Newsletter Sent On: 07/30/2019

Chase Ends Partnership With OnDeck, OnDeck Stock Tanks Read more

deBanked CONNECT Toronto Photos
Check Out These 100 photos from the July 25th event in Canada! Read more

Spotlight on deBanked CONNECT Toronto
As the heat of the Toronto sun split the stones outside, the crowd inside the Omni King Edward’s seventeenth-floor Crystal Ballroom mingled and munched as part of deBanked’s most recent CONNECT event.... Read more

Cali's Commercial Finance Disclosure Law is Progressing
Last October, California Governor Jerry Brown signed a new commercial finance disclosure bill into law. The bill, SB 1235, was a major source of debate in 2018 because of its tricky language to pressure factors and merchant cash advance providers into stating an Annual Percentage Rate on contracts with California businesses. The final version of the bill, however, delegated the final disclosure format requirements to the State’s primary financial regulator, the Department of Business Oversight (DBO).

The DBO then issued a public invitation to comment on how that format should work. They got 34 responses. Among them were Affirm, ApplePie Capital, Electronic Transactions Association, Commercial Finance Coalition, Fora Financial, Equipment Leasing and Finance Association, Innovative Lending Platform Association, International Factoring Association, Kapitus, OnDeck, PayPal, Rapid Finance, Small Business Finance Association, and Square Capital.

On Friday, the DBO published a draft of its rules along with a public invitation to comment further. Read more

PayPal Begins Offering Business Loans in Canada
PayPal has extended its popular working capital business loan program to Canada, according to company CEO Dan Schulman. Read more

OnDeck Taps Bank Veteran to Lead ODX Sales and Strategy
Mr. Hayes brings more than thirty years of experience to his new role. He most recently served as Executive Vice President of Small Business for BBVA USA, where he established the organization’s U.S. strategy to serve businesses with less than $10 million in annual revenues. At BBVA USA, Mr. Hayes oversaw product development, digital and sales operations, as well as leading the bank’s nationally recognized Small Business Administration (SBA) lending unit. Read more

Early Bird Ticket Pricing To deBanked CONNECT San Diego Ends Tomorrow
Tomorrow is the last day to take advantage of early bird pricing to deBanked CONNECT San Diego Read more

CAN Capital Hired a New CFO: Here’s His Take On The Company
The last 12 months have seen plenty of developments within the offices of CAN Capital. September witnessed the announcement of a new credit facility of $287 million with Varadero Capital. January brought news of the hiring of a new CEO. And now, completing the hat trick is CAN’s employment of John McNeill as its CFO. Read more

Is the COJ Law in Effect Yet?
The COJ bill passed, but where's the governor's signature?When the legislature passes a bill in New York State, there's a documented procedure on the Senate's website for ho... Read more

Breakout Capital is Back
SecurCapital Corp has acquired the lending business of Breakout Capital Finance. Read more

Online Lenders Beat Credit Unions, Friends, and Family as Primary Source of Credit
7% of small businesses generating less than $5 million/year in revenue relied on online lenders as their primary source of credit in the last quarter, according to the latest Private Capital Access Index published by Pepperdine Graziado Business School. 3% relied on credit unions as their primary source and 6% relied on friends and family. Read more

Ringleader of Fraud Scheme Sentenced to 66 Months
Assistant U.S. Attorneys Wei Xiang, who handled the prosecution of the case, and Mary Clare Kane, who is handling the forfeiture and restitution, stated that Bezrukov, often using the alias "Thomas Paris" of "Corporate Restructure, Inc.," solicited small businesses across the United States that were operating with merchant cash advances to "restructure" their "debt" with him. The defendant fraudulently induced the businesses to stop paying their original obligations, and to pay him instead. In total, Bezrukov defrauded approximately 200 victims out of more than $1,200,000. Read more

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

Amanda Parker’s Ascent To Top FinTech Recognition
Among those who Parker shares the honor with are executives from Mastercard, Google, RBC, and Scotiabank. Covering a wide range of the industry, it appears that Parker is in good company, and she herself says that it’s dizzying seeing her name among those of women whose work she has admired for years. Read more

deBanked CONNECT returns to San Diego on Oct 24, 2019

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