A business cash advance is a type of business financing that allows any type of business, even liquor stores, the ability to grow their businesses using future revenues. It’s
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- Shopify Capital Originated $252M in MCAs and Business Loans in Q3 October 29, 2020Shopify Capital, the finance arm of the 2nd largest e-commerce platform in the United States, reported making $252.1M worth of merchant cash advances and loans in the 3rd quarter. This is a 79% increase over the same period last year and spans three markets, the US, UK, and Canada. It’s also a quarterly record for […]
- SoFi, The “Don’t Bank” Non-Bank, Has Been Approved to Become a Bank October 29, 2020It’s a little ironic. SoFi, one of the pioneers of the bank disruptor market, is embracing everything it preached against. The company founded in 2011 as an online student lender was just granted a preliminary approval for a national bank charter by the OCC. When the company launched, SoFi’s message to the masses was not […]
- OnDeck Originated $148M in Loans in Q3, is Moving Full Speed Ahead Under Enova October 28, 2020OnDeck more than doubled its Q2 loan volume, according to statements made on Enova’s latest quarterly earnings call. OnDeck originated $148M in Q3 versus the $66M in originated in Q2. For frame of reference, this is still down significantly from the $618M that the company originated in Q4 2019, well before covid became a factor. […]
- Enova Posts $94M Profit for Q3 October 27, 2020Enova, the international lending conglomerate that recently acquired OnDeck, reported a Q3 profit of $93.67M, bringing the company to over $147M in profit for the year so far. “We are pleased to report strong earnings as the credit quality of the portfolio continued to improve during the third quarter,” said David Fisher, Enova’s CEO in […]
- Lufax, a Chinese Online Lending Marketplace, to IPO on NYSE Next Month October 27, 2020Lufax, an online lending marketplace and one of China’s largest fintech companies, plans on going public by the end of the month on the New York Stock Exchange. Lufax is one of the multiple Chinese fintech companies grappling for a public offering amidst increasing tension between U.S. and Chinese markets. Offering an online shopping mall […]