PNC Financial Services Group last year to extend loans to businesses.
And for Coast Capital, which has the largest membership base of any credit union in Canada, it is a development that is consistent with their history of innovation. Having offered Canada’s first free checking account from a full-service financial institution and Help Extras®, which further assist members with investing, this opening up of funding channels to small business owners further cements Coast Capital’s position as a unique non-bank choice for finance management.
With small businesses comprising 98% of Canadian businesses, this partnership is hoping to provide support for such a large sector of the country’s economy. Saying in a press release that “As the proven leader in online small business lending, OnDeck Canada is delighted to partner with Coast Capital to offer online financing to its small business customers, ensuring that their unique and ever-evolving needs are met faster than ever with the power of automation and a world class digitized customer experience,” Neil Wechsler, CEO of OnDeck Canada, is confident that the synergy between OnDeck’s tech and Coast Capital’s membership will benefit the Canadian business community. Just as Derek Turner, Head of Small Business at Coast Capital, is sure that the partnership will “deliver the Coast Capital experience that so many members already enjoy, to even more people across Canada.”
Expansion Capital Group Names Herk Christie Chief Operating Officer
June 28, 2019
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.
More
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Last Chance for VIP Rate on deBanked CONNECT Toronto Room Block
June 24, 2019deBanked CONNECT’s discounted room rate at the Omni King Edward Hotel in Toronto ends today. Don’t wait until the rate goes up! Book your room now for deBanked’s first ever event in Canada!
Omni Hotels Reservations
Business Hours: 8am to 1am EST
Telephone: 1-800-THE-OMNI (1- 800-843-6664)
Group Name: deBanked CONNECT Toronto
Enova Small Business Hires Two Industry Veterans to Lead ISO Partnerships
June 14, 2019CHICAGO (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.
Velocity Group USA Announces $100 Million Equity Facility
June 13, 2019Melville, NY – June 13, 2019
Velocity Group USA, based in Melville, New York, announces that in addition to its current facilities, it has obtained up to a $100 million equity facility from an international multi-family office.
The new equity facility will allow Velocity Group USA to fund a greater number of merchants and to explore new financing opportunities. Velocity Group
USA uses a proprietary software platform whereby it can provide merchant advance approvals in under an hour. Velocity Group USA has an approval rate of 46%. Founded in 2017, Velocity Group USA is 100% focused on providing financial support for their clients’ businesses. In 2018 Velocity Group USA increased staff by over 400% to over 50 employees, moved to a new class A 11,000 sq. ft. office and since inception has funded over $60 million, to over 1,000 US business owners. The company is experiencing continued exponential growth in 2019.
Velocity Group USA is ready, willing and able to help the small business merchants not only sustain but thrive in today’s uncertain economy.
To learn more, visit www.velocitygroupusa.com or contact
Organization: Velocity Group USA
Address: 290 Broadhollow Rd, Melville, NY, 11747
Email: info@velocitygroupusa.com
Phone: 631-201-0703
IOU Originates $32.8M in Loans in Q1
May 30, 2019IOU 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.
