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09/27/2023Meet Credibly Business Banking
08/08/2023Management buyout at Credibly
05/09/2022Credibly secures new $50M credit facility
04/20/2021Credibly announces ABS for $65.7M
10/06/2020Ratings on Credibly's bonds affirmed


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Lorenzo Bowman on the Red Carpet - Credibly


Potential Match Found in deBanked UCC Filer list

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RetailCapital / Credibly 888-664-1444 Death Valley LLC Red River Ridge LLC




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Shopify Capital Seeing “Incredibly Strong Renewals From Previous Borrowers”

February 16, 2023
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Shopify Capital originated $393.2M in MCAs and business loans in Q4, an increase of 21% YoY, the company revealed. The company also began funding small businesses in Australia last year, bringing the total countries it does business in to four.

“[Shopify] Capital has acted as a lifeline for merchants, especially through the pandemic and this tough macro environment, allowing them to conveniently access capital when they need it most,” said Shopify President Harley Finkelstein. “Capital is now available in four countries, and our machine-learning algorithms to underwrite merchants keeps getting better.”

Finkelstein also noted that the company is “seeing incredibly strong renewals from previous borrowers.”

The graphic below, illustrating the cumulative growth of Shopify Capital’s originations, was shown in the company’s Q4 earnings presentation:

Shopify Capital

Credibly is Making Moves

June 14, 2022
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crediblyMichigan-headquartered Credibly has confirmed it acquired ProApprove, a specialty finance company offering home improvement financing solutions. The deal, which it said actually took place in 2021, is now front-and-center because of an agreement Credibly has secured with Castlelake, a global alternative investment firm, for the purchase of up to $350M in home installment contract receivables originated by ProApprove.

“Through conversations with contractors who obtain financing from Credibly, we identified a significant market opportunity in the home improvement space,” said Ryan Rosett, co-founder and co-CEO of Credibly.

“We are pleased to support the expansion of ProApprove’s home improvement financing program at a time when there is increased demand for financing solutions from homeowners across the U.S.,” said, Matt Little, Partner, Global Specialty Finance and Business Development & Capital Markets at Castlelake. “We believe that ProApprove’s parent Credibly has established itself as an experienced commercial lending platform with a keen focus on risk. We believe this transaction provides an opportunity to support a new product for Credibly in a historically underserved consumer market.”

The news follows the announcement that Credibly had secured a $50M credit facility for its core small business lending business. At the time, Credibly CFO Michael Seneski said of it, “The cost savings resulting from the refinance, coupled with the new financing facility, further solidifies our position as a leader in providing capital to SMBs and will be used to accelerate our aggressive growth trajectory.”

Credibly was founded in 2010.

What We Learned About Credibly From Credibly’s Securitization

November 29, 2018
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Today, Credibly CEO Ryan Rosett told deBanked that the company’s October securitization will be used, in part, to roll out its new Market Expansion Product (MXP), which will allow Credibly to service merchants with FICO scores as low as 500 and those that have been in business for less time.

“We believe the MXP will open up the funnel by allowing us to serve business owners that we previously couldn’t,” Rosett said.

Kroll Bond Rating Agency assigned preliminary ratings to three classes of notes as part of Credibly’s first securitization. Rosett said this securitization follows a large warehouse line of credit from SunTrust Bank which is also the primary underwriter, of the securitization.

In addition to the new MXP product, Rosett said that Credibly intends to launch a line of credit product in 2019. Currently, Credibly provides merchant cash advances up to $150,000, business expansion loans up to $250,000, with terms up to 24 months, and working capital loans up to $250,000 with terms up to 17 months. Rosett said that the company’s working capital loan is its most popular product.

In an interview yesterday with Benzinga, Rosett said that he has seen a strong increase in demand for Credibly’s products and that they are currently evaluating over 10,000 applications per month.   

mca vs loans credibly
Source: Kroll Bond Rating Agency

2017 net revenue before provisions: $33 million

2017 earnings: $1.4 million

Total shareholder equity: $18.7 million

Lifetime funding volume: $700+ million

Raw # of fundings: 17,000+

Majority owned by: Flexpoint Ford

# of employees: 140

Notable deal: Acquired the rights to service BizFi’s $250 million MCA portfolio in August 2017

Provides: Small business loans (in 37 states and D.C.) and merchant cash advances

Founded: 2010 by co-CEOs Edan King and Ryan Rosett

Generates deals via: Brokers and inside sales

Credibly Selected to Service Bizfi’s $250M Portfolio

August 30, 2017
Article by:

credibly logo
Troy, MICH. (August 31, 2017) – Credibly, a leading findata small and medium-sized business (SMB) lending platform, announced today that the company is now servicing BizFi’s $250 million portfolio and 5,200 merchants.  Since 2005, BizFi had been a leading capital provider to SMBs and in 2016 was one of nation’s top three largest originators of merchant cash advances.  Numerous SMB direct lenders vied for the BizFi portfolio. Credibly was chosen due to their proprietary data science driven portfolio management strategy.

Credibly also announced that it has crossed the $500 million milestone in capital deployed to tens of thousands of SMBs across the U.S. This is separate from the $250M portfolio the company is now servicing from BizFi.

“Acquiring the servicing rights of BizFi’s portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses,” said Ryan Rosett, Credibly’s Founder and Co-Chief Executive Officer. “We welcome our new customers and are committed to ensuring that their growth capital needs are met.”  

In addition to servicing the BizFi portfolio, Credibly is working with both sales partners and merchants to provide additional working capital to the businesses in BizFi’s portfolio. Credibly’s data science team has the ability to analyze BizFi’s twelve years of data and remittance history, which will allow Credibly to better service both the BizFi and Credibly portfolios. Further, BizFi’s data enhances Credibly’s risk management, scoring models, and portfolio management tools. 

The Small Business Association (SBA) estimates that traditional banks still reject approximately 90 percent of SMB loan applications. Since 2010, Credibly has emerged as a proven platform that leverages data science and analytics to provide SMBs with a simple and intuitive way to access critical working capital.  The company addresses the fundamental capital needs of SMB owners across a broad credit spectrum and through every stage of a business’s life cycle.
 
Main Street SMBs across a wide variety of industries that include restaurants, retail stores, salons, spas, dry cleaners, auto body shops, and doctors’ offices, all rely on Credibly to secure the necessary capital they need to grow.
 
Credibly has achieved widespread industry recognition for its risk management, data technology, and data driven approach. For more information on Credibly, please visit www.credibly.com.
 
About Credibly
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior customer experience that meets the needs of all small businesses, regardless of product need or credit profile.
 
Learn more at www.credibly.com. Follow Credibly @credibly360.

Media Contact:
Tracy Rubin / Olivia Levis
JCUTLER media group
323-969-9904
tracy@jcmg.com / olivia@jcmg.com

Former CFO of Credibly Moves On to Western Funding

August 19, 2017
Article by:

Credibly’s former chief financial officer and product officer, Jim Murray, has moved on to become President of Western Funding, according to LinkedIn. Murray was with Credibly for 5 years, originally starting as the company’s chief operating officer.

Credibly Secures $70 Million Credit Facility Led by Suntrust Bank

February 2, 2016
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NEW YORK—February 2, 2016—Credibly, a tech and data-inspired lending platform that makes access to capital for small businesses simple and intuitive, announces the closing of a $70 million credit facility with SunTrust Bank, one of the nation’s largest financial services firms, and Alostar Bank of Commerce, a specialty provider of asset-based loans. SunTrust served as the structuring and administrative agent, committing $50 million, with Alostar coming in as the first participant with a $20 million commitment. The terms of the deal allow for flexibility to increase the committed amount by another $30 million, bringing the total facility potential to $100 million.

An online lending platform that delivers a broad range of short- and long-term capital to satisfy the entire SMB credit spectrum, Credibly has provided access to capital for more than 4,500 businesses in over 300 industries. In the past year, the company has increased revenue 100%, was recognized by Crain’s as one of the 50 fastest growing companies in New York, and made its second consecutive appearance on the Inc. 500 list of the fastest growing private companies in America.

The new credit facility is consistent with Credibly’s three-prong financing strategy: on-balance sheet, whole loan sales, and securitization. The facility more than doubles Credibly’s onbalance sheet funding capacity, accelerating their ability to provide more small businesses with access to affordable capital, regardless of credit profile or life cycle stage.

“Being vetted and validated by a bank partner of SunTrust’s stature is one of our greatest milestones to date, and provides us with one of the lowest costs of capital in the industry,” said Glenn Goldman, CEO of Credibly. “The continued participation from Alostar – our first credit facility lender going back to 2014 – gives us increased flexibility in our product suite, which in turn provides better terms for borrowers and helps us execute on our core philosophy that all small businesses deserve access to right-sized capital.”

“SunTrust is pleased to work with Credibly to assist them in achieving their mission to fuel American entrepreneurship through access to capital,” said Tarun Mehta, Group Head, Financial Institutions Investment Banking at SunTrust Robinson Humphrey.

“The new SunTrust facility is a validation of the strength of the platform and team that Credibly has built. We remain extremely excited about our partnership with Glenn and his team” said Steve Begleiter, Managing Director at Flexpoint Ford, LLC, a private equity firm that added Credibly to its portfolio in 2014.

About Credibly

Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly is dedicated to creating a superior borrowing experience that meets the needs of all small businesses, regardless of product need or credit profile. All loans obtained through Credibly are made by WebBank, a Utah-chartered industrial bank and member of the FDIC. Learn more at www.credibly.com.

About SunTrust Banks, Inc.

SunTrust Banks, Inc., one of the nation’s largest financial services organizations, is dedicated to Lighting the Way to Financial Well-Being for its clients and communities. Headquartered in Atlanta, the company serves a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2015, SunTrust had total assets of $187 billion and total deposits of $146 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. Learn more at www.suntrust.com.

About AloStar Bank of Commerce

AloStar Bank of Commerce, with $900 million in assets, is a specialty lender with extensive experience in providing Asset Based Loans to middle market companies. In addition, the bank provides value for depositors, small-to-medium-sized companies and community banks across the country through on-line customer service, and unique lending products and services. Learn more at www.alostarbank.com.

Credibly and BodeTree Announce Strategic Partnership

October 27, 2015
Article by:

Today, Credibly, an emerging Fintech platform that provides a broad range of tailored capital solutions to satisfy the entire SMB credit spectrum, announced a partnership with BodeTree, a leading cloud platform that provides small businesses with real-time access to all of their financial accounts and cash flow trends in one place.

The partnership provides BodeTree’s customers with streamlined access to Credibly’s full suite of business capital solutions. The collaboration will also allow Credibly to further optimize their service offerings, which provide customized funding and financial management options that best fit a small business’s unique needs.

“At Credibly, we believe all businesses deserve the right to access capital, and our partnership with BodeTree makes good on the mission of providing that access to as many entrepreneurs as possible,” said Glenn Goldman, CEO of Credibly. “The insights garnered from the BodeTree platform, coupled with access to funding through Credibly, will help BodeTree’s customers achieve their growth goals.”

To date, Credibly has provided over $200 million of funding to more than 4,500 businesses in over 300 industries. In Q3 2015 alone, Credibly provided small businesses with access to over $26 million, and in the last year, the company has grown revenue 100%, opened new offices in three states, and doubled the number of its employees to 120.

“The integration of BodeTree’s financial tools and Credibly’s efficient and equitable lending process equips even more small businesses with the resources and capital they need to thrive,” said BodeTree CEO Chris Myers. “The spirit of our partnership, and the shared vision of both companies, is truly about helping small businesses.”

BodeTree was developed to fill the gap in business intelligence and financial resources available to small businesses and startups. The company’s intuitive financial management system aggregates and organizes financial information, giving businesses a clear and actionable picture of business health, cash flow, valuation and options for capital.

For information on BodeTree, visit www.bodetree.com, and learn more about the Credibly Partner Program at partners.credibly.com.

About Credibly

Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to all small businesses. Founded in 2010, with offices in New York, Michigan, Arizona, and Massachusetts, Credibly is dedicated to creating a superior lending experience that meets the needs of all small businesses, regardless of product need or credit profile. To learn more, visit www.credibly.com.

About BodeTree

Founded in 2010, BodeTree is an online financial management platform for small businesses, and an alternative to costly accounting services and complex bookkeeping applications. The BodeTree app securely imports data from bank records to automatically generate financial reports, forecasts, and benchmark analyses so owners can confidently take steps to bring their businesses to the next level. For more information, visit www.bodetree.com.

Contacts
Bliss Integrated Communication
Reed Handley, 212-840-0088
reed@blissintegrated.com

The Story Behind the Broker Battle Champion

January 26, 2024
Article by:

Anthony Truglia“I think I’m the best because I understand my clients very, very well,” said Anthony Truglia, an Account Manager at CapFront. “I listen to them, I ask the right questions, and I really try to dive very deeply into what it is the problem that they’re facing, and I try to find a solution to it to the best of my abilities.”

Truglia uttered these lines in a calm baritone voice on the red carpet at deBanked CONNECT MIAMI just hours before the inaugural Broker Battle in which he had been accepted as a contestant. The contest was designed to showcase the top brokers taking real but hypothetical questions and applying their knowledge live on stage.

At the time, Truglia had no idea how it was going to be conducted, not to mention that the other highly qualified contestants had also projected equally similar confidence in the likelihoods that they were going to win. It was anyone’s game at that point and the suspense was palpable. There had never been anything like it.

“I’m definitely going to be watching that,” said Manny Yosipov of Advanced Recovery Group during a show floor interview before it took place. “I’ve never seen a broker battle, never heard of a broker battle.”

“Broker Battle is huge because it shows the level that you can reach of talking to these clients, dealing with objections, and just selling in general,” said Joshua Hillian, Creative Director at Advance Funds Network. “I think a lot of people have the wrong idea of sales–but at the end of the day it’s question-based, customer focused, and that’s what it’s about.”

Hillian’s colleague Irving Betesh was slated to go first in the Battle later that evening. Betesh, like others, said that they had been preparing for this day well in advance. There was an overwhelming desire from all of them to showcase not only their technical knowledge but also their friendly diagnostic qualities. This was an educational opportunity for everyone.

broker battleWhen it finally kicked off, Truglia and Betesh squared off against fellow contestants Corey Digi, Stanley Mitchell, Danielle Rivelli, and Mike Brooks.

By the time Truglia went on stage, which was last in the order, the four judges and thousands in the audience had already heard five impressive performances. But Truglia delivered, earning a near perfect score that sent him to the final championship round against experienced veteran Danielle Rivelli. And when that close matchup was completed, he found himself wearing a gold belt and holding a big check that duly crowned him as the Top Broker.

For those that didn’t know him, Anthony Truglia was simply the man that had put on the most impressive performance, an Account Manager at CapFront who won the hearts and minds of his peers. deBanked wanted to know more as he was little known to the editorial team until the day of his victory. It turns out he’s got an interesting story.

Anthony Truglia

Truglia was born and raised in Stamford, Connecticut and got his education at Lawrence University in Appleton, Wisconsin. He interned for a paper company that he said was reminiscent of Dunder Mifflin in the hit sitcom The Office, where he got a taste of doing sales. There, he discovered his own inner drive but paper was not the business he wanted to be in. “I was very young and I’ve always been very ambitious, always trying to accomplish something,” he said. After that he aimed big and actually launched his own coffee business, which ultimately didn’t pan out. Truglia followed that up with real estate, which he enjoyed, until he met someone that changed everything for him, a mentor that was making a name for themselves in the world of small business financing.

Anthony Truglia“See, I know most people when they get into this industry they’re just thrown into the gauntlet, they maybe have a team lead that gives them some supervision and some pointers, maybe you go through like a training for a month with a group of people, but I actually got one on one training with Justin Friedman,” Truglia said. Friedman, as one might already be familiar, is currently the Head of Sales Training & Development for Enova International, the parent company of one of the largest small business lenders in the country. At the corporate level, one could confidently say that he is among the best of the best.

That was in 2018 for Truglia, where that one-on-one training included roleplay rehearsals, ones that eventually resembled the format of the Broker Battle he’d partake in nearly six years later. Truglia’s career has led him to CapFront. He speaks incredibly highly of the company and its CEO Zack Fiddle. If one suspected that Truglia’s time in the business had led him to slow down or retreat to back-office work, they’d be wrong. Truglia says that he’s on the front lines making about 150 customer calls per day on average.

“…my job is to contact [inquiring clients] as soon as possible to get a feel for whether they’re interested, if they’ve already been funded or not, but also just trying to figure out what it is they’re trying to accomplish really, try to gauge their urgency, gauge what their comfortability is, and see if we can find something that they will be comfortable with,” he says. “But also it’s a fine line because people’s aspirations are oftentimes not anywhere close to what they qualify for. And unfortunately, not a lot of people are aware of what lenders look for so that’s where we come into play.”

To get ready every morning to do this job he’s up at 6am and off to the gym before he even has his first cup of coffee. Then it’s game time, a lifestyle he’s accustomed to that doesn’t require anything else to pump him up.

“I’ve just gotten to that point where I’m very confident I know what I’m talking about. I’ve heard every question asked and I just practice it so daily that [outside motivation] is not really needed anymore,” he says.

Truglia is also confident that the type of role he fulfills is here to stay, that even lurking AI technologies are not something to fear.

“I definitely think that AI is not going to take away sales jobs because I’m one of those people that thinks that people enjoy talking to human beings. They don’t like talking to robots,” he says. “I think there’s something about—even if [an AI] sounded good, and you know it’s not really a human deep down, there’s no connection. So there’s no loyalty generated. I think people naturally like to talk to people, they like the personal connections relationship.”

debanked connect miamiBut in real life, one might not be the only person that a potential client is considering and how they make a final decision to move forward could entirely depend on the best vibe that they feel.

“I always tell clients, ‘check out our company, myself on Trustpilot’ and stuff like that, do they always do that? Sometimes, not always. But from a psychological standpoint, I think a lot of times it comes down to how professional you are, how polished, your tone—just the chemistry that you can develop in that first call is what usually decides if this is somebody that you enjoy speaking to.”

This entire thought process ultimately played out on stage where his approach, one which included warmly thanking the judges for their imaginary call and the reaching in for a fist bump to close a deal, wooed the judges in his favor.

“[My team was] all very ecstatic for me,” he says. “And I thank them very much deeply for it. They were certainly rooting for me.”

Watch this short reel of Truglia on Stage



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