Newsletter Sent On: 05/08/2018

OnDeck Funded $591M to Small Businesses in Q1 Read more

Hearing on Commercial Financing Disclosures Being Held Today in California State Senate
The Senate Judiciary Committee for the State of California will convene for a hearing on the commercial financing disclosures bill at 1:30 PST. This hearing is a follow up to the one held on April 19th. Read more

NY Bill Proposes New Lending License
New York Senate Bill 8340, which was referred to the Senate Committee on Banks, would require companies to obtain approval from the N.Y. Department of Financial Services to Read more

Judge Grants Restraining Order Against Deceptive Funding Company
JTT Funding, the company previously accused of having forged a Confession of Judgment, stands accused now of stealing the identity of a rival funding company Read more

Square Funded $339M to SMBs in Q1
Square’s small business funding arm, Square Capital, made over 50,000 business loans for a total of $339 million in Q1, according to the company’s latest earnings report. That figure is a 35% increase year-over-year and puts them on pace to break last year’s $1.177B total Read more

Shopify Capital Issued $60.4M in Merchant Cash Advances in Q1
Shopify Capital, Shopify’s small business funding arm, issued $60.4 million in merchant cash advances in Q1, according to the company’s earnings report, an increase of more than 300% year-over-year. The company has advanced $230 million to merchants since April 2016. Read more

BlueVine Announces $200 Million Credit Facility
BlueVine announced that it has secured a $200 million asset-backed revolving credit facility with Credit Suisse. This will be used to expand its business line of credit product and the company’s customers will now be eligible for a credit line of up to $250,000. Read more

Better Mortgage Hires Former OnDeck CFO
Better Mortgage, a digital mortgage company working to improve access to home financing through transparency, honest guidance and zero commissions, announced that it has hired Howard Katzenberg as Chief Financial Officer Read more

SmartBiz Loans Adds Seacoast Bank to Technology Ecosystem
SmartBiz Loans’ strategic bank partnerships create a one-of-a-kind marketplace that benefits both applicants and banks Read more

NY Attorney General Resigns After Story
New Yorker story accusing Schneiderman of assault has caused him to resign Read more

Newtek Funds $91 Million in 7(a) loans in Q1
This is an increase of 16.2 percent year-over-year from $78.6 million funded in SBA 7(a) loans in the three months ending March 31, 2017 Read more

Class Action Lawsuit Filed Against Ripple
The 32-page complaint brought by XRP investor Ryan Coffey, says the defendants, who include Ripple CEO Brad Garlinghouse, engaged in the sale of unregistered securities, highlighting that they earned over $342.8 million through XRP sales in the last year alone, securities that were created out of thin air. Read more

Get Certified in MCA Basics
Make sure you know how MCAs really work before you sell them Read more

New Crop of Fintech IPOs Face Skepticism
Via Bloomberg: While there’s no shortage of financial technology startups, few have been brave enough to enter the public market here in the U.S. That’s likely to change in the next 12 to 18 months Read more

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