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See You in Las Vegas

September 18, 2024

We’ll be in Las Vegas for the inaugural B2B Finance Expo (a AltFinanceDaily / SBFA collaboration). Tickets are just about sold out so if you haven’t bought one already, check the site to see if registration is still active. It will turn off automatically.

Here’s what you need to know:

Sept 22, Wynn, Las Vegas, 7-10pm: B2B Finance Expo Poker Tournament

Anyone can attend to watch and network FREE. Cash bar on site.
Seats to play are limited. Must be done in advance on the registration page. Seats almost sold out. Game is not for cash. $100 entry fee. All entry fees donated to GreenLedger, a new non-profit.
Winner of the tournament gets a genuine gold B2B engraved championship bracelet.

Sept 23-24, Wynn, Las Vegas: B2B Finance Expo

See agenda
LOWER CONVENTION PROMENADE
Tickets required for entry

Please be sure to stop by the Small Business Finance Association’s booth (SBFA) to learn more about the non-profit organization.

Other trade associations with representatives in attendance include the National Private Lenders Association (NPLA) and the Innovative Lending Platform Association (ILPA).

Trade media in attendance will include: AltFinanceDaily, Coleman Report, and Equipment Finance News.

Please be sure to check out the booths of Kapitus & Rapid Finance (Diamond Sponsors) and Bitty & Lendini (Platinum Sponsors).

For event related questions email events@debanked.com. Event staff will not be able to answer calls after Thursday, 9/19.

Business Finance Companies on Inc 5000 List in 2024

August 13, 2024

Article by: deBanked Staff

Here’s where small business finance companies rank on the Inc 5000 list for 2024:

Company Name	Ranking	Growth
Clara Capital	158	2,295%
4 Pillar Funding	251	1,620%
Fundible	254	1,611%
Byzfunder	303	1,404%
Valiant Business Lending	337	1,286%
CapFront	541	792%
SellersFi	974	523%
SBG Funding	1,158	443%
Splash Advance	1,238	418%
Channel	1,330	389%
iAdvance Now	1,421	362%
Flexibility Capital	1,513	342%
eCapital	1,968	265%
Kapitus	2,025	258%
Merchant Industry	2,057	254%
ApplePie Capital	2,265	230%
Backd	2,282	228%
Capital Source Group	2,306	226%
Direct Funding Now	2,323	225%
Expansion Capital Group	2,829	179%
Fora Financial	3,560	134%
Percent	4,047	111%
Smarter Equipment Finance	4,566	89%
Gateway Commercial Finance	4,598	88%

Did we forget you?! Let us know at info@debanked.com and we’ll add you.

Cloudsquare Unveils Game-Changing Lender APIs for Streamlined Submissions

June 6, 2024

Article by: Press Release

New out-of-the-box integrations promises to revolutionize the deal submission process, boosting efficiency and cutting costs for alternative lending companies.

Los Angeles, CA – June 6, 2024 – Cloudsquare, a leading LOS/LMS platform and Salesforce consulting partner specializing in alternative lending solutions, announces the launch of 14 new Lender APIs integrated into Cloudsquare Broker, an alternative lending CRM powered by Salesforce. This significant advancement enhances the speed and efficiency submitting deals to lenders who accept portal submissions

The Lender APIs address common challenges in submissions, reducing delays and costs with a streamlined, automated solution. They integrate with the CRM’s Submission Channel, an AI-powered module that matches the right lenders for each deal, increasing approval rates by avoiding unnecessary declines.

Depending on the lender’s API capabilities, brokers gain access to features like real-time status updates, document retrieval, instant offers and decline reasons, further enhancing processing efficiency.

“With our new Lender APIs, users can experience a tenfold increase in submission speed,” said Jeffrey Morgenstein, CEO at Cloudsquare. “This not only saves our clients tens of thousands of dollars in processing payroll but also ensures they stay ahead of their competitors by operating at peak efficiency.”

Supported lenders include Bitty Advance, CAN Capital, Credibly, Expansion Capital Group, Fora Financial, Forward Financing, Headway, Idea Financial, Kapitus, Lendini, Mulligan Funding, OnDeck, PIRS Capital, and Rapid Finance.

“For customers who work with lenders not currently on the list, Cloudsquare offers the flexibility to add any lender to the submission framework, provided they have an API available,” said Paul Albuquerque, Director of Product at Cloudsquare. “It is our mission to elevate the entire industry and drive synergy through technology.”

This development underscores Cloudsquare’s commitment to innovative solutions that meet the evolving needs of the financial services industry, helping businesses operate more efficiently.

To learn more about how Cloudsquare’s Lender APIs can transform your submission process, visit https://link.cloudsquare.io/RYuO.

About Cloudsquare

Cloudsquare, is a robust LOS/LMS platform and premier Salesforce consulting partner specializing in solutions tailored for alternative lending. We pride ourselves on being the provider of choice for ambitious, forward-thinking organizations aiming to elevate their operations to the next level. Cloudsquare’s excellence has been recognized by industry leaders, is listed on the Inc. 5000 as one of America’s fastest-growing companies and is consistently rated as a top service provider on platforms like Salesforce AppExchange, G2, Clutch and Manifest. For more information, please visit https://link.cloudsquare.io/RYuO.

Dragin Technologies and Ocrolus Announce Strategic Partnership: Enabling the Next Generation of Application Process Automation for Small Business Financing

May 20, 2024

Article by: Press Release

New York, NY – 05/20/24 – Dragin.io, a machine learning process automation tech firm, is thrilled to announce a product integration and strategic partnership with Ocrolus, a leader in AI-driven financial document analysis. This collaboration aims to combine Dragin’s cutting-edge process automation technology with the industry-leading bank statement automation and cash flow analytics products offered by Ocrolus. Together, the new solution offers clients in small business financing unmatched speed, accuracy, compliance, and a robust fraud detection system, providing them with confidence and security in their financial operations.

Mark Ross, CEO of Dragin, expressed his enthusiasm for the partnership: “This is incredibly exciting for the future of the small business financing industry. Dragin specializes in automation solutions that help our clients deliver their offers faster than anyone else in the industry. Partnering with Ocrolus enables us to achieve technological advancements in business financing sooner than expected.”

Dragin’s AI and machine learning (ML) algorithms enable sophisticated data processing, providing actionable insights for offer creation and customization in the business funding deal cycle. This technology empowers underwriters to make informed decisions smarter and more quickly.

This partnership will enable powerful solutions for providers of small business financing, offering:

Speed and Efficiency: Clients can rapidly analyze bank statement data, accelerating decision-making and reducing the time required for underwriting approvals.
Compliance and Fraud Detection: Ocrolus’ technology performs comprehensive, AI-driven fraud detection, safeguarding clients against potential risks.
Accuracy and Reliability: The partnership guarantees high levels of accuracy in data extraction and analysis, minimizing errors and enhancing the reliability of financial assessments.
A.I. & Machine Learning: Dragin has developed advanced AI and ML models that can parse and classify nearly all document types and fill in missing fields such as industry, leading to a more robust auto-decline system. Integrating Ocrolus’ AI-driven document automation and analytics will bolster Dragin’s overall capabilities in lead prequalification.

“We are incredibly optimistic about this partnership with Dragin,” remarked Sam Bobley, CEO of Ocrolus. “Their focus on improving the efficiency of small business funding processes and commitment to client satisfaction makes them an ideal partner for Ocrolus. We look forward to a successful collaboration that will provide customers with the trusted and accurate data, fraud detection, and analytics they need to confidently make important financial decisions.”

About Dragin
Dragin is a leading fintech solutions provider dedicated to delivering innovative and efficient services to its clients. Founded with a mission to simplify and streamline financial processes, Dragin has developed cutting-edge technology, including A.I. and machine learning, to streamline processing automation which creates actionable insights for offer creation and customization. For more information about Dragin and its automation solutions, please visit https://www.dragin.io

About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting hundreds of document types including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 500+ clients across a number of use cases. Customers such as Enova, PayPal, Rapid Finance, Bluevine, National Funding, and Kapitus leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.

The Top Small Business Funders Now Vs. Then

January 11, 2024

Article by: Sean Murray

Top Small Business Funders By Year

2008	2014	2023
AdvanceMe (CAN Capital)	OnDeck	Square
First Funds	CAN Capital	Enova (OnDeck / Headway)
Merchant Cash and Capital (BizFi)	Kabbage	Shopify
BFS	Kapitus	PayPal
AmeriMerchant	Rapid Finance	Amazon
GBR Funding	National Funding	Intuit

Many people look at 2023 vs 2008 and arrive at the conclusion that the fintechs rose to the top, but if one were to narrow down the definition of those players a little further, they’d notice that PayPal and Square are payment companies, Shopify and Amazon are e-commerce companies, and Intuit owns the Quickbooks accounting software. These are actually older companies that took an old idea (split-funding) and made it new again with some key changes. Although in the present moment it may feel like some of them cannot be beat (which is how the industry felt about the top funders in 2008), much can change over the course of this decade.

Keep your eye on:

AI
Blockchain (as payment rails, record-keeping)
Regulation

California Senate Committee Finds Support for Small Business Finance Broker Licensure

January 10, 2024

Article by: deBanked Staff

The hot topic in a recent California Senate committee hearing was licensure for MCA brokers. In it, legislators took interest in broker commissions and how they’re paid. This was not a one-sided discussion. Representatives for Rapid Finance, Kapitus, Forward Financing, and the RBFC were present and able to give testimony. The general consensus was that a licensure framework was favorable but that there were still issues that need to be resolved. The bill at issue is SB 869.

You can listen to a copy of the audio we’ve obtained of the hearing on Spotify or watch the hearing in full below:

Small Business Financing Industry Representatives Testified in New York Senate Hearing on Licensing

April 26, 2023

Article by: Sean Murray

Several representatives from across the small business finance industry testified in a New York State Senate hearing on Tuesday. Up for debate was Senate Bill S1450, which would require a license to engage in commercial financing. As part of that, Banking Committee Chairman Senator James Sanders Jr. fielded testimony and asked questions about bad actors, usury caps, non-compliance penalties, and more. Those called upon at the hearing included:

Natalie Pappas, Deputy General Counsel, Rapid Finance, on behalf of the SBFA
Amy Carpenter Holmes, Deputy Counsel, Kapitus
Chris Grimm, Head of State Government Relations, ILPA
Katherine C. Fisher, Esq., Partner at Hudson Cook, LLP, on behalf of the RBFC
Phil Goldfeder, CEO, American Fintech Council
Chuck Bell, Programs Director of Advocacy, Consumer Reports

Almost all of the organizations were in favor of some form of licensing system in New York except for the Innovative Lending Platform Association (ILPA). The ILPA, more famously known for its previous SMART Box initiative, explained that high compliance costs, inflation, and rising interest rates were putting significant pressure on its member’s businesses.

The video below, which curates just the relevant parts of the day, consists of two separate panels on the same subject. Be sure to watch them both.

All Registered Sales-based Financing Providers in Virginia (As of 3-29-23)

April 2, 2023

Article by: deBanked Staff

Is the revenue-based financing provider you do business with registered to operate in Virginia? On July 1, 2022, Virginia’s commercial financing disclosure law went into effect and with that the necessity to register one’s business. As of March 29, 2023, 101 companies had registered. This is the official list of registered sales-based financing providers as of that date (yellow means it has been added since our last update):