| October 23, 2026 INDUSTRY UPDATE |
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| THE LEAD STORY |
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| THE LATEST |
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February 25, 2027 - Fontainebleau - early bird pricing now available for a limited time
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Maxim Commercial Capital reported a 44% year-over-year and 33% quarter-over-quarter increase in deals funded in Q3 2026, driven by enhanced automation, streamlined processes, and competitive pricing for non-prime and subprime borrowers. The company continues to support underserved small and mid-sized businesses by providing loans and leases secured by heavy equipment, trucks, trailers, and real estate, while expanding its team and infrastructure to sustain growth.
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Cross River Bank's parent company, CRB Group, Inc., has agreed to acquire fintech firm Accrue, which specializes in branded wallets and customer loyalty technology at the payment layer. This acquisition enhances Cross River's embedded finance capabilities by integrating payments, stored value, and rewards into a unified platform for partners to offer branded financial products directly to customers.
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The company surpassed $3B in originations
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Fintech startup Ramp has raised approximately $1.85 billion in its latest funding round, reaching a pre-money valuation of about $60 billion. The New York-based company, founded in 2019, offers financial products including expense reporting, payments processing, and AI-driven fraud detection, serving around 70,000 businesses with over $1.5 billion in annualized revenue.
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Idea can now fund up to $1M
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In Fiscal Year 2026, M&T Bank ranked No. 1 nationally by number of SBA 7(a) loans and fifth by loan volume, approving 2,975 loans totaling $326.44 million for small businesses. The bank also secured the No. 8 spot as an SBA 504 lender, providing $50.88 million in long-term financing, and achieved No. 1 SBA rankings in 10 districts across the Mid-Atlantic, Northeast, and New England regions.
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Upgrade, Inc. has submitted applications to the Nevada Financial Institutions Division and the FDIC to establish Upgrade Bank, a Nevada-chartered industrial loan bank aimed at expanding its credit product funding options. Virginia Varela has been named CEO of Upgrade Bank, which would operate as a wholly owned, FDIC-insured subsidiary subject to regulatory approval.
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Evan L. Russo, former CEO of Lazard Asset Management and Lazard CFO, has been appointed President of Cross River Bank effective October 1, 2026, to accelerate the company’s growth and global expansion while strengthening its institutional operating model. He will work alongside CEO Gilles Gade to scale Cross River’s technology-driven financial infrastructure platform, positioning the company to capitalize on trends in payments, banking, digital assets, and AI-enabled financial services.
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Via Entrepreneur.com
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Click to watch the 60 second highlight video
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