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jerryking : alternative_lenders   5

Element Financial’s fortunes tied with U.S. recovery - The Globe and Mail
Element Financial’s fortunes tied with U.S. recovery
The Globe and Mail
Published Thursday, Dec. 18 2014
financial_services  equipment_financing  Element_Financial  leasing  alternative_lenders  Steve_Hudson  alternative_lending 
february 2015 by jerryking
Can’t Get a Bank Loan? The Alternatives Are Expanding -

Alternative lending has filled a gap left by risk-averse banks: big banks approved less than a fifth of all requests for small-business loans they received in January, while small banks approved about half of such requests, according to a survey by Biz2Credit, an online platform that matches businesses and lenders. And that does not reflect the businesses that are too discouraged to apply. By embracing technology to make small-business lending more efficient and profitable, the alternative lenders have opened opportunities for businesses....The first wave of tech-based alternative lenders — companies like OnDeck and Kabbage, which opened in 2007 and 2011 — used innovative software and data metrics, including social media interactions and Yelp reviews, to assess the health of a business. OnDeck alone has underwritten more than $900 million in loans. And Kabbage, which targets online merchants, lent $200 million in 2013.
small_business  Freshbooks  alternative_lenders  midprime  Kabbage  Dealstruck  banks  banking  innovation  start_ups  fin-tech 
march 2014 by jerryking
New takes on data spawn new businesses -
January 15, 2013 | FT | By Brian McKenna.

DataSift, based in San Francisco in the US and Reading in the UK. It aims to help organisations improve their understanding and use of social media.

Kabbage, is an online lender to small businesses;

Big data does not just mean a lot of information. It also refers to so-called unstructured data – sensor data, social media outpourings, video and images – that does not fit neatly into the rows and columns of most databases.....

“What if one of the large online marketplaces bought a credit company? What would they do with it? They’d give cash to the businesses that were generating their online revenue. That was the germ of Kabbage,” he says.

From application to cash in the bank for small, mostly online, companies takes seven minutes. Kabbage monitors its borrowers by linking to and watching their private data sources: bank accounts, Twitter feeds, eBay and Facebook accounts, among others. Interest rates are between 2-18 per cent. The company’s 90,000 accounts are mostly in the US, but it is planning a UK launch in February.
massive_data_sets  data  data_driven  new_businesses  Kabbage  unstructured_data  DataSift  online_banking  product_launches  social_data  alternative_lenders  alternative_lending 
april 2013 by jerryking

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