Announcements
Everlasting Capital Releases EverHub, a Front-End Online Portal That Delivers Enhanced Online Capability for Partners and Equipment Vendors
January 17, 2017Rochester, NH, January 17, 2017 – a trusted lender of short term working capital, equipment finance & leasing, and consolidations, today announced the general launch of the EverHub front-end solution. Everlasting Capital’s dedicated front-end proposition for Independent Sales Offices and Equipment Vendors provides an improved online service offering for building stronger relationships with our partners and clients.
The solution comprises two distinct portals, Partner Portal & Vendor Portal, each offering a user experience tailored specifically for the intended target product. The Vendor portal is intuitive and delivers convenient, time-saving access to account data, approval, underwriting, and funding information. The Partner portal delivers the same functionality but with a significantly more powerful, task and MI oriented interface for the efficiency and transparency of each file.
Josh Feinberg, Chief Executive Officer at Everlasting Capital, said “The pressure is on to retain and boost assets under management. As such, web-delivered services – which meet partner demand for convenient, time-saving access to client account data – are increasingly important. Whether a Partner or Vendor, EverHub provides the exact data they need whenever they need it, while also offering both the ability to better track applications, underwriting/funding activity, and deliver needed product messages.” He added, “We are seeing a new wave of digitalization within the financial services market and with EverHub we are enabling ISOs, equipment vendors and their personnel to really get ahead of the competition.”
The portals are delivered and deployed as a single application package and introduce significant efficiency savings from close integration with back-office administration systems and analytics. They offer real-time, web and mobile delivered access to key functionality, with simple deployment and light implementation effort. Support for multiple brands enables different, customer propositions to be developed for both ISOs and vendors.
The EverHub solution is data agnostic, using its service oriented architecture to consolidate and present information from multiple systems. Core capabilities include single sign-on, 24×7 availability and reactive design techniques. The solution is backed by a comprehensive and proven service proposition, covering support and maintenance, as well as consulting and development services.
Everlasting Capital’s Chief Executive Officer, Josh Feinberg was quoted in this press release. To ask Everlasting Capital a question regarding the release or to discuss it in more detail, email EverHub@everlastingcapital.com.
Source: Everlasting Capital
WEX and OnDeck Announce Strategic Partnership to Offer Financing to WEX Small Business Customers
January 17, 2017
SOUTH PORTLAND, Maine–(BUSINESS WIRE)–WEX Inc. (NYSE: WEX), a leading provider of corporate and small business payment solutions, and OnDeck® (NYSE: ONDK), a leader in online lending for small business, announced a partnership in which WEX will offer business financing from OnDeck to its small business customers.
WEX is a global, multi-channel provider of corporate payment solutions representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. The company and its subsidiaries employ more than 2,500 associates who provide services in the Americas, Europe, Australia, and Asia.
“Our partnership with OnDeck will be a huge benefit to our small to mid-sized business customers who will now have access to new sources of financing,” said Brian Fournier, vice president, fleet channel partner, WEX. “The strategic partnership will enable these customers to take advantage of OnDeck’s leading portfolio of products and services.”
“OnDeck is 100 percent focused on helping small businesses seize opportunities, such as hiring employees, funding marketing, or buying inventory,” said Jerome Hersey, vice president, OnDeck. “Our partnership with WEX, an innovator in the payments marketplace, will enable us to offer more small businesses an unparalleled set of choices to meet their financing needs.”
For more information about WEX’s small business offerings, please visit: http://www.wexinc.com/fleet/small-business/.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing approximately 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway and Singapore. WEX and its subsidiaries employ more than 2,500 associates. The company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the Company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the Company has deployed over $5 billion to more than 60,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website www.businessloans.com.
OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are trademarks of On Deck Capital, Inc.
Contacts
WEX
Rob Gould, 207-523-7429
robert.gould@wexinc.com
or
OnDeck
Jim Larkin, 203-526-7457
jlarkin@ondeck.com
Marketplace Lending Association Announces 11 New Members
January 12, 2017
WASHINGTON, Jan. 12, 2017 /PRNewswire/ — The Marketplace Lending Association (MLA) today announced the addition of eleven new companies to the Association. The new members join as the MLA works to expand its presence in Washington. The MLA was formed in 2016 by founding members Funding Circle, Lending Club, and Prosper Marketplace with the goal of promoting a transparent, efficient and customer-friendly financial system.
New Members include: Affirm, Upstart, CommonBond, Avant, PeerStreet, Marlette Funding, Sharestates, Able, and StreetShares. New Associate Members of the MLA include dv01 and LendIt.
This expansion represents a new chapter for the MLA, as it extends the group beyond consumer and small business lending to include platforms focused on student loan refinancing and real estate, as well as greater diversity of funding models, including lending platforms that hold loans on balance sheet.
“On behalf of the founding members, I welcome these new members to the Association and I look forward to working with them to advance our mutual public goals both in Washington and in state capitols around the country,” said Nathaniel Hoopes, executive director of the MLA. “As MLA member companies continue to innovate and create new opportunities for borrowers and investors, the MLA will play an important role in sharing data and insights that help educate policy makers on the benefits that these companies bring to consumers, businesses, and our financial system.”
To provide policymakers with a general overview of its 2017 agenda, the Association also today sent letters to the incoming Trump Administration and to the leaders of the 115th Congress.
ABOUT MLA
MLA, a professional trade association, was formed in 2016. The goals of the Association are to promote a transparent, efficient, and customer-friendly financial system by supporting the responsible growth of marketplace lending, fostering innovation in financial technology, and encouraging sound public policy at the state and federal level. To be eligible to join the association MLA companies must abide by the highest standards of business conduct in providing credit and services to consumers and businesses.
For more information about MLA, its members and its membership standards, visit the MLA website at www.marketplacelendingassociation.org.
Media Contacts:
Nathaniel Hoopes – Executive Director
Phone: (202) 660 1825
nat.hoopes@marketplacelendingassociation.org
Strategic Funding Source Integrates U.S. Operations of Capify
January 4, 2017New York, NY – Strategic Funding Source, Inc., today announced that it has entered into an agreement to integrate the United States operations of Capify into its adaptive proprietary operating platform. Both Strategic Funding and Capify have been providing non-bank financing options to small and mid-size businesses for over a decade. This integration enables Strategic Funding to expand its US operations by marketing to and providing capital to existing Capify customers who will, upon renewal of existing merchant cash advances or business loans, become part of the Strategic Funding family of customers.
“We are very pleased to have put together a deal with Strategic Funding that will provide our customers a future source of important capital. As a company that shares our values of providing simple, transparent and responsible access to capital for small and mid-sized businesses, it was a logical transition,” said David Goldin, Founder and CEO of Capify.
As part of the transition, many of Capify’s New York-based employees will become part of the larger and growing family of employees at Strategic Funding. The transition also allows Capify’s existing U.S. clients and partners the opportunity to take advantage of a larger variety of financing options, while still benefitting from the same standards of transparency and integrity that they have come to expect from Capify.
“It is rare that two companies in the same industry can come together and craft a synergistic deal that serves the best interests and strategies of each – but this integration does just that,” stated, Andy Reiser, CEO of Strategic Funding. “We have been friends of David and Capify for many years and have collaborated on and co-invested in the financing of many businesses over the years. We share the same focus on technology and quality underwriting that our customers, partners and the financial industry have come to expect from us. This transaction only strengthens the relationship between the two organizations”
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, we have provided over 35,000 small businesses with the working capital they needed to take advantage of opportunities and grow. To learn more, visit www.sfscapital.com
Bizfi Hits $2B Origination Milestone; Providing Financing to More Than 35,000 U.S. Small Businesses
December 22, 2016
NEW YORK–(BUSINESS WIRE)–Today, Bizfi, the premier fintech company with a platform that combines aggregation, funding and a marketplace on a single platform for small businesses, announced that it has surpassed $2 billion in financing – through both growth and working capital – to more than 35,000 small businesses across America.
The Bizfi.com marketplace was launched in 2015 to provide small business owners with access to multiple financing options from more than 45 lending partners. These financing options include short-term financing, franchise financing, lines of credit, equipment financing, medical financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration.
“Over eleven years ago, when Bizfi became one of the first alternative finance lenders, we understood that if we remained committed to the principle of providing business owners with fast access to smart capital, we could achieve growth while supporting the number one job engine in the economy,” said Stephen Sheinbaum, founder, Bizfi. “During the last decade we have invested in creating the best platform and user experience with the most advanced technology to ensure business owners can access the financing they need. Hitting this milestone reinforces that our business fundamentals are strong and we are providing a much needed service in this growing economy.”
“Every dollar we provide to a small business owner returns multiples of GDP,” said John Donovan, CEO of Bizfi. “Being able to support the small business community is at the heart of our company. We believe there is tremendous opportunity to grow our marketplace offerings. We have funded over 35,000 small businesses and we look forward to greatly expanding that number.”
Donovan continued, “One of the key reasons why I joined Bizfi as its Chief Executive Officer was its growth trajectory. In just two years, the company has gone from supplying $1B to small businesses to $2B. This is a testament to our unique business model of providing both a financial product and a marketplace.”
Built from proprietary technology, Bizfi’s platform uses application program interface (APIs) to leverage a wide variety of sources to quickly offer loans and other financial products to small businesses. The platform is strengthened by strategic relationships with more than 45 funding partners, 15 of which are integrated within the platform, including OnDeck (NASDAQ:ONDK), Funding Circle, Bluevine, and Kabbage. Bizfi is also a direct lender on the platform.
About Bizfi
Bizfi is the premier fintech company combining aggregation, funding and a marketplace on a single platform for small businesses. Founded in 2005, Bizfi and its family of companies have provided $2 billion in financing to more than 35,000 small businesses in a wide variety of industries across the United States.
Bizfi’s connected marketplace instantly provides multiple funding options and real-time pre-approvals to businesses from a wide variety of funding partners. Bizfi’s funding options include short-term financing, franchise financing, lines of credit, equipment financing, medical 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.
Contacts
Media
KCSA Strategic Communications
Kate Tumino, 212-896-1252
ktumino@kcsa.com
or
Bizfi
Sales, 855-462-4934
bizfisales@bizfi.com
or
Bizfi
Marketing, 212-545-3182
marketing@bizfi.com
RapidAdvance’s Mark Cerminaro is deBanked’s November/December Cover
December 14, 2016
It’s been a quick rise for Mark Cerminaro, who won the 2016 Commercial Finance Association’s 40 Under 40 Award and is the Chief Revenue Officer of RapidAdvance based in Bethesda, MD. He is featured in the November/December issue of deBanked magazine that is currently being delivered to subscribers nationwide. If you haven’t already subscribed, you can SIGN UP HERE FREE.
An excerpt from the story:
Early in Cerminaro’s tenure at Morgan Stanley, the company sent him for training with about 300 other new employees at 2 World Trade Center in Manhattan. The date was Sept. 10, 2001. When the trainees reported to the office the next day, they were in a 64th-floor conference room when they heard an explosion and saw shreds of paper floating past the windows. They didn’t realize yet that a terrorist controlled jetliner had hit next door at 1 World Trade Center.
deBanked interviewed Mark and several folks who know him professionally. He joined RapidAdvance in 2007, which gave him a front row seat to the financial crisis that forever shaped the company. “We went from a single-product company, to now being more of a solutions-based company,” he said.
If you want to know how the big players are succeeding, you’ll certainly want to hear what a day in the life of a chief revenue officer is like, and how Mark is making the sales hum at Rapid.
The digital version will be online next week, but you don’t want to miss deBanked magazines in print. Sign up FREE!
Knight Capital Funding Announces New Chief Data Scientist, Alex Kondratyev
December 11, 2016MIAMI, Dec. 9, 2016 /PRNewswire/ — Knight Capital Funding, a financial services company dedicated to delivering working capital to small and medium sized businesses in an efficient and transparent manner, announced the hiring of Alex Kondratyev as its Chief Data Scientist.
Kondratyev had been providing financial consulting to Knight Capital prior to accepting the role of Chief Data Scientist. He will be working out of Knight Capital’s new Silicon Valley office. Prior to joining Knight Capital, Kondratyev worked at Cadence Design Systems, a multinational electronic design automation software and engineering services company, as a senior software Architect. At Cadence he led and managed the scheduling group, which was responsible for a kernel of C-to-Silicon synthesis that involves about 20 man-years of development with more than 100,000 lines of C++ code.
“Alex will be integral to our data modeling in all aspects of our business. His expertise will play a critical role in our underwriting models, giving us the enhanced capabilities to mitigate potential fraud, while also increasing our approval ability to get working capital in the hands of small and medium sized businesses,” said Rich Ferrante, CFO at Knight Capital.
“I was intrigued by the rapid growth and unique technology platform at Knight Capital,” said Kondratyev. “I am very happy to have joined and to be a part of the largest funding and revenue months in the Company’s history, which gives us many data points to enhance the prediction power of our models.”
Kondratyev has been in software design his whole career with a specialization in complex algorithms. He began his career as a professor in Logic Design and Foundations of programming. He then joined Cadence Design Systems where he was a founder of C-to-Silicon synthesis group. Later he moved to Xilinx Inc. and worked as Principal engineer before joining Knight Capital. Kondratyev has a Master’s in Computer Science as well as a Ph.D. in Computer Science from the esteemed Saint Petersburg Electrotechnical University in Russia. He holds seven U.S. patents, more than 50 Russian patents, and is co-author of two monographs on asynchronous synthesis with more than 120 conference and journal publications.
About Knight Capital, LLC
Founded in 2013 and with offices in New York, Silicon Valley, Florida, India and Dominican Republic, Knight is a leading financial technology company that provides customized financing solutions to small and medium size businesses in the United States. Knight leverages its leading technology platform to provide solutions to small and medium sized business owners with greater speed and flexibility than in the marketplace. Visit www.knightcapitalfunding.com to learn more.
SOURCE Knight Capital Funding
OnDeck Announces New $200 Million Revolving Credit Facility with Credit Suisse
December 9, 2016
NEW YORK, Dec. 9, 2016 /PRNewswire/ — OnDeck® (NYSE: ONDK), the leader in online lending for small business, announced today the closing of a $200 million asset-backed revolving debt facility with Credit Suisse.
In addition to its other funding sources, OnDeck may now obtain funding under the new credit facility with Credit Suisse, subject to customary borrowing conditions, by accessing $125 million of committed capacity and an additional $75 million of capacity available at the discretion of the lenders.
“OnDeck has emerged as a leading provider of growth capital to small businesses around the country,” said Jon-Claude Zucconi, Managing Director, Credit Suisse. “The team’s innovative vision and commitment to financing is vital to expansion and growth in the small business community.”
Under the facility, loans will be made to Prime OnDeck Receivable Trust II, LLC, or PORT II, a wholly-owned subsidiary of OnDeck, to finance PORT II’s purchase of small business loans from OnDeck. The revolving pool of small business loans purchased by PORT II serves as collateral under the facility. OnDeck is acting as the servicer for such small business loans. The Class A Loans under the facility were rated by DBRS, Inc.
OnDeck intends to initially use a portion of this facility, together with other available funds, to optionally prepay in full without penalty or premium, the existing $100 million Prime OnDeck Receivable Trust, LLC facility which was scheduled to expire in June 2017. As a result, OnDeck will benefit from obtaining additional funding capacity through December 2018.
“This transaction marks a continuation of our financing strategy to diversify funding sources, extend debt maturities, and create additional funding capacity to pave the way for future loan growth,” said Howard Katzenberg, Chief Financial Officer, OnDeck. “We are pleased to have Credit Suisse, a leading global financial institution, support OnDeck in our mission to power the growth of small business through lending technology and innovation.”
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the company has deployed over $5 billion to more than 60,000 customers in 700 different industries across the United States, Canada, and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website BusinessLoans.com.
For more information, please visit www.ondeck.com.
About Credit Ratings
Credit ratings are opinions of the relevant rating agency. They are not facts and are not opinions of OnDeck. They are not recommendations to purchase, sell or hold any securities and can be changed or withdrawn at any time.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements include statements about the intended use of proceeds from the new facility and expected optional repayment in full of the existing facility, the extension of debt maturities and the availability of additional funding capacity, all of which are dependent upon compliance with the borrowing and other conditions of the new facility, as well as information concerning OnDeck’s business plans and objectives and financing plans including future loan growth. Forward-looking statements can also be identified by words such as “will,” “enables,” “expects”, “may,” “allows,” “continues,” “believes,” “intends,” “anticipates,” “estimates” or similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on OnDeck’s current beliefs, expectations and assumptions regarding the future of its business, anticipated events and trends, the economy and other future conditions. Moreover, OnDeck does not assume responsibility for the accuracy and completeness of forward-looking statements. As such, they are subject to inherent uncertainties, changes in circumstances, known and unknown risks and other factors that are difficult to predict and in many cases outside OnDeck’s control.
As a result, you should not rely on any forward-looking statements. OnDeck’s expected results may not be achieved, and actual results may differ materially from OnDeck’s expectations. Important factors that could cause actual results to differ from OnDeck’s forward-looking statements are the risks that OnDeck may not be able to manage its anticipated or actual growth effectively, that its credit models do not adequately identify potential risks, and other risks, including those under the heading “Risk Factors” in OnDeck’s Annual Report on Form 10-K for the year ended December 31, 2015, Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and in other documents that OnDeck files with the Securities and Exchange Commission, or SEC, from time to time which are available on the SEC website at www.sec.gov. OnDeck undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in OnDeck’s expectations, except as required by law.
OnDeck, the OnDeck logo and OnDeck Score are trademarks of On Deck Capital, Inc.
Logo – http://photos.prnewswire.com/prnh/20150812/257781LOGO
SOURCE On Deck Capital, Inc.
