News & Events
With business increasing for wide-reaching financial technology companies like Square, Paypal, and Shopify, this has brought more attention to revenue-based financing products like the ones they offer. Henry Abenaim, Founder and CEO of Fundingo, said that it brings more businesses to the table.
“…you sometimes think it’s a small world or small group of merchants, and you really come to realize that it’s huge,” he told deBanked. “And the more they’re serviced, the more they need, the more they grow. So it just feels like there’s just more awareness of the product, and then more merchants that are going to come in demand and ask for it, as well as these bigger players are always going to service only a subset of the businesses.”
At the same time, a greater public awareness of options could tighten margins for certain funding providers. “I think it’s going to make the merchants that are way more bankable… get lower price deals, so it’s going to hurt the margins, it’s going to hurt the profits,” Abenaim commented.
John Bulnes, Vice President of Business Development at Fenix Capital Funding, expressed how it is not yet determined what kind of effect the larger mainstream companies will have on the industry. “I do think it’s something that the larger first position MCA companies may feel the effects of first, because they’re going to be competing more or so with taking away clients from those companies first, as opposed to the companies that are smaller that are doing shorter term deals.”
As these big companies operate with larger capital bases, it may indeed become more difficult for smaller companies to compete.
“… it’s going to be something that’s going to constantly adapt and fluctuate as time goes, but I do see it as an expanding industry… it’s kind of a sign that when you see more commercials and we see these bigger companies jumping into the space, that it is something that’s going to continue to grow,” said Bulnes.
And commercials and ads are definitely increasing. One of the largest online small business lenders in the country was asked about their TV and radio campaigns during their recent quarterly earnings call.
“We’ve definitely been ramping [commercials up] hopefully with a little bit more diligence than OnDeck was running ads three or four years ago,” said David Fisher, CEO of Enova. “But we’ve definitely jump back into kind of broader base advertising in that business and it’s been working really well.”
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Source: deBanked.com
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News & Events
Billd Transforms its Business with Fundingo and Salesforce
Fundingo recognized in Salesforce Partner Innovation Awards
Los Angeles, October 11, 2021 – Fundingo announced that it has helped Billd transform its business by transitioning them to a fully digital credit management system.
For this innovative work, Fundingo has been named a recipient of the Salesforce Partner Innovation Award in the Platform category. Fundingo was able to provide a transition to a fully digital, streamlined and integrated credit management system; one that provides notifications for failed repayments and other updates vital to their day-to-day operations. With Fundingo’s implementation of their credit servicing module in May 2019, Billd experienced a major increase in disbursement funds and has expanded its team to at least double their original size. Fundingo was able to decrease Billd’s time spent on disbursements; going from 4-6 hours daily to 1 hour of double-checking their sheets. Since working with Fundingo, Billd averages about 2,500 transactions/week and has become a client with a fully-customized software.
Comments on the News
- “We really have to give kudos to the development team for everything they’ve done. Throughout the entire process and even today, we’ve been able to feel more like a member of the team and less of a vendor-client relationship.” says Jon Placa, Billd’s Director of Financial Operations.
- “Salesforce Partner Innovation Award winners such as Fundingo work relentlessly to enable their customers’ success,” said Tyler Prince, Executive Vice President, Alliances & Channels, Salesforce. “Salesforce partners are integral to enabling digital transformation and success for customers in our new work-from-anywhere world.”
Salesforce partners such as Fundingo are part of the growing Salesforce economy, which according to a new study by IDC*, is projected to produce more than 9 million new jobs and $1.6 trillion in new business revenue by 2026. The study finds that Salesforce is driving massive gains for its partner ecosystem, which will see $6.19 in gains for every $1 Salesforce makes by 2026.
Salesforce, and others are among the trademarks of salesforce.com, inc.
*IDC White Paper, sponsored by Salesforce, “The Salesforce Economic Impact,” doc #US48214821, September 20, 2021
Fundingo is a loan management software that allows alternative lending companies to streamline the entire process of originating, underwriting and servicing loans. Our program enables lenders, such as Community Development Financial Institutions (CDFI), to seamlessly manage critical workflow and operations of a successful loan servicing process. A powerful and robust AppExchange managed application, Fundingo allows lenders to seamlessly manage their loan servicing process directly within the Salesforce platform.
For More Information Contact:
Camille Reyes
Marketing Manager | Fundingo
camille@cloudmybiz.com
fundingo.com
News & Events
Los Angeles, October 20, 2021. CloudMyBiz is pleased to announce Mike Walsh as its new CEO. An experienced director and leader, Walsh will guide the team in its mission to create efficient, custom Salesforce CRM solutions to businesses across North America along with the Founder and President, Henry Abenaim.
“Mike has a strong vision for growth and delivering excellence to our customers,” says Abenaim.
Mike Walsh has spent the past five years with CloudMyBiz Inc., where he has experienced all sides of the business. As a Project Manager and later Director of Operations, he fostered growth of 71% since joining the company in 2016.
Mike states “I am looking forward to CloudMyBiz expanding their presence in the market and expanding into new verticals.”
Prior to CloudMyBiz, Walsh held Operations Management, Sales, and Market Research positions in the information technology and services industries. As a project manager at Harbor Freight Tools, Walsh built out their IVR for customer service and inbound sales lines. Shortly after, he moved on to work with backend software at TradeMotion where he served as Project Manager to global brands such as Volkswagen, Audi, and Nissan. In 2007, he completed a Bachelor of Arts in Business Administration at California Lutheran University.
About CloudMyBiz Inc.
CloudMyBiz is a leader in the world of cloud-based technology solutions for business. Founded and staffed by experts in FinTech, Lending, and Salesforce, CloudMyBiz develops custom solutions, built on the Salesforce platform, for companies across North America. CloudMyBiz specializes in Salesforce implementation, migration, integration, development, in addition to working with Third Party Applications and Custom App Development. For the Alternative Lending and Merchant Cash Advance industries, CloudMyBiz offers solutions via Fundingo. Fundingo is a loan management solution, created by CloudMyBiz, that streamlines the entire process of originating, underwriting, and servicing loans.
For More Information Contact:
Camille Reyes
Marketing Manager | Fundingo
camille@cloudmybiz.com
www.fundingo.com
News & Events
Fundingo teams up with TValue to expand financial capabilities within the lending industry
Fundingo is pleased to announce new integration capabilities with TValue, the flagship product of TimeValue Software, Inc., allowing businesses using Salesforce within the alternative lending industry to make calculating and projecting cash flows easier and faster.
TValue’s amortization software solutions, when combined with Fundingo’s loan management software, increases efficiency and optimization by reducing errors caused by manual data entry from one system to another and, at the same time, enabling companies to solve any time value of money calculation.
Together, TValue and Fundingo gear towards a solution-driven approach, providing our customers with trusted data-based solutions without having to leave the environment in which they are conducting their business processes. The integration with Salesforce will allow TValue users to maintain a competitive edge and build strong relationships with customers who gain the ability to produce error free calculations quickly, easily and consistently.
ABOUT TValue
TValue, the flagship product of TimeValue Software, Inc., is an amortization software that solves the most complex interest problems quickly and easily. It allows the ability to do more than routine loans. TValue software handles balloon payments, multiple interest rates, fixed principal payments, skip payment loans, and much more.
TValue has over 500,000 financial professionals worldwide that use its software to accurately amortize loans, price leases, and perform any time value of money calculations. TimeValue Software, Inc. is also known for its specialized workload management software and its interest and penalty calculation programs that are the market standards for helping tax professionals save their clients money on interest and penalties. www.TimeValue.com
ABOUT FUNDINGO
Fundingo is a loan management software platform that helps companies manage their back-office operations. Utilizing built-in reports, alerts, and dashboards, Fundingo is designed by the experts to meet the needs of private lenders.
Our product provides complete transparency from origination through underwriting to renewals and loan services resulting in fast growth, high profits with low risks. Fundingo’s mission is to provide instant and accurate insights at every stage of the lending process. Our software offers risk management services through an efficient single platform for streamlined loan services and management.
Fundingo is a trusted Salesforce integrator and has fundamentally changed loan servicing by transforming hours of loan servicing into minutes.
For contact info:
Camille Reyes
(818) 574-5418 ext: 835
camille@fundingo.com
www.fundingo.com
News & Events
Held at Caesar’s Palace on October 26-28, 2021 – The National Alliance of Commercial Loan Brokers (NACLB) provided educational and networking opportunities at their 7th annual conference & expo. CloudMyBiz and Fundingo were able to represent as attendees to gain insight and further education of the lending industry.
NACLB’s Annual Conference hosts 900 of the nation’s top commercial loan, leasing, and mortgage brokers as well as lenders that cater to the brokerage community. Last year, the brokers attending were responsible for over $5 billion in small business and commercial financing each year.
The conference held breakout sessions along with an exhibitor hall. Fundingo was also given the honor to listen to NACLB’s keynote speaker and legendary sports icon, Sugar Ray Leonard, define the reverence it takes to be a champion.
Breakout sessions included (but were not limited to):
- Networking 101: The Very Basics of Networking
- Overcoming Objections
- Equipment Financing
- Looking Ahead: Portfolio Stability and the Multi-Family Market
- Business and Commercial Real Estate Lending in the Current Market Place
- Navigating Social Media in the World of Finance
- The Recovery of the Restaurant Market Place
- How To Successfully Broker Asset Based Lending Transactions
- Trade Finance – Funding the Supply Chain
- The Basics of Building a Successful Business
- Trade Finance – Funding the Supply Chain
- Commercial Real Estate 101
The conference ended with a great turnout for lenders, brokers, and service providers. Brokers had the ability to meet top broker-focused lenders and learn best practices while lenders were able to market their niche loan products and host instructional breakout sessions.
News & Events
FUNDINGO TEAMS UP WITH LEXISNEXIS® RISK SOLUTIONS TO ENABLE RAPID GROWTH WITHIN THE LENDING INDUSTRY
Fundingo is pleased to announce new integration capabilities with the launch of a Salesforce app created through our relationship withLexisNexis® Risk Solutions for due diligence in lending. The goal of this integration is to help businesses on Salesforce make informed and quick decisions for rapid growth. LexisNexis Risk Solutions due diligence solutions, when combined with Fundingo’s loan management software increases efficiencies and optimization by reducing errors caused by manual data entry from one system to another and enabling companies to easily execute KYC/CIP checks, obtain alternative data credit scores and reports, and pull background reports as part of the lending process all within of Salesforce.
Together, LexisNexis Risk Solutions and Fundingo provide a solution-driven approach providing our customers with trusted data-based solutions without having to leave the environment in which they are conducting their business processes. The integration with Salesforce will allow LexisNexis Risk Solution users to build strong relationships with their customers by maintaining the consistency of great customer support. In today’s world, end-to-end data-based solutions inside Salesforce that support and drive your business process flows are essential to retaining a competitive edge. Being able to answer the questions your policies require within the Salesforce setting, in order to transact business with customers, will further enhance and optimize a traditionally manual process.
ABOUT LEXISNEXIS RISK SOLUTIONS
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
This document is for informational purposes only and does not guarantee the functionality or features of the LexisNexis Risk Solutions products identified. LexisNexis Risk Solutions does not warrant that this document is complete or error free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright © 2021 LexisNexis Risk Solutions Group.
ABOUT FUNDINGO
Fundingo is a loan management software platform that helps companies manages their back-office operations. Utilizing built-in reports, alerts, and dashboards, Fundingo is designed by the experts to meet the needs of private lenders. Our product provides complete transparency from origination through underwriting to renewals and loan services resulting in fast growth, high profits with low risks. Our mission is to provide instant and accurate insights at every stage of the lending process. Fundingo offers risk management services through an efficient single platform for streamlined loan services and management. Fundingo is a trusted Salesforce integrator and has fundamentally changed loan servicing by transforming hours of loan servicing into minutes.
LexisNexis Infographic
