Announcements
CloudMyBiz and Ocrolus Announce Ground-Breaking FinTech Partnership
June 4, 2017
June 4, 2017 – CloudMyBiz, a leader in Salesforce development and implementation, is pleased to announce a new partnership with Ocrolus, an emerging innovator in bank statement review automation. The integration of the PerfectAudit API, powered by Ocrolus, into the Fundingo lending platform by CloudMyBiz, has created the industry’s first turnkey solution, revolutionizing Alternative Lending.
“For years, lenders have relied on inefficient and lengthy procedures for bank statement review, a critical part of the loan underwriting process. This is no longer the case. Combining the PerfectAudit API with our Fundingo Underwriting automation, we are taking the slowest part of the lending process and supercharging it. This partnership will have a huge impact on FinTech.” said Henry Abenaim, Founder and CEO of CloudMyBiz.
The PerfectAudit API analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology enables lenders to review every borrower’s bank statement data automatically, regardless of whether or not the borrower provides sensitive bank login credentials. Through the partnership with CloudMyBiz, the PerfectAudit API will be integrated directly into Salesforce.
“Until we started plugging in the PerfectAudit API, even the elite, technology-driven lenders could not review every application digitally,” said Sam Bobley, Co-founder and CEO of Ocrolus. “Partnering with CloudMyBiz is a groundbreaking moment because it’s leveled the playing field, allowing lenders of all shapes and sizes to transition to a hyper-accurate loan determination process within days. CloudMyBiz takes on all the implementation work, so achieving greater accuracy and automation than firms who’ve invested millions into technology is now just a phone call away.”
About CloudMyBiz
The CloudMyBiz team, via the Fundingo suite of apps, empowers business through the Cloud and encourages streamlined collaboration between departments, clients, customers and partners. CloudMyBiz focuses on Salesforce Implementation, Migration, Integration and Development, Third Party Applications, and Custom App Development, all specializing for the lending industry.
About Ocrolus
Ocrolus is a technology company that automates the review of bank statements. The Company’s PerfectAudit platform analyzes statements from every financial institution with 99+% accuracy, generating account information, summary analytics and a comprehensive database of transactions. By replacing one of the few remaining manual underwriting procedures with hyper-accurate automation, Ocrolus strives to strengthen the FinTech ecosystem.
Contact Information:
Dennis Mikhailov
Business Development | CloudMyBiz, Inc.
P 818.732.4316 | M 818.419.7339
dennis@cloudmybiz.com
Sam Bobley
CEO, Ocrolus Inc.
o: 646.850.9090 Ext. 1
c: 516.233.4293
sbobley@ocrolus.com
No-Login-Required Bank Statement Review Automation Starts with Strategic Funding Source
May 5, 2017Wall Street, NY — Ocrolus, the emerging leader in bank statement review automation, is pleased to announce its arrival in the lending community with flagship customer Strategic Funding Source. The PerfectAudit API, powered by Ocrolus, analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology allows lenders, for the first time, to review every potential borrower’s bank statement data automatically, regardless of whether or not the borrower provides sensitive bank login credentials.
“We are delighted to be working with Strategic Funding, one of the elite firms in the alternative lending industry,” said Sam Bobley, CEO and Co-founder of Ocrolus. “Strategic Funding helped us understand the pain points of reviewing bank statements as it relates to small business loan underwriting and we’re very thankful for their guidance. We are excited to enable Strategic Funding to conduct an automated, hyper-accurate bank statement review for every potential borrower.”
Over the last few months, Ocrolus and Strategic Funding Source have been working together on a retroactive analysis project, employing the PerfectAudit API to investigate loans that have already been funded. With evidence of the platform’s effectiveness, Strategic Funding Source will now also be utilizing the PerfectAudit API to analyze bank statements for new applicants.
“Taking on live applications for Strategic Funding Source represents our formal debut in the lending community,” said Victoria Meakin, President and Co-founder of Ocrolus, who has more than 125 accounting and law firm customers. “We look forward to rolling out our API to additional lenders who seek increased accuracy, automation, and standardization, which we believe are critical factors in managing credit risk.”
About Ocrolus
Ocrolus is a technology company that automates the review of bank statements. The Company’s PerfectAudit platform analyzes statements from every financial institution with 99+% accuracy, generating account information, summary analytics and a comprehensive database of transactions. By replacing one of the few remaining manual underwriting procedures with hyper-accurate automation, Ocrolus strives to strengthen the FinTech ecosystem.
To learn more about Ocrolus, visit www.ocrolus.com.
About Strategic Funding
Founded in 2006 and headquartered in NYC, Strategic Funding has been recognized by customers and the industry as one of the most reliable and respected names in small business financing. With flexible financing options, Strategic Funding provides small businesses with the working capital they need to take advantage of opportunities and grow.
To learn more about Strategic Funding, visit www.sfscapital.com
Ocrolus Contacts:
Sam Bobley
CEO
sbobley@ocrolus.com
o: 646.850.9090 Ext. 1
c: 516.233.4293
Victoria Meakin
President
vmeakin@ocrolus.com
o: 646.850.9090 Ext. 2
c: 917.941.5388
AMA Recovery Group Announces Joshua Pena as Director of Client Relations
April 4, 2017
Houston, TX — We are pleased to announce Joshua Pena has been brought on board to oversee our client services in the capacity of Director of Client Relations.
Josh brings over 15 years of customer relations and operations experience to our team. Prior to joining AMA, Josh served as Vice President of Operations for a consumer products company where he was responsible for sales, customer service and distribution channel management. Josh’s hire builds on our unmatched client experience, further accentuating why AMA Recovery is the collector of choice for successful MCA companies. “We are very pleased to have Josh join the AMA team. Josh’s commitment to results, outstanding customer service skills and business experience will enhance our proven collection experience” said Anh Regent, Director of Legal Operations.
Please do not hesitate to welcome Josh to the team, ask questions or discuss your collections needs.
About AMA Recovery Group
AMA Recovery Group was founded in Houston in 2015. Our dedicated professionals, complete end-to-end collections process, access to real time status updates and results driven focus give our clients peace of mind. It’s our goal to exceed expectations in customer service and collection performance.
Contact:
Joshua Pena
jpena@amarecovery.com
713.322.5396
In Advance Capital Secures $50 Million In Additional Financing
March 29, 2017New York, NY — On March 27th, Times Square-based In Advance Capital secured a $50 million credit line to continue the rapid growth of its merchant cash advance business. The eighteen-month-old company, led by founders Shalom Auerbach and Thomas Corliss, attributes its portfolio transparency, discipline, and strong relationships with investors as the key contributing factors in securing the additional capital.
“In an industry that is increasingly difficult to access capital, we are very pleased to have earned the confidence of sophisticated investors who have provided capital that aligns their objectives with ours, which is to provide fast and flexible working capital to small business owners experiencing the challenges and opportunities of high growth,” says Shalom Auerbach, IAC’s CEO. In Advance Capital has focused on creating a more streamlined process to facilitate its own growth, including a quicker underwriting process, while seeing 220% more applications within the last two months.
“In Advance is a testament that you can build and grow a company in a competitive industry if you concentrate on hiring top talent, servicing, and listening to your customers,” Corliss says.
“It’s all hands-on deck at In Advance which also makes our work environment a special place to work.”
In Advance is also please to announce its recent Executive Management addition to staff, Keith Nason as Chief Operating Officer. Keith Nason brings over 10 years of expertise to driving operational leverage, streamlining process and data science analytics.
About In Advance Capital
Founded in 2015, the company provides working capital to small business owners. To learn more, visit http://www.inadvancecap.com or call 646-412-3303.
Brickell Capital Finance Inks Deal with Liquid FSI Convert2Pay™
March 16, 2017Miami, FL. March 16, 2017—Brickell Capital Finance, Inc., a leader in providing consumer facing loans to the healthcare industry, will offer Liquid FSI’s Convert2Pay™ through its 75 sales reps nationwide.
Eli Mualin, President and CEO of Brickell said, “We believe that Convert2Pay is a ‘game changing’ Fintech product for the healthcare industry. It allows providers to convert their existing insurance claims on-demand. It will change the way healthcare professionals access business capital and Brickell wants to be part of that.”
“Convert2Pay is a user directed revenue cycle management tool that allows providers to open a gateway to low cost spot liquidity. It is designed to replace higher-cost offerings like business advances and complicated factoring products,” said Frank Capozza, President and CEO of Liquid FSI developer of Convert2Pay™.
“Brickell is a good distribution partner because they have a strong reputation with healthcare providers. Our goal is to drive liquidity into the healthcare ecosystem,” Capozza said.
For more information contact:
Frank Capozza
Liquid FSI, Inc.
www.liquidfsi.com
646-620-6088
Kabbage Prices $525 Million Securitization; Anticipates “A(sf)” Rating on Its Debt
March 8, 2017Kabbage®, a pioneering financial services, technology and data platform, today announced that on March 7, 2017, it priced $525 million of fixed-rate, asset-backed notes in a private securitization transaction. The facility is expandable to $1.5 billion. The notes will be issued in four classes by Kabbage Asset Securitization LLC, a newly formed, wholly owned subsidiary of Kabbage Inc. The senior class of notes is anticipated to be rated “A(sf)” on the closing date by Kroll Bond Rating Agency (KBRA). Guggenheim Securities is serving as sole structuring advisor and initial purchaser of the notes. The securitization is expected to close on or about March 20, 2017, and is subject to customary closing conditions.
The securitization was significantly oversubscribed with interest from top-tier institutional investors. This represents the largest asset-backed securitization of small business loans in the online lending industry, next to Kabbage’s prior, expandable, ABS note issuance in March 2014. This new facility will enable Kabbage to continue to broaden its product mix by offering larger credit lines and longer term loans.
“In a time when the FinTech industry has experienced challenges, our automated technology and data platform has demonstrated to investors Kabbage’s ability to deliver superior and predictable performance on small business loans as an asset class,” said Kevin Phillips, Head of Corporate Development for Kabbage. “Both the overwhelming investment interest and the anticipated strength of our bond rating are testaments to our proven approach to underwriting and managing small business loan performance through the Kabbage Platform.”
In March 2014, Kabbage was the first technology-enabled, financial services company to issue asset-backed notes secured by small business loans. This transaction was initially $270 million and was subsequently expanded to $545 million by the issuance of additional notes to multiple capital markets investors. This facility enabled Kabbage to dramatically scale its volume to extend over $2.7 billion through the platform.
The anticipated KBRA rating of “A(sf)” reflects an upgrade from the rating on Kabbage’s prior securitization. “Kabbage’s strong historical performance over the last three years played a key part in KBRA’s upgrade,” said Anthony Nocera, Managing Director at KBRA. “The upgrade is based on several structural improvements and the existence of more historical performance data relating to Kabbage’s collateral.”
About Kabbage
Kabbage Inc., headquartered in Atlanta, has pioneered a financial services data and technology platform to provide automated funding to small businesses in minutes. Kabbage leverages data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Kabbage is funded and backed by leading investors, including Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. For more information, please visit http://www.kabbage.com.
The notes will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from, or a transaction not subject to, registration requirements. The notes were offered only to qualified institutional buyers under Rule 144A and to persons outside the United States pursuant to Regulation S under the Securities Act. This press release shall not constitute an offer to sell, or the solicitation of an offer to sell the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer or solicitation or sale is unlawful.
Upstart Raises $32.5M
March 6, 2017It’s been three years since we launched the Upstart lending platform, and today we’re pleased to announce we’ve raised $32.5M to take our business to the next level. The funding round was lead by Rakuten, a global leader in internet services and global innovation headquartered in Japan, and by a large US based asset manager. Existing investors Third Point Ventures, Khosla Ventures, and First Round Capital also participated. We’re particularly excited to have Oskar Mielczarek de la Miel, Oskar Miel, Managing Partner of the Rakuten FinTech Fund join Upstart’s Board of Directors.
With more than 50,000 loans originated, Upstart has the highest consumer ratings in the industry, has Net Promoter Scores (NPS) in excess of 80, and has delivered industry-leading returns to loan investors.
Leaders in Technology and Data Science for Lending
Upstart was the first platform to leverage modern data science and technology to power credit decisions, automate verification, and deliver a superior borrower experience. In 2014, we were first to launch next-day funding. In the last year, we virtually eliminated loan stacking on the Upstart platform, a central cause of credit issues in online lending. Today, more than 20% of our loans are fully automated, helping us attract the best quality borrowers with a superior experience.
As a result of our efforts, we’ve seen unparalleled credit performance, with 2016 cohorts our strongest yet. Upstart loans are funded in four distinct ways: 1) whole loan sales to institutions, 2) retention by Upstart’s originating bank partner, 3) sales to Upstart itself, and 4) via individuals in our fractional market. Furthermore, we expect our first loan securitization transaction within a few months.
2017 and Beyond!
We’ve focused considerable effort on our credit quality and loan economics, and the results speak for themselves. We aim to originate more than $1B in loans in 2017, and expect to reach cash flow profitability this year.
But that’s not all. We’re also thrilled to announce that Sanjay Datta has joined Upstart as CFO. Sanjay was formerly VP of Global Advertising Finance at Google, having spent a decade to help build and internationally expand Google’s $80B core economic engine.
Those that know my history at Google will understand why I’m excited to tell you about “Powered by Upstart”, a Software-as-a Service offering derived from Upstart’s top-rated consumer lending platform. From rate requests through servicing and collections, this new service brings modern technology and data science to the entire lending lifecycle.
Our beginnings
Anna, Paul, and I founded Upstart to bring the best of Google to consumer lending. Upstart was the first platform to leverage modern data science and technology to power credit decisions, automate verification, and deliver a superior borrower experience. In 2014, we were first to launch next-day funding. As of today, more than 20% of our loans are fully automated and we expect this percentage to increase significantly through 2017. With more than 50,000 Upstart loans originated, we have the highest consumer ratings in the industry and have delivered industry-leading returns to loan investors. With Net Promoter Scores (NPS) in excess of 80, we’re excited about the impact we’re having.
Technology partner
FinTech is disrupting all areas of financial services. As a leading tech platform in marketplace lending, Upstart aims to partner with financial institutions rather than compete with them. Given the pace of change in lending, technology partnerships will be critical in the years to come, and Upstart aims to be a partner the industry can rely on.
But “Powered by Upstart” is not just software – it’s a turnkey solution that provides all necessary document review, verification phone calls, fraud analysis, and (optionally) customer service, loan servicing and collections.
Software-as-a-Service in lending
SaaS has grown exponentially in the last decade because of its obvious virtues: rather than buying, installing, configuring, hosting, and supporting software yourself, the software is delivered over the cloud. It’s more reliable and always up to date. Delivering cloud software can be challenging in any industry. Usability, reliability, and performance are the minimum to play, and effective change management is critical to success. As the team that delivered Google’s SaaS platform before it was called “cloud”, we understand these challenges.
Of course, the regulatory environment in lending raises the bar even higher. We’ve long demonstrated our commitment to trustful and compliant lending, and we’re likewise committed to delivering robust and compliant lending software.
Patch of Land Hires Chief Investment Product Officer, Matthew Zall, Recognized Capital Markets Expert and Innovator of Lending Products for the Single-Family Home Rental Market
March 5, 2017LOS ANGELES- March 6, 2017 – Patch of Land, a leading online real estate marketplace lender and crowdfunding platform, announces the addition of Matthew Zall as Chief Investment Product Officer as the firm prepares to expand into the single-family rental market with longer term, permanent financing products. The number of non-owner occupied single-family properties in the U.S. including townhomes, condos, and 2-4 unit properties grew to almost 24 million units valued at over $6 trillion in 2016, according to ATTOM Data Solutions.
Zall brings to Patch of Land more than 12 years of real estate and mortgage experience, as well as expertise in financing and product development. He pioneered three of the industry’s first-ever multi-borrower single-family rental securitizations, helping to build Blackstone Group subsidiary, B2R Finance, (now known as Finance of America Holdings, LLC) from start up to a multibillion dollar lender in only a few years. Prior to joining B2R, Matt was a Commercial Real Estate (CRE) trader at J.P. Morgan and Bear Stearns. At Patch of Land, Zall will execute strategies to enable the expansion of the firm’s position as a marketplace lender by offering both accredited and institutional investors additional opportunities to invest in this asset class.
“Patch of Land’s marketplace is designed to meet the lending needs of real estate investors. The addition of Matt enables us to continue the expansion of our marketplace to fully serve the lending needs of more than 10 million Americans who directly invest in single-family residential properties and need consistent, reliable access to capital to fuel their businesses,” said Paul Deitch, Patch of Land’s Chief Executive Officer. “We are excited about adding Matt to our executive team as he is passionate about our mission to leverage technology to improve the borrowing experience for the real estate entrepreneur and at the same time offer investors from both Main Street and Wall Street the opportunity to participate in this attractive asset class.”
About Patch of Land
Since issuing its first real estate loan in October 2013, Patch of Land has been recognized in the financial technology space as a leader in online real estate lending. The company employs its proprietary technology to efficiently fill a void in the real estate finance industry by providing borrowers access to capital for residential and commercial real estate projects. The platform also establishes a marketplace through which qualified individual and institutional investors can participate in private real estate projects with low minimum investments, predictable returns and first-lien secured loans.
More information is available at www.PatchofLand.com or by calling 888-959-1465.
Media Contact: Glen Orr
glenlorr@gmail.com
469.441.3203
