Newsletter Sent On: 07/26/2023

NMEF Offers to Purchase IOU Financial Read more

New York State Initiative Takes on Fintech Type Pitch
The merchant told you they got a deal that sounds too good to be true. Turns out it is real. Read more

Amex: Organic Growth of Small Businesses Has Slowed
Amex CEO Steve Squeri stated that organic growth has slowed for small businesses, which is an industry phenomenon, and that Amex has made proper adjustments from a risk management perspective. He believes the organic growth will eventually rebound. Read more

Alliance Funding Group Upsizes Corporate Note to $39 Million
Alliance Funding Group has successfully upsized its corporate notes to $39.0 million and has been assigned a BBB rating by a nationally recognized statistical ratings organization. The proceeds from this transaction will be used to finance growth and potential future acquisition opportunities. Read more

Fed Launches FedNow Instant Payment Service
The Govt has rolled out its instant payments system Read more

Congressional Effort Underway to Reinstate the SBLC Moratorium
Some members of Congress do not want the 40 year moratorium on SBLCs to be lifted, citing their mistrust of fintechs Read more

Please Send Four Months Bank Statements
The industry has settled on four months of bank statements as a baseline to understand a business' financial picture, and certain states have set a maximum of twelve months of data for calculating average monthly historical sales. Read more

Summer Dealmaking
The summer of 2023 has seen a flurry of activity in the industry, with notable acquisitions, expansions, and origination milestones being achieved. Read more

New Chief Product Officer at Funding Circle US
Funding Circle announced that Kanthi Muthiah has joined the company as U.S. Chief Product Officer. Read more

Shark Tank Contestant Restrained by Court
Daymond John had a former contestant harassing him for years Read more

Nav Acquires Tillfull
The move follows the acquisition of Nuula Read more

PacWest Saved by Banc of California
PacWest, on its way out, agreed to combine with Banc of California Read more

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