Announcements
Bizfi Survives, Thanks to World Business Lenders Asset Purchase Deal
September 22, 2017
The Bizfi marketplace is slated to live on, according to Stephen Sheinbaum who joined World Business Lenders (WBL) as a managing director in July. On Wednesday, WBL purchased several assets from Bizfi including the brand, the marketplace, the Next Level Funding renewal book, and other related pieces of the company, he says. Sheinbaum founded Bizfi (then Merchant Cash and Capital) in 2005.
WBL, a Jersey City-headquartered small business lender will also be a lender on the platform.
Other key Bizfi personnel have joined WBL including former Managing Director of Renewals John BellaVia, VP of Sales Michael Caronna, and Sales Manager Ryan Bressler.
The asset purchase does not affect the deal forged with Credibly to service the $250 million portfolio, Sheinbaum explains, which is separate.
While lesser known among the mainstream fintech media, WBL has been a stalwart player in the non-bank lending industry for years. Their ambitions and size became more apparent when deBanked attended their invite-only annual shareholder meeting at the Waldorf Astoria in NYC in 2015. The company went on to open a massive office in Jersey City in July 2016 that was attended by Jersey City Deputy Mayor Marcos Vigil, Councilwoman Candice Osborne, Archbishop David Billings and Mitchell Rudin, the CEO of Mack-Cali. At the ceremonial ribbon cutting, WBL CEO Doug Naidus said that he wanted to build a company that lasts, one that he can look back on and be proud of.
Now with the Bizfi brand and marketplace in tow, the company is uniquely positioned.
“[It’s a] game changer here,” Sheinbaum said. “2.0 here we come!”
LeaseQ and ARF Financial Partner to Automate Hospitality Equipment Financing
September 12, 2017BOSTON (Sept. 12, 2017) – LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today announced a national partnership with ARF Financial, the only FDIC-compliant financial lender that provides short-term, unsecured business loans and lines of credit for restaurant/hospitality business owners and retailers nationwide.
“We are unique in having our own sales organization, and LeaseQ gives our loan consultants around the country a lease product with instant quotes,” ARF Financial CEO Steve Glenn said. “Now we are a one stop lender offering additional products to satisfy our customers funding needs for their businesses.”
Innovations in the equipment finance industry will continue to increase flexibility and convenience for customers, according to the Equipment Leasing and Finance Association’s (ELFA) Top 10 Equipment Acquisition Trends for 2017. Automation fuels advances in instant quotes, soft credit pulls, same-day approvals, one-day funding and blockchain for secure, multi-party transactions – many of which are available today through LeaseQ and ARF Financial.
“You can finance a car in an hour, but not a walk-in freezer to start or expand a restaurant,” said Vernon Tirey, co-founder and CEO of LeaseQ. “One-day funding is a trendy thing to say in equipment financing, but when the restauranteur or hotel manager presses the button to get financing, it has to work. We’re advancing our technology and partnering with lenders like ARF Financial who understand the value of automation to make it happen.”
LeaseQ and ARF Financial offer automated, flexible equipment financing for hospitality merchants who are frustrated with the time it takes to get a bank loan, or who cannot get a bank loan at all, including those:
- Expanding a facility
- Upgrading equipment
- Adding a location and renovating the property
- Managing working capital, and more
There are currently 150 lenders on the LeaseQ platform serving 28 vertical markets. Learn more at www.leaseq.com.
About LeaseQ
LeaseQ is an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.
About ARF Financial
ARF Financial LLC is a California licensed lender that sources short-term business loans and lines of credit for restaurant/hospitality and retail merchants nationwide. Since 2001, ARF has filled the void between traditional bank financing and less attractive venues of obtaining capital, giving merchants the ability to maintain control of their business, be more profitable and meet their financial goals. The company is managed and staffed by industry veterans with extensive experience in restaurant finance and small to medium retail industries.
For more information on their services, visit their website at www.arffinancial.com. You may fill out their contact form at www.arffinancial.com/contact, call 1-866-702-4430, or send an email to funding@arffinancial.com for inquiries.
Senate Banking Committee to Hold Hearing on Fintech
September 12, 2017The US Senate Committee on Banking, Housing, & Urban Affairs held a hearing entitled “Examining the Fintech Landscape” on Tuesday morning at 10 AM.
You can watch it below
The witnesses include:
Mr. Lawrance Evans
Director, Financial Markets
U.S. Government Accountability Office
Mr. Eric Turner
Research Analysis
S&P Global Market Intelligence
Mr. Frank Pasquale
Professor of Law
University of Maryland Francis King Carey School of Law
Ascentium Capital Successfully Hosts CLFP Exam and Prepares for its Largest Sales Training Event
September 5, 2017September 5, 2017 KINGWOOD, TX – Ascentium Capital LLC, the top private independent finance company in the United States by new business volume, proudly hosted an Academy for Lease and Finance Professionals (ALFP) in Dover, New Hampshire.
The ALFP is an intensive three-day event designed to prepare individuals for the Certified Lease and Finance Professional (CLFP) exam. The CLFP designation is considered a preeminent credential throughout the world. This event resulted in seven new certified leasing professionals. “Ascentium Capital currently employs 17 CLFP-designated professionals and we are proud to support the industry and the advancement of financing professionals,” states Bob Fisher, CLFP and senior vice president of business development at Ascentium Capital.
Ascentium Capital also reached a new milestone and is holding its largest internal sales training program, Ascentium University this month. The Company will be on-boarding 10 new vendor focused sales representatives with course curriculum addressing business processes, marketing strategies, solution-based selling and the use of the award-winning technology platform. The mission is to lay the foundation for achievement and shorten the ramp-up period for a faster impact on growth. Richard Baccaro, chief sales and marketing officer at Ascentium Capital comments, “We are committed to the investment of our most powerful resource, our employees. Ascentium University enables us to attract top sales talent and to ensure they are set up to succeed.”
The Company’s growth continues in key industries including construction, healthcare, hospitality, technology and waste management. Due to this, recruitment efforts cover a national footprint. Ascentium Capital currently employs 105 sales representatives throughout the United States.
About Ascentium Capital
As a direct lender, Ascentium Capital LLC specializes in providing a broad range of financing, leasing and small business loans. The company’s offering benefits equipment manufacturers and distributors as well as direct to businesses nationwide. Ascentium Capital is backed by the strength of leading investment firm Warburg Pincus LLC. For more information, please visit
AscentiumCapital.com.
Media Contact
Monica Bruegl
SVP Marketing
Ascentium Capital LLC
MonicaBruegl@AscentiumCapital.com
Former Chief Sales Officer of OnDeck Joins CoverWallet as COO
September 5, 2017Paul Rosen, the former Chief Sales Officer of OnDeck, is now the Chief Operating Officer of CoverWallet, according to LinkedIn. Rosen worked at OnDeck from May 2011 to June 2017. CoverWallet is part of the growing insurtech (insurance technology) industry, helping business owners manage “all [their] policies online, all in one place.” The company was named Best Insurtech Solution at 2017 Benzinga global FinTech Awards.
Yellowstone Capital Has Record Month
September 1, 2017Yellowstone Capital had a “record smashing August,” according to a post on Instagram. They originated 1729 deals for a total of $55.5 million. The top rep recorded 161 deals for $4.62 million. Juan Monegro, who was previously interviewed by deBanked, originated 202 deals for $3.7 million.
The Alternative Finance Bar Association Announces September 13th Event
August 31, 2017An announcement from the AFBA:
Download Save The Date PDF
SAVE THE DATE
Location: NYC Bar Association Offices
42 West 44th Street
New York, NY 10336
When: September 13th
Date: September 13, 2017
LOCATION: NYC BAR ASSOCIATION OFFICES
Clark Hill’s Consumer Financial Services Regulatory & Compliance Practice Group is a national leader in the field of consumer financial services law, providing strategic legal counsel to clients in all areas of consumer and small business finance. We provide advice, consultation and litigation services to a wide variety of financial institutions throughout the country. Our exceptional team of lawyers as well as government and regulatory advisors has extensive experience in – and an in-depth understanding of – the laws and regulations governing consumer financial products and services including engagement with the Consumer Financial Protection Bureau and prudential regulators.
Credibly Selected to Service Bizfi’s $250M Portfolio
August 30, 2017
Credibly also announced that it has crossed the $500 million milestone in capital deployed to tens of thousands of SMBs across the U.S. This is separate from the $250M portfolio the company is now servicing from BizFi.
“Acquiring the servicing rights of BizFi’s portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses,” said Ryan Rosett, Credibly’s Founder and Co-Chief Executive Officer. “We welcome our new customers and are committed to ensuring that their growth capital needs are met.”
In addition to servicing the BizFi portfolio, Credibly is working with both sales partners and merchants to provide additional working capital to the businesses in BizFi’s portfolio. Credibly’s data science team has the ability to analyze BizFi’s twelve years of data and remittance history, which will allow Credibly to better service both the BizFi and Credibly portfolios. Further, BizFi’s data enhances Credibly’s risk management, scoring models, and portfolio management tools.
The Small Business Association (SBA) estimates that traditional banks still reject approximately 90 percent of SMB loan applications. Since 2010, Credibly has emerged as a proven platform that leverages data science and analytics to provide SMBs with a simple and intuitive way to access critical working capital. The company addresses the fundamental capital needs of SMB owners across a broad credit spectrum and through every stage of a business’s life cycle.
Main Street SMBs across a wide variety of industries that include restaurants, retail stores, salons, spas, dry cleaners, auto body shops, and doctors’ offices, all rely on Credibly to secure the necessary capital they need to grow.
Credibly has achieved widespread industry recognition for its risk management, data technology, and data driven approach. For more information on Credibly, please visit www.credibly.com.
About Credibly
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior customer experience that meets the needs of all small businesses, regardless of product need or credit profile.
Learn more at www.credibly.com. Follow Credibly @credibly360.
Media Contact:
Tracy Rubin / Olivia Levis
JCUTLER media group
323-969-9904
tracy@jcmg.com / olivia@jcmg.com
