Announcements
Opus Bank Enters into Strategic Marketing and Referral Agreement with Leading Online Lender to Increase Lending to Small Businesses
January 21, 2016IRVINE, Calif.–(BUSINESS WIRE)–Opus Bank (“Opus”) (NASDAQ: OPB) announced today that it has entered into a marketing and referral agreement with OnDeck® (NYSE: ONDK), the leader in online lending for small business, that will leverage Opus’ 58 retail banking office distribution located in major metro markets up and down the West Coast and OnDeck’s sophisticated credit and funding platform. Entering into this arrangement allows Opus to offer a complete solution to those small businesses that are looking for financing up to $500,000, including a range of term loans and lines of credit powered by a streamlined application process and fast access to the funds.
Stephen H. Gordon, Founding Chairman, Chief Executive Officer, and President of Opus Bank, stated, “I am excited to have entered into this marketing and referral agreement with OnDeck. Opus offers an extensive suite of lending products through its Commercial Bank and, while we receive a significant amount of inquiry for small business loans through our Retail Bank, OnDeck has proven to be much more proficient in underwriting and funding these smaller loans. This partnership enables Opus to further leverage and scale its strong market presence by offering small balance financing solutions that it was otherwise not able to efficiently accommodate and, in doing so, generate additional revenues while not using Opus’ balance sheet or capital.”
Gordon concluded, “Since Opus’ inception, it has had an acute focus on providing tailored financial products, services, and solutions to those small and mid-sized commercial businesses, entrepreneurs, real estate investors, and professionals with a vision to expand and grow. Opus is now better positioned to provide faster access to capital to those businesses where the availability of small balance financing has an outsized impact on their ability to expand, create new jobs, and succeed. At Opus Bank, we understand that by providing capital financing to successful entrepreneurs and their businesses, we are enabling those businesses to flourish and, in turn, build healthy, vital, and vibrant communities from the ground up.”
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over $6.2 billion of total assets, $5.0 billion of total loans, and $4.9 billion in total deposits as of September 30, 2015. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial business, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners. Opus Bank operates 58 client experience centers, including 33 in California, 22 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona, and one in Portland, Oregon. For additional information about Opus Bank, please visit our website: www.opusbank.com. Opus Bank is an Equal Housing Lender.
Forward-Looking Statements
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
BFS Capital Appoints Ken Murray as Chief Marketing Officer
January 13, 2016BFS Capital (“BFS”), a leading technology-enabled small business financing platform, announced today that it has appointed Ken Murray as its chief marketing officer. Mr. Murray is responsible for customer acquisition and loyalty marketing efforts to drive growth for BFS Capital, including demand generation, communications, marketing analytics, digital, channel development and brand management. With more than 25 years of leadership experience in financial services, Mr. Murray is a recognized thought leader in marketing execution and digital transformation.
“We’re thrilled to welcome Ken aboard to lead our marketing efforts,” said Marc Glazer, CEO and co-founder of BFS. “Ken’s vast knowledge of the entire marketing landscape, digital marketing, customer experience and other strategic skillsets will play an integral role in our next phase of growth. Our mission continues to be focused on responsibly serving small businesses and with the addition of Ken, we fully intend to drive this momentum further into 2016 and beyond.”
BFS is focused on moving forward with the transformation that began in 2015. In July, the company hit the $1 billion milestone in total financings to small businesses and in September the organization rebranded with a new logo, website and name change.
“I’m truly excited for this opportunity to help guide a brand that is an industry leader,” said Mr. Murray. “I’ll be focused on applying my knowledge to the BFS market and on growing the company’s relationships with business owners, investors and industry partners.”
About Ken Murray
Prior to his new position, Mr. Murray served as Head of Digital Products for Farmers Insurance Group in Wilmington, Delaware and Los Angeles, as well as Vice President of Marketing for 21st Century Insurance. Earlier, he was Chief Marketing Officer for J.G. Wentworth, where he was twice nominated for Marketer of the Year by the Direct Response Marketing Association. He also served for 12 years at MBNA America and MBNA Europe, where he held leadership roles in digital marketing, product development and product management. He started his career as a journalist, working at newspapers in Connecticut and Florida before starting his financial services career at Barnett Banks, Inc.
Mr. Murray has a BA in English from the University of Delaware and an MBA with concentrations in finance and economics from the University of Florida.
Bizfi Secures $65 Million in Financing
December 15, 2015NEW YORK–(BUSINESS WIRE)–Bizfi (www.bizfi.com), the premier FinTech company whose online small business finance platform combines aggregation, funding and a participation marketplace, announced that Metropolitan Equity Partners (“Metropolitan”) has provided a structured financing facility of $65 million to the company to drive growth.
Closing this financing round enables Bizfi to:
- Expand its suite of funding programs, increasing its ability to fund America’s small business capital needs.
Increase the speed at which funding applicants access direct financing from Bizfi. - Develop and implement a national marketing campaign designed to increase the awareness of the Bizfi brand and platform within the small to medium-sized business community.
- Bizfi and its proprietary marketplace and funding technologies have provided in excess of $1.3 billion in financing to over 26,000 small businesses across the United States since 2005. Since Bizfi launched its aggregation platform in 2015, the Company has experienced 72% growth in year-over-year gross originations.
“The Bizfi platform is the simplest, fastest and most frictionless process for small businesses to access funding. Metropolitan’s financing will propel our growth plans to the next stage,” said Stephen Sheinbaum, founder of Bizfi. “Every day more and more businesses are turning to Bizfi because of our strong channel partners, enabling business owners to compare all their funding options in one place. The Metropolitan partnership provides Bizfi with additional capital to develop new products and fund more small businesses from its own branded product set.”
Metropolitan’s investment provides the financial flexibility and strength to support Bizfi’s growth plans. The new investment expands upon Metropolitan’s prior involvement as an active buyer of loan participations and a mezzanine lender to the Company for the past three years.
Bizfi’s proprietary technology and aggregation platform efficiently gathers applicant information from a wide variety of sources to quickly offer commercial funding products including loans and other capital products to small businesses. Bizfi’s technology is further strengthened by strategic relationships with more than 45 funding partners, including OnDeck, Funding Circle, IMCA Capital, Bluevine and Kabbage. Bizfi also participates as a lender on the platform. Regardless of what kind of capital is sought from any of the funding partners, the small business owner is guided through the entire process by a Bizfi funding concierge that is assigned specifically to him or her.
Paul Lisiak, managing partner of Metropolitan Equity Partners stated, “Metropolitan believes that the future of small business lending is being built by Bizfi. Their aggregation and direct lending marketplace is disrupting the fast growing FinTech industry. Our new investment is the result of the impressive performance we have directly experienced as a lender and participant in the company’s financing products over the past three years. In the rapidly evolving FinTech space, Bizfi’s management team has elegantly expanded their product offerings to create a platform that holistically meets the dynamic funding needs of small businesses. We look forward to being a part of Bizfi as they further solidify their position as a leader in the financial technology space.”
Metropolitan has been an active investor in the alternative lending and FinTech space with over $100 million committed in 2015 including investments in JH Capital Group, Debt Away, New Credit America and PledgeCap.
Mr. Sheinbaum concluded, “Bizfi has seen radical growth over the last 18 months. Not only have we developed one of the most robust FinTech platforms for the small business lending space, but we have cultivated significant deals with third party companies that service small businesses. These companies will utilize white label versions of Bizfi’s platform to offer financing to their clients. Now, with the Metropolitan financing supporting our growth, we can continue to expand our products, increase our market share and provide solutions to the critical financing needs of the companies that fuel our economy.”
About Bizfi
Bizfi, is the premier FinTech company combining aggregation, funding and a participation marketplace on a single platform for small businesses. Founded in 2005, Bizfi and its family of companies have provided more than $1.3 billion in financing to over 26,000 small businesses in a wide variety of industries across the United States.
Bizfi’s connected marketplace instantly provides multiple funding options to businesses from more than 45 funding partners and real-time pre-approvals. Bizfi’s funding options include short-term financing, medical financing, lines of credit, equipment financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. The Bizfi API provides a turnkey white label or co-branded solution that easily allows strategic partners to access the Bizfi engine and present their clients with financial offers from Bizfi lenders all while maintaining their customer’s user experience. A process that once took hours, now takes minutes.
About Metropolitan Equity Partners
Metropolitan Equity Partners Management, LLC is an alternative investment manager that provides expansion capital to growing private companies via collateralized loan structures. Metropolitan was founded by Paul Lisiak who has 20 years of experience investing in private U.S companies through both debt and equity. Metropolitan traces its roots to a successful equity strategy managed by the current Metropolitan Principals which was backed by the Man Group plc. Since 2008, Metropolitan has committed over $300MM in collateralized debt investments through call funds, blind pools and institutional managed accounts. Metropolitan is based in New York City.
Contacts
KCSA Strategic Communications
Abbie Sheridan, 212-896-1207
asheridan@kcsa.com
or
Kenneth Cousins, 212-896-1254
kcousins@kcsa.com
or
Bizfi Sales:
855-462-4934
bizfisales@bizfi.com
or
Bizfi Marketing:
212-545-3182
marketing@bizfi.com
Small Business Finance Association Accelerates Repositioning With Hiring of New Executive Director
December 14, 2015WASHINGTON–(BUSINESS WIRE)–The Small Business Finance Association (SFBA) announced today the hiring of Stephen Denis as its executive director. Denis was formerly the Deputy Staff Director of the House Committee on Small Business and brings over 12 years of public policy experience to the SBFA.
“The innovative companies that are disrupting the way small businesses access capital are creating opportunities for economic growth,” said Denis. “Traditional finance is changing out of necessity for small businesses and SBFA’s mission is to be the voice of the alternative financing industry for small businesses and establishing industry best practices and education.”
The Small Business Finance Association represents companies that offer alternative financing options to small businesses and provides guidance through establishing industry best practices, education and risk monitoring tools. The alternative finance industry has experienced dramatic change and explosive growth in recent years, prompting the need for a strong presence in Washington to protect a vital lending resource for small businesses.
“We felt it was time to bring on an experienced Capitol Hill veteran to make SBFA the leading voice for alternative small business finance in Washington,” said incoming President of SBFA and Chief Executive Officer of Capify, David Goldin. “It is time to come together as an industry to ensure we have a strong and unified voice on behalf of the small businesses we serve.”
“It’s no secret that access to capital is a top challenge for small businesses. SBFA is working to ensure that there are options available to these businesses that contribute to the vibrancy and health of the American economy,” said Vice-President of SBFA and Chairman of Rapid Advance, Jeremy Brown.
The Small Business Finance Association (SBFA) is a not-for-profit 501(c)(6) trade association representing organizations that provide alternative financing solutions to small businesses. SBFA (formerly known as NAMAA) provides guidance and helps to influence and shape the small business alternative financing industry through leadership, education and risk monitoring tools. For more information, visit http://www.sbfassociation.org
Contacts
Small Business Finance Association
Steve Denis, 202-213-9506
sdenis@sbfassociation.org
Credibly and BodeTree Announce Strategic Partnership
October 27, 2015Today, Credibly, an emerging Fintech platform that provides a broad range of tailored capital solutions to satisfy the entire SMB credit spectrum, announced a partnership with BodeTree, a leading cloud platform that provides small businesses with real-time access to all of their financial accounts and cash flow trends in one place.
The partnership provides BodeTree’s customers with streamlined access to Credibly’s full suite of business capital solutions. The collaboration will also allow Credibly to further optimize their service offerings, which provide customized funding and financial management options that best fit a small business’s unique needs.
“At Credibly, we believe all businesses deserve the right to access capital, and our partnership with BodeTree makes good on the mission of providing that access to as many entrepreneurs as possible,” said Glenn Goldman, CEO of Credibly. “The insights garnered from the BodeTree platform, coupled with access to funding through Credibly, will help BodeTree’s customers achieve their growth goals.”
To date, Credibly has provided over $200 million of funding to more than 4,500 businesses in over 300 industries. In Q3 2015 alone, Credibly provided small businesses with access to over $26 million, and in the last year, the company has grown revenue 100%, opened new offices in three states, and doubled the number of its employees to 120.
“The integration of BodeTree’s financial tools and Credibly’s efficient and equitable lending process equips even more small businesses with the resources and capital they need to thrive,” said BodeTree CEO Chris Myers. “The spirit of our partnership, and the shared vision of both companies, is truly about helping small businesses.”
BodeTree was developed to fill the gap in business intelligence and financial resources available to small businesses and startups. The company’s intuitive financial management system aggregates and organizes financial information, giving businesses a clear and actionable picture of business health, cash flow, valuation and options for capital.
For information on BodeTree, visit www.bodetree.com, and learn more about the Credibly Partner Program at partners.credibly.com.
About Credibly
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 all small businesses. Founded in 2010, with offices in New York, Michigan, Arizona, and Massachusetts, Credibly is dedicated to creating a superior lending experience that meets the needs of all small businesses, regardless of product need or credit profile. To learn more, visit www.credibly.com.
About BodeTree
Founded in 2010, BodeTree is an online financial management platform for small businesses, and an alternative to costly accounting services and complex bookkeeping applications. The BodeTree app securely imports data from bank records to automatically generate financial reports, forecasts, and benchmark analyses so owners can confidently take steps to bring their businesses to the next level. For more information, visit www.bodetree.com.
Contacts
Bliss Integrated Communication
Reed Handley, 212-840-0088
reed@blissintegrated.com
LeaseQ Partners with Fund Simple to Offer Customized Equipment Financing to Small Business Owners
October 16, 2015
LeaseQ, an online marketplace connecting businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy, today announced a partnership with alternative lending platform Fund Simple, Inc., a trusted and reliable source for small and medium-size businesses to obtain loans for expansion and growth. The strategic pairing of LeaseQ’s automated equipment financing platform and Fund Simple’s diverse customer base ensures that more borrowers, regardless of equipment type or credit profile, can shop for and secure the best financing option for their business.
Investment in business equipment and software is expected to grow 4.1 percent in 2015, according to a Q4 market report from the Equipment Leasing & Finance Foundation (ELFF). In fact, the equipment financing industry is growing consistently year over year, with new deal originations expected to top $1 trillion in 2015. With a cloud-based, automated platform and instant quotes, LeaseQ is capitalizing on the growth of the market, connecting lenders and equipment sellers in over 30 vertical equipment markets with small business borrowers in all credit classes looking to expand, while preserving cash flow.
“Equipment financing is a highly-fractured industry, and we pride ourselves in being experts who help borrowers, lenders and vendors navigate the messiness,” said Vernon Tirey, LeaseQ co-founder and CEO. “Our partnership with Fund Simple underscores our focus on professionalism, and allows us to reach more borrowers, with more financing options both online and on the dealer floor.”
Douglas Rovello, Fund Simple’s chief financial officer, said as Fund Simple’s equipment financing arm, LeaseQ has the ability to deliver a customized platform for their clients.
“LeaseQ’s automation in equipment financing gives us a level of diversity and transparency we can offer our end-merchant and vendor clients,” Rovello said. “The partnership benefits all parties involved, because we’re now offering a product and a program on a customized platform that no one else out there is offering.”
LeaseQ significantly lowers the cost of sales by delivering highly qualified lease applications to financing companies. A free underwriting engine, real-time-credit processing capability and BPO management system enables leasing companies to create an Nth number of risk tiers with variable lease pricing for each vertical market segment, generate instant lease quotes, and manage the lease application and lease closing process all online.
About LeaseQ
LeaseQ is an online marketplace that connects 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. For more information about LeaseQ visit www.leaseq.com.
About Fund Simple, Inc.
Fund Simple is an alternative lender that funds and tailors loans for small to medium-size businesses to provide borrowers with capital for expansion and growth. Unlike traditional bank loans, Fund Simple programs offer alternatives to cash flow financing, including term loans, debt consolidation loans, lines of credit and instant quotes for equipment financing. Fund Simple aims to accelerate the vision of entrepreneurs and business leaders who are looking to become proficient in all aspects of their business and need a partner for growth. For more information about Fund Simple, Inc. visit www.fundsimple.org.
Media Contact:
Matter Communications
McKenzie Mayer
978.518.4822
LeaseQ@matternow.com
Palladium Equity Partners Announces Investment in Fora Financial, a Provider of Working Capital Financing to Small- and Medium-Sized Businesses
October 14, 2015
Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with over $2.0 billion in assets under management, today announced that one of its affiliates has made a significant investment in partnership with the co-founders and management of Fora Financial LLC (together with its affiliates, “Fora Financial” or the “Company”), a technology-enabled provider of financing to small- and medium-sized businesses nationwide.
Founded in 2008, Fora Financial offers loans and merchant cash advances of between $5,000 and $500,000 to small businesses throughout the country. Since inception, the Company has provided total funding of nearly $400 million to more than 8,000 businesses. It has experienced rapid growth and recently was ranked among the fastest-growing companies in America in the Inc. 5000 list. Fora Financial recently expanded its New York City offices to accommodate its growing roster of over 100 employees as it bolsters key capabilities in analytics and technology and aims to continue to execute on its strategy of delivering capital in a timely and cost effective way.
Fora Financial will continue to be led by its two founders, CEO Jared Feldman and President Dan Smith.
“We believe Fora Financial has developed a highly attractive credit offering and technology platform that have made it a valued provider of financing to thousands of small businesses seeking capital,” said Justin Green, a Principal of Palladium. “My partners and I look forward to supporting Jared, Dan and the Fora Financial management team to continue the strong growth trajectory of the Company, including through new partnerships, expanded product offerings and increased lending capabilities.”
Feldman said, “We are excited to partner with Palladium, a firm with extensive financial services expertise and many years of experience supporting founder-owned businesses.”
Smith added, “With this partnership in place, we are well-capitalized to continue offering the small business community the custom, innovative funding solutions that have enabled us to build this Company into a market leader.”
Terms of the investment were not disclosed. Fora Financial was advised by Raymond James & Associates.
About Fora Financial
Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. The Manhattan-based company places a high value on trust and transparency and provides businesses with quick, customized financial solutions utilizing its state-of-the-art technology platforms. Founded in June 2008, Fora Financial has more than 100 employees who have provided nearly $400 million to over 8,000 customers. For additional information, please visit www.forafinancial.com, call (855) 515-2413 or follow Fora Financial on Facebook at facebook.com/Fora.Financial.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with over $2.0 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.5 billion of capital in more than 25 platform investments and over 50 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.
For media inquiries, please contact:
Todd Fogarty or Peter Hill of Kekst and Company
212-521-4800
todd-fogarty@kekst.com or peter-hill@kekst.com
PSC Board of Directors Appoints New CEO
September 29, 2015
PSC, a technology leader in providing front, middle and back office software platforms for the Merchant Cash Advance Industry, announced today that their Board of Directors has appointed H. Russell Heiser Jr. to the position of CEO. Mr. Heiser has extensive experience advising family offices in venture and private equity investments in companies across a variety of sectors. In many cases, he ended up in operational roles within these companies. In addition, Mr. Heiser was an investment banker at both UBS Investment Bank and Bear Stearns after receiving his MBA from Columbia Business School.
In the second quarter of 2015, Mr. Heiser led an investment group that obtained a stake in PSC. In tandem with
the equity investment, PSC received a significant debt commitment to provide funding to the MCA companies
utilizing the PSC platform.
“The PSC platform, with its seamless deal management software and in-depth reporting, was already an effective vehicle for our members to launch and grow a Merchant Cash Advance business,” Heiser said. “By layering in additional functionality and access to growth capital for its members, the PSC platform provides even more value to its members.”
“PSC conducted an exhaustive search to find the right individual to deliver our new products and manage our growth,” PSC’s Vice President of Operations Andrew Ragavanis stated. “Russ has the full support of the executive management team, as well as, the Board of Directors and I am excited to see PSC continue to grow under his leadership.”
PSC is a full-service solutions provider specializing in the Merchant Cash Advance Industry. The Company provides the support staff and MCA software to facilitate direct funding from start to finish via a secure platform, a syndication platform across its membership, impartial deal provisioning of opportunities directed to the PSC platform and growth financing. Our staff of seasoned professionals has significant experience throughout the alternative financing sector. The Company’s information is available on its website: http://www.pscny.us or through salessupport@pscny.us.
