Announcements
BFS Capital Has Filed IPO Docs With the SEC
September 25, 2015
CORAL SPRINGS, Fla.–(BUSINESS WIRE)–BFS Capital Inc., formerly known as Business Financial Services, Inc., today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be sold and the price range for the proposed offering have not yet been determined.
The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Contacts
BFS Capital Inc.
Todd Zarin, 954-509-5381
Business Financial Services Rebrands as BFS Capital
September 21, 2015
CORAL SPRINGS, FL, September 21, 2015 – Business Financial Services, Inc., a leading technology-enabled small business financing platform, announced today that it has rebranded as BFS Capital and launched a new website, www.bfscapital.com. As part of this rebranding, the company has also unified its North American business affiliates.
A champion of small business, BFS Capital provides flexible, timely solutions for customers without access to traditional financing. The new BFS brand conveys a sustained commitment to empowering the growth and success of these businesses. Today, BFS Capital offers loans and merchant cash advances – up to $2 million – to small businesses across 400 industries in all 50 states, the United Kingdom and Canada through its extensive network of independent sales organizations, as well as its direct sales and online channels.
The rebranding reflects the company’s deep experience serving the diverse financing needs of small businesses, its commitment to innovative products and technology, and its expanded market opportunities. “As we have grown and acquired new partners over the years, we saw the need to unify our businesses under a single brand representative of our rich history and bright future,” said Marc Glazer, CEO and co-founder.
BFS’s affiliates, Entrust Merchant Solutions, GBR Funding and Premium Capital Group, are also known as BFS Capital, which now has more than 275 employees. The former Entrust team has become the BFS direct sales group, led by Ilya Fridman as Senior Vice President. UK affiliate, Boost Capital, will retain its name.
About BFS Capital
BFS Capital champions the long-term growth and prosperity of small businesses by providing timely, flexible financing solutions. BFS’s leading small business financing platform leverages customized underwriting and proprietary algorithms to fund up to $2 million for businesses in all 50 states and Canada, and through its affiliate, Boost Capital, in the United Kingdom. Since 2002, BFS has provided more than $1 billion in total financing to small businesses across more than 400 industries. Headquartered in South Florida with additional offices in New York, California and Georgia, BFS is an accredited BBB company with an A+ rating. For more information, please visit www.bfscapital.com.
Contact
Abby Trexler, Peppercomm
bfs@peppercomm.com
Fundera Raises $11.5 Million
September 17, 2015
NEW YORK–(BUSINESS WIRE)–Fundera, the online credit marketplace for small businesses, today announced an $11.5 million Series B funding round led by Susquehanna Growth Equity with participation from previous investors including QED Investors, Khosla Ventures and First Round Capital, bringing the company’s total funding to date to $15 million.
Since the most recent financial crisis, small business owners have been underserved by traditional banks with small business loans down from their pre-recession high. As a result, they have been forced to turn to online lenders to find the capital they need to grow. The majority of small business loans originated by online lenders are sourced through predatory offline loan brokers who engage in deceptive practices and take exorbitant fees to market certain lenders over others, driving up the cost of loans to borrowers. This unethical behavior takes advantage of small business owners, often putting them into loans that they do not fully understand or cannot reasonably repay.
America’s small business owners deserve better. Fundera was created to disrupt the loan broker ecosystem and make the process of getting a small business loan as transparent, fair and accountable as possible. Fundera utilizes software to create a seamless common application which enables borrowers to apply to multiple pre-screened lenders in a matter of minutes, clearly presenting funding options while encouraging competition among lenders. Fundera’s customer success team acts as an impartial advocate on behalf of borrowers and the company produces content to educate and allow borrowers to make informed financing decisions. Additionally, this past August, Fundera helped lead the creation of a Small Business Borrowers’ Bill of Rights that brought together a coalition of major industry players with the goal of eliminating predatory lending, and which is quickly becoming the gold standard for fairness in online lending.
Fundera will use this latest round of funding to accelerate its mission of making small business lending more transparent and helping small business owners grow through the responsible use of credit. The company plans to expand its team of dedicated loan specialists and engineers, develop and refine its borrower experience, and continue to build new products that help empower borrowers to choose the best loan for their business.
“Everyday throughout America small businesses which represent the lifeblood of our economy are being taken advantage of by online lenders and brokers,” said Fundera founder and CEO, Jared Hecht. “By creating a transparent marketplace that lays out a small business owners’ loan options and empowers them with tools to choose the best option for their business, Fundera is revolutionizing how small business owners access credit while creating a software solution that is disrupting the loan broker industry.”
Susquehanna Growth Equity shares the company’s passion for empowering consumers and affecting structural changes in the financial space. Scott Feldman, Managing Director at Susquehanna Growth Equity and newly appointed member of Fundera’s Board of Directors, echoes this sentiment: “At Susquehanna, we look for holistic teams that demonstrate true passion for their mission. As early investors in Credit Karma, we understand the Fundera model and have experience in helping companies transform areas of credit and financial services that empower consumers to win.”
Small business credit is one of the few industries where the Internet has had minimal impact when it comes to empowering borrowers and providing them the buying power they need to come out on top, and Fundera is bringing that change to small businesses nation-wide.
Fundera launched in February 2014 and has established itself as the most-trusted online marketplace for small business owners. To date, Fundera has helped secure over $60 million in credit to more than 1,200 small business owners across the country in industries including retail, restaurants, and creative contractors. The company is based in New York City.
About Fundera
Fundera is the most-trusted online marketplace that connects small business owners with the best funding providers for their businesses by working with prescreened lenders to assemble the highest quality funding sources. Fundera was co-founded in 2013 by GroupMe co-founder Jared Hecht and successful software entrepreneur Rohan Deshpande to bring transparency, accountability, and fairness to the online lending industry at large. The company has raised $15 million from Susquehanna Growth Equity, QED Investors, Khosla Ventures, First Round Capital, Lerer Ventures, SV Angel, and angel investors Aaron Levie, Scott Belsky, Strauss Zelnick, Rob Wiesenthal, David Rosenblatt and David Tisch, and is based in New York City. To learn more or get started on a loan application, please visit www.fundera.com.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. Notable prior investments in marketplace companies include CreditKarma (financial management platform with 40 million members), BStock Solutions (overstock inventory liquidation marketplace) and Globaltranz (marketplace for transportation services). To learn more, please visit us at www.sgep.com.
Contacts
Brew Media Relations
Ashley Hopkins, 646-517-7544
fundera@brewpr.com
Alternative Fintech Pioneer Merchant Cash and Capital Transforms into Bizfi
September 15, 2015NEW YORK–(BUSINESS WIRE)–Merchant Cash and Capital, one of the pioneers in the alternative finance space, announced today that MCC has transformed into Bizfi, an online lending and aggregation platform. Due to the success of Bizfi.com, launched earlier this year, Merchant Cash and Capital is completing its operational and brand metamorphosis in a way that better reflects the Company’s commitment to financial technology. The name change is a consideration of the Company’s rapid growth – in the second quarter of 2015 alone, the Company provided $115 million to more than 3,000 small business owners – as well as its online expansion.
Bizfi’s aggregation platform provides small businesses access to products from more than 35 funding partners including OnDeck, Funding Circle, CAN Capital, IMCA, Bluevine, Kabbage, and SBA lender SmartBiz. Bizfi, which is also a direct lender on the platform, can finance a small business owner in as little as 24 hours. It is the only funding platform that allows a business owner to go directly to contract online.
“Since the launch of Bizfi.com, we have received an overwhelming response from both business owners and funding partners,” said Stephen Sheinbaum, Founder of Bizfi. Bizfi and its family of companies over the past two years has doubled originations to fund more than 25,000 small businesses totaling $1.3 billion. Sheinbaum continued, “Bizfi stands at the nexus of alternative finance and financial technology. With Merchant Cash and Capital becoming Bizfi, we will provide fast and unparalleled funding options to businesses across all types of sectors in the United States and internationally.”
With 80 percent of small business owners today turning online to search for financing, and 66 percent making loan applications after traditional banking hours, Bizfi is positioned to be the leader in the future of small business financing. Bizfi offers a range of funding options including short-term funding, medium term-loans, SBA loans, equipment financing, invoice financing, medical financing, lines of credit, and franchise financing.
Mr. Sheinbaum concluded, “The marketplace for business funding has changed dramatically throughout the ten years that we have been in the industry. We are continuing to grow, adapt and combine our deep expertise with cutting-edge technology to meet the needs of small business owners around the country.”
About Bizfi
Bizfi.com is the premier alternative finance company combining both aggregation and funding on one platform with proprietary technology and unmatched customer service. Bizfi’s connected marketplace instantly provides multiple funding options to businesses with a wide variety of funding partners and real-time approvals. Bizfi.com’s funding options include short-term financing, franchise funding, equipment financing and invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. A process that once took hours, now takes minutes.
Formerly Merchant Cash and Capital, Bizfi and its proprietary marketplace and funding technologies have provided more than $1.3 billion in financing to over 25,000 small businesses across the United States since 2005. Businesses across all industries and sectors have received funding through Bizfi, including restaurants, retailers, health service providers, franchises, automotive service shops and many others.
Dealstruck Secures $10 Million Investment From Community Investment Management, Appoints Robert Riedl New Head of Capital Markets
July 27, 2015
CARLSBAD, CA–(Marketwired – Jul 23, 2015) – Dealstruck, the online lender that provides lending solutions for small businesses at every stage of their lifecycle, today announced that it received another $10 million capital investment from Community Investment Management LLC (“CIM”), an investment firm focused on marketplace lending. This investment allows Dealstruck to grow its capital available for lending to small businesses to more than $100 million.
“We’re pleased to be able to add new financing to the marketplace to help support small businesses,” said Ethan Senturia, CEO of Dealstruck. “The growth in alternative lending has breathed new life into so many small businesses, and growing the capital pool means more access and more opportunity. We’re transforming the financial landscape for small businesses.”
“We are excited to partner with Dealstruck as it grows its financing of small businesses with a suite of lending products,” said Jacob Haar, Managing Partner of CIM. “Small businesses deserve the type of transparent and compelling financing options which Dealstruck provides.”
To help expand Dealstruck’s funding capabilities, Dealstruck has appointed Robert Riedl as Head of Capital Markets. With leadership and expertise gained from 25+ years in specialty lending, Riedl will be responsible for pioneering, directing and executing strategies that enable Dealstruck to provide small businesses across the U.S. with the most appropriate and affordable financing solutions.
Prior to joining Dealstruck, Robert Riedl was the COO of a publicly traded specialty finance company, Consumer Portfolio Services, Inc. (“CPS”). Robert joined CPS in 2003 and held a variety of senior positions, including Chief Investment Officer and Chief Financial Officer. Robert started his career as an investment banker for ContiFinancial Services, Jefferies & Company, and PaineWebber. He has also served as a principal at Northwest Capital Appreciation, a middle market private equity firm.
About Dealstruck
The Dealstruck lending marketplace connects profitable, small- and medium-sized businesses (SMBs) with innovative credit solutions. Unlike the one-size-fits-all approach offered to them by banks and the high-cost, short-term credit offered to them by alternative lenders, Dealstruck provides growing SMBs with a suite of products that give them a credible and transparent path to bankable. Dealstruck is the first online lending platform to offer multiple products to SMBs, and the first to allow investors the freedom to choose specific investments. For more information, please visit https://www.dealstruck.com/.
About CIM
Community Investment Management (“CIM”) is an impact investment firm focused on marketplace lending. CIM provides responsible and transparent financing to small businesses in the United States in partnership with a select group of technology-driven lenders. CIM combines experience, innovation, and values to align the interests of small business borrowers and investors. More information is available at http://www.cim-llc.com.
Strategic Funding Source Increases Borrowing Capacity to $90 Million with New Revolving Credit Facility Led by CapitalSource
July 15, 2015
Strategic Funding Source, Inc., a leading provider of direct financing to small and midsize businesses, today announced that it has closed on a $90 million revolving credit facility. Led by CapitalSource, a division of Pacific Western Bank, the loan agreement includes continued participation from East West Bank and the addition of BankUnited to the lending group.
“Gaining access to the capital needed to grow continues to be an issue for many of America’s hard working small business owners and our industry plays a crucial role in addressing that need,” said Andrew Reiser, Chairman and Chief Executive Officer, Strategic Funding Source. “With the support of our outstanding bank partners we have now more than doubled our borrowing capacity. Coupled with the $110 million line of equity financing we secured from Pine Brook in August 2014, we are poised to significantly expand our footprint in the robust and evolving small business lending space.”
Strategic Funding Source provides loans and cash advances to small businesses by combining advanced technology and insight based on years of experience as small business owners and financial industry experts. The company works directly with small business owners to identify their capital requirements and creates flexible, tailored financing options that suit their individual business models.
About Strategic Funding Source, Inc.
Strategic Funding Source finances the future of small businesses utilizing advanced technology and human insight. Established in 2006, the Company is headquartered in New York City and maintains regional offices in Virginia, Washington state, and Florida. Strategic Funding Source has served thousands of small business clients across the U.S. and Australia. Visit www.sfscapital.com to learn more about the Company, its financing products and partnership opportunities.
CAN Capital Hits $5 Billion Milestone
May 7, 2015NEW YORK, NY, May 7, 2015 – CAN Capital, Inc., market share leader in the alternative small business finance space today announced that it has provided small businesses with access to more than $5.0 billion of working capital, more than any other company in the space. During its 17 years in business, CAN Capital has leveraged its proprietary data-driven models, technology and customer-focused delivery to cement its position as the largest and most experienced alternative finance company serving small businesses.
To date, CAN Capital has facilitated over 156,000 small business fundings in more than 540 unique industries. CAN Capital’s customer base continues to expand and its digital business grew 600 percent in 2014.
“Reaching this milestone underscores how CAN Capital’s innovative technologies have helped small business owners access much needed capital to grow their businesses,” says Daniel DeMeo, Chief Executive Officer, CAN Capital. “Small business owners have an appetite for investing in inventory, marketing and technology. We facilitate fast approvals and fundings so business owners can spend time focusing on these goals and running their businesses – instead of searching for capital.”
In April 2015, CAN Capital broke records by securing a $650MM credit facility from a dozen leading lenders including two of the three largest US banks – Wells Fargo and JP Morgan Chase – as well as two large international banks – UBS and Barclays. This transaction marks the largest of its kind to ever occur in the alternative finance industry. “Our performance and reputation as the vanguards in the alternative finance space position us for more success, more growth and a greater ability to serve even more small business owners,” says DeMeo.
“Small businesses are an incredibly important part of the American economy. We’re proud we’ve been able to support them over the past 17 years, and look forward to continuing to do so with new products that will help drive future growth for us and our customers.”
Hear the stories behind some of our successful small business customers here: YouTube.com/cancapital1.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to over $5.0 billion in capital for tens of thousands of small businesses in a wide range of locations and different business types. As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). All business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
For more information, please visit: www.cancapital.com. Follow CAN Capital on Twitter and Facebook.
The Business Backer Appoints Simcha Kackley as VP of Marketing
April 21, 2015CINCINNATI, April 21, 2015 — The Business Backer, a leading provider of small business financing solutions, today announced the appointment of Simcha Kackley as the company’s Vice President of Marketing. In her new role, Kackley will be responsible for leading the firm’s marketing and growth strategy. Additionally she will support the execution of all marketing activities including lead generation and penetration of the direct and partnership channels. She will report to Jim Salters, The Business Backer’s CEO and will be based in the firm’s headquarters in Blue Ash.
“As the company continues to experience tremendous growth, Simcha will play an integral role in further defining our brand both internally and externally,” said Salters. “She is a strategic, data-driven and digitally-focused marketer and we’re thrilled to add her expertise to our ever-growing team.”
Kackley has over a decade of diverse marketing experience, most recently serving as Director of Marketing at iSqFt, an online platform that connected contractors with construction jobs across the U.S. Prior to that, she served as the Director of Marketing for the Jewish Federation of Cincinnati. In both roles she demonstrated measurable results in cross-functional strategic planning, branding and lead generation, among others.
“I’m thrilled to be joining a company that is so deeply committed to the success of the small business owner,” said Kackley. “Our focus on True Relationship Financing ensures that the needs of our customers are the driving force for everything we do and I look forward to enhancing our effort to help small businesses get the capital they need to survive and thrive.”
Kackley holds an MBA from the University of Cincinnati and a Bachelor’s degree in marketing from Xavier University. She is active in the local community through philanthropic work with the National MS Society. She founded and hosted Rock ‘n Aspire, an annualCincinnati-based fundraiser created to inspire music lovers to unify in support of the National MS Society, whose mission is to find a cure and address the challenges of everyone affected by MS. She is also the incoming President of the local chapter of the American Marketing Association.
About The Business Backer
The Business Backer, headquartered in Blue Ash, Ohio, provides customized funding solutions and advice for small and medium-sized businesses. The Business Backer’s revolutionary approach to underwriting, combined with a team of expert advisors, has allowed the company to provide more than $250 million in funding for thousands of small businesses across the United States. The Business Backer has received numerous local and national awards for growth, ethics and leadership. Learn more at www.businessbacker.com.
