Announcements
Ford Credit and AutoFi Debut Platform for Faster, Smoother, Simpler Digital Vehicle Buying and Financing
January 24, 2017- New platform allows customers to purchase and finance a new vehicle via the dealer website; platform introduced at Ohio dealership and will roll out over time to more U.S. Ford and Lincoln dealerships
- Platform makes it fast and convenient to finance a new Ford or Lincoln at a time when many U.S. adults say they want to spend less time at dealerships, while still going to their dealer to “sign and drive”
- Ford Credit makes equity investment in AutoFi as Ford Credit continues pursuing technology to make the financing experience better
There’s a new way for customers to purchase or finance a new Ford vehicle in minutes – right from a dealership website from anywhere, on any device – through a new platform from Ford Motor Credit Company and financial technology company AutoFi.
In addition, Ford Credit has made an investment in AutoFi as Ford Credit continues pursuing technological advances to make the financing experience better.
“By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler,” said Lee Jelenic, Ford Credit director of mobility. “With its experience in used-vehicle online financing and well-developed platform, AutoFi makes it easier for us to adopt new technology quickly to meet evolving consumer expectations.”
The AutoFi platform can be used now at Ricart Ford in Groveport, Ohio, and will roll out over time to more Ford and Lincoln dealerships across the United States. The introduction comes as 83 percent of Americans say they would like to spend as little time at the dealership as possible when shopping for or buying a car, according to a new survey of more than 1,000 U.S. adults conducted online by Harris Poll on behalf of Ford Motor Company. Many of those same people, however, still want to touch and feel their new vehicle before signing on the dotted line. The new platform provides the best of both worlds.
Through the dealer website, customers have a transparent and seamless purchase and finance experience from anywhere on their mobile phone, tablet or computer. Once the online part of the transaction is complete, all customers need to do is sign the paperwork when they collect their new Ford.
Consumers may shop for a new Ford in the showroom or from anywhere via the Ricart Ford website. After selecting a vehicle, they can apply for credit and receive a decision, choose the financing terms that make sense for them, and then review and select optional vehicle protection products – completely online on their own time. Customers then can review a final summary of the financing terms and schedule time to complete the transaction and pick up the vehicle.
“AutoFi’s platform will help cut the time people spend arranging financing and improve the experience dealerships can deliver for their customers, no matter where they are in the car-buying journey,” said Kevin Singerman, CEO of San Francisco-based AutoFi. “We think this will be a game changer for both consumers and dealers, and we are thrilled to work with Ford Credit to make this happen.”
“Technology is transforming just about every type of financed consumer purchase, and this new digital capability will help make that change for automotive purchases and deliver great experiences,” said Rick Ricart, Sales and Marketing vice president at Ricart Ford. “We are excited to be the first Ford dealership in the pilot.”
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About Ford Motor Credit Company
Ford Motor Credit Company is a leading automotive financial services company. It provides dealer and customer financing to support the sale of Ford Motor Company products around the world, including through Lincoln Automotive Financial Services in the United States, Canada and China. Ford Credit is a subsidiary of Ford established in 1959. For more information, visit www.fordcredit.com or www.lincolnafs.com.
About AutoFi
AutoFi is a technology company transforming the way cars are bought and sold. The company’s platform allows auto dealers to sell vehicles completely online by connecting buyers with lenders in a fast, easy and transparent process. AutoFi’s team includes industry leaders from enterprise software, finance, automobile and consumer sectors who previously worked at companies including Lending Club, PayPal, and SunGard. AutoFi’s investors include Ford Motor Credit Company, Crosslink Capital, Lerer Hippeau Ventures, Laconia Capital Group, Basset Investment Group, Eniac Ventures, 500 Startups and Silicon Valley Bank. For more information, visit www.autofi.com.
About the Survey
This study was conducted online within the United States by Harris Poll on behalf of Ford Motor Company between November 28 and December 5, 2016, among a nationally representative sample of 1,217 adults ages 18 years and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
Contacts
Ford Credit
Margaret Mellott
313.322.5393
mmellott@ford.com
or
AutoFi
Justin Hamilton
202.630.5426
Media@autofi.com
Fifth Third Partners with QED Investors to Advance Fintech Strategy
January 20, 2017
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (Nasdaq: FITB) today announced an innovative partnership between Fifth Third Capital Holdings, LLC and leading financial technology (fintech) venture capital firm QED Investors. Under the exclusive partnership, QED Investors will advise on the continued development of Fifth Third’s strategy to leverage fintech innovation to bring new products and services to bank customers while promoting the growth of fintech companies in the U.S.
“There is an unprecedented amount of innovation emerging in all parts of the financial services ecosystem,” said Tim Spence, executive vice president and chief strategy officer for Fifth Third Bancorp. “Our partnership with QED should enable us to identify new, high-potential technologies to complement our internal R&D and innovation efforts.”
This partnership, in addition to prior fintech company investments such as GreenSky, Transactis and AvidXchange, supports Fifth Third’s NorthStar strategy of enhancing its products and serving its customers more effectively through technology. By delivering products and services that its customers can count on, Fifth Third can better help those customers achieve their financial goals.
“We are incredibly excited about partnering with Fifth Third, a bank that is at the vanguard of change in the fintech space,” said Frank Rotman, Co-Founder and Partner at QED Investors. “Fifth Third is a natural partner for QED, one that embraces innovation and shares many of our views about what the future will look like in the space. We are thrilled for what this unique partnership means for the future of fintech and financial services at large.”
Fifth Third Capital and QED Investors led ApplePie Capital’s Series B capital raise in the fourth quarter of 2016. Fifth Third Capital and QED are also investors in GreenSky and AvidXchange. Fifth Third Capital continues to seek strategic investments in Fintech companies in the US market.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of Sept. 30, 2016, the Company had $143 billion in assets and operated 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,497 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third also has an 17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2016, had $314 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
About Fifth Third Capital
Fifth Third Capital Holdings, LLC is a subsidiary of Fifth Third Bancorp. Fifth Third Capital seeks to invest in strategically relevant companies that support innovation across Fifth Third’s lines of business, bringing new solutions to bank customers and creating value for shareholders. Established in 2010, Fifth Third Capital has made numerous equity investments spanning the full company life cycle, from early to mature stage.
About QED Investors
QED Investors is a leading boutique venture capital firm based in Alexandria, VA. QED was co-founded by Nigel Morris, who also co-founded Capital One. They are focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their partners’ and principals’ decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include Credit Karma, SoFi, Avant, Remitly, Fundera and LendUp. For more information, please visit www.qedinvestors.com.
Contacts
QED
Frank Rotman, 804-445-2232
or
Fifth Third
Sean Parker (Media), 513-534-6791
Sean.parker2@53.com
or
Sameer Gokhale (Investors), 513-534-2219
New Industry Group Established to Support Consumers’ Right to Access their Financial Data
January 19, 2017The Consumer Financial Data Rights (CFDR) group defends consumers’ access to their data and fuels new innovation in fintech
REDWOOD CITY, Calif., Jan. 19, 2017 /PRNewswire/ — The Consumer Financial Data Rights (CFDR), a new industry group formed by some of the most recognized companies in the financial sector, officially launched today in support of the consumers’ right to innovative products and services that improve their financial well-being and are powered by unfettered access to their financial data. As fintech companies increasingly collaborate with banks around the world to provide innovative solutions through open application program interfaces (APIs), this right ensures a consumer can continue to give permission to third party companies to use that individual’s data for managing their personal finances, obtaining loans, making payments, and providing investment advice in addition to many other applications.
The CFDR brings together organizations from across the fintech ecosystem and includes some of the most influential and innovative companies in the financial sector, including the following founding members: Affirm, Betterment, Digit, Envestnet | Yodlee, Kabbage, Personal Capital, Ripple, and Varo Money among many other companies.
Section 1033 of Dodd-Frank codified the consumers’ right to access their personal financial data through technology-powered third party platforms. Together with promoting consumer choice and access to these consumer-first financial health tools, the CFDR is also committed to improving dialogue throughout the financial industry, actively engaging the government and working with banks, fintech innovators, and third party platforms. The CFDR aims to be a resource for policymakers, including the Consumer Financial Protection Bureau, as they determine how to best assist consumers in leveraging their own financial data.
“Each consumer’s right to their own financial data is vital in helping to understand their finances and make the best saving and spending decisions,” said Max Levchin, Founder and CEO of Affirm. “As a company we’re committed to helping customers make the best financial decisions and improve their financial lives through technology and improved flexibility, and having a complete picture of a customer’s financial picture is essential to achieving this. As a founding member of the CFDR, we’re committed to ensuring that all consumers have access to data which makes their financial lives better.”
“Consumers and small business owners need to be able to view their entire financial picture to make decisions that are truly in their best interests,” said Rob Frohwein, Co-Founder of Kabbage. “The ability to freely access financial data empowers customers to take actions to improve their financial lives, whether it’s accessing capital to grow a business or better understanding their income streams. Access to financial data is not just vital for customers wanting to enjoy financial health, but it also allows companies to provide better user experiences. Kabbage is thrilled to join other companies also committed to democratizing access to financial data.”
CFDR’s first action will be the submission of a joint comment letter in response to an advanced notice of proposed rulemaking on Enhanced Cyber Risk Management Standards issued by the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation. The submission will encourage the regulators to establish a risk hierarchy with regard to cybersecurity risk in the fintech industry and will note the importance of continuing to allow consumers to access secure tools that enable their financial well-being.
“Consumers have the right to access financial solutions that allow them to improve their financial well-being,” said Anil Arora, CEO of Envestnet | Yodlee. “The CFDR is committed to initiatives that enable fintech innovation in the United States, much of which has transpired globally including recent open API initiatives in Europe, the Open Banking standard in the UK, and the commitment by the Monetary Authority of Singapore to create an open API economy and promote the secure use of cloud environments. The consumers’ right to unfettered access to their financial data will help enable the continued growth of innovative financial technologies and ultimately help consumers improve their financial health.”
About Consumer Financial Data Rights (CFDR)
The Consumer Financial Data Rights (CFDR) is a new industry group formed by some of the most recognized companies in the financial sector, launched to support the consumers’ right to unfettered access to their financial data. Open data acess is critical to enabling innovative tools that can help consumers improve their financial lives. CFDR members seek to: drive financial innovation in a collaborative ecosystem by bridging the needs of consumers, banks, fintech innovators, and regulators; partner with banks to support unfettered access to consumer and small business data through a secure and open financial system; and promote consumer rights to access and share their financial data with third party companies that provide tools to enable better financial outcomes.
SOURCE Envestnet | Yodlee
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
