Lightspeed Commerce: 'MCAs a Super Popular Upsell'
Lightspeed has achieved significant success with its MCA product, growing its balance to over $107M while retaining all receivables in-house and expanding into Switzerland. The company plans to further invest in its MCA business, which has seen a year-over-year revenue growth of 32% and improved underwriting efficiency resulting in a reduced average payback period of seven months. Read more
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Square Loans: Also Repeat Originations Performance Quarter over Quarter | Square Loans reported $1.7 billion in originations for Q3 2025, a marginal increase from the previous quarter despite historical fluctuations. While Square Loans is significant as the largest online small business lender tracked by deBanked, its contribution to Block's earnings discussions is minimal, overshadowed by the focus on payments and Cash App. Read more
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Shopify Capital: Repeat Originations Performance Quarter over Quarter | In Q3, Shopify Capital issued approximately $1 billion in smb funding, maintaining the same level as the previous quarter and bringing the total for 2025's first nine months to $2.8 billion, on track to surpass 2024's total of $3 billion. Additionally, Shopify Capital expanded its operations beyond the US by adding Ireland and Spain to its list of funded countries in the third quarter. Read more
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PayPal: Business Loan and Working Capital Originations of $600M in Q3 | In the third quarter of 2025, PayPal originated approximately $600 million in smb funding, bringing its total receivables purchases to $1.6 billion for the first nine months of the year. The company reported an increase in allowance for credit losses from $113 million to $163 million due to a decline in credit quality, stemming mainly from broader risk parameters adopted in 2024, though recent updates to the credit loss model had no material impact. Read more
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Ocrolus launches Encore: A first-of-its-kind, trusted cash flow data sharing platform for small business funding | Ocrolus has launched Encore, a new double opt-in borrower intelligence sharing platform designed to streamline the funding process for small businesses by enabling faster deal-sharing and cash flow data standardization. This platform addresses inefficiencies and security risks in traditional workflows, ultimately allowing lenders to make quicker, more informed funding decisions and improve access to capital for small businesses. Read more
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Enova: $1.4B in Small Business Loans in Q3 2025 | Enova achieved a new quarterly record for small business loan originations, reaching $1.4 billion in Q3, while successfully maintaining strong profit margins and reducing its net charge-off rate since acquiring OnDeck. The company attributes this success to solid underlying trends in small businesses, with high confidence levels supported by manageable tariffs and strong consumer spending, as highlighted in their recent cash flow trend report. Read more
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OppFi: 'Bitty is a Great Partner' | In Q3, Bitty generated $1.4 million in equity income for OppFi, which owns a 35% stake in Bitty and has praised their partnership and shared values. OppFi reported a strong quarter, outperforming expectations and raising earnings guidance for the third time this year, partly due to Bitty's growth in the small business finance space. Read more
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