Newsletter Sent On: 01/17/2019

Why Strategic Funding Rebranded as Kapitus Read more

Coming Soon: The End of Confession of Judgments (COJs) in New York
New York State plans to outlaw the use of Confession of Judgments (COJs) in small business loan contracts this year, according to details revealed in Governor Andrew Cuomo’s newly published Justice Agenda. Read more

Capify Secures Massive Credit Facility from Goldman Sachs
Capify, which serves the UK and Australia markets, announced that it has secured a £75 million (roughly $95 million) credit facility from Goldman Sachs. Read more Surpasses 20,000 Records Heading into 2019, an online underwriting database for the alternative financing industry, announced that they have surpassed over 20,000 records in their database. DataMerch has been servicing funders in the alternative financing field since 2015 and has been widely adopted as the industry standard for online screening of merchants. Read more

How an SBA Lender is Managing Through the Shutdown
While most SBA loans are funded by banks, a fair amount are also funded by non-bank lenders, like Lendistry, for which 60% of its business came from SBA loans last year. Read more

LendUp Gets a Shake-up
Among other company news, LendUp announced that it has formed a separate company called Mission Lane that will be devoted to scaling its credit card business. LendUp will continue to operate under its name and will focus on personal loans, education and savings opportunities, according to the announcement. Along with the division of LendUp, company co-founder and CEO Sasha Orloff is stepping down and is being replaced by Anu Shultes, the former General Manager of LendUp Loans. Read more

Joust Launches Banking Platform for Entrepreneurs
This week marked the launch of the Joust iOS app, a platform for freelancers and small businesses that provides banking, payments, collections and invoice factoring solutions. The Android App is scheduled for release on February 1, 2019. Read more

Trial of Sergiy Bezrukov Postponed, Again
The trial of debt settlement mastermind Sergiy Bezrukov has been postponed until April 1, 2019, court records indicate. The planned January 14 start date was just the latest in a series of postponements. Bezrukov is charged with conspiracy to defraud, mail fraud, wire fraud, bank fraud, and money laundering. The charges carry a maximum penalty of 30 years in prison and a $1,000,000 fine. Read more

Lendistry Announces Deanna Bassett as Chief Financial Officer
Prior to joining Lendistry, Ms. Bassett was CFO of Dizzion, a VDI company, where she guided the start-up through three capital raises from seed through Series A. She was also an Advisor with Adelphi Capital, a mid-market merchant banking firm specializing in highly regulated industries. Ms. Bassett was Co-Founder and CFO of HealtheCareers, one of the original internet career sites, and led the company from start-up through successful exit to Wargurg Pincus, a $47B private equity company. Read more

Trained at OnDeck, LendingFront Founders Help Banks Lend to Small Businesses
LendingFront announced that it has raised $4 million to help deliver its white label software designed to help banks and other financial institutions lend to small businesses. The company was founded in 2015 by two former OnDeck employees, Jorge Sun and Dario Vergara. Read more

Fintechs Will Continue to Steal the Show in 2019
Via TechCrunch Read more

KeyBank To Acquire Online Lending Business Laurel Road
KeyBank National Association today announced that KeyBank and Laurel Road Bank have entered into a definitive agreement for the acquisition by Key of Laurel Road's digital lending business; Laurel Road's three bank branches located in southeast Connecticut are not part of this transaction. Through the acquisition, Key will enhance its digital capabilities with state-of-the-art, customer-centric technology and will leverage Laurel Road's proven ability to attract and serve professional millennial clients. Read more

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

SBFA Broker Council Announces Board
The Small Business Finance Association (SFBA) announced the SBFA Broker Council Board of Directors. The Council is a newly formed initiative composed of alternative finance brokers who are dedicated to helping small businesses secure fair and responsible capital. The Council is co-chaired by Jared Weitz, founder & CEO of United Capital Source and James Webster, CEO & co-founder of National Business Capital. The new additions to the board include Peter Ribeiro, CEO of US Business Funding; John Celifarco, Managing Partner, Horizon Financial Group; and Stephen Sheinbaum, President and CEO, Circadian Funding. Read more

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