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MoneyThumb Acquired, Ryan Campbell Takes Over as CEO, and What to Expect
Ryan Campbell will take over as CEO of MoneyThumb as part of the deal announced earlier today. MoneyThumb is being acquired by an investment group led by Iron Creek Partners LLC that includes Main Street Capital Corporation (NYSE: MAIN). Campbell was for a long time MoneyThumb’s EVP of Sales & Marketing. Ralph Mayer, MoneyThumb’s founder, will move on to an advisory role and retain his board seat.
MoneyThumb is widely known in the small business finance industry for two signature products it offers, PDF Insights, which reads and analyzes financial documents, and Thumbprint, which assesses whether documents have been manipulated and could be fraudulent.
The idea for the company, which originated over a decade ago, came to Ralph Mayer when someone had asked him a basic question, could he convert the data in a PDF file?
“I had been in software my entire career. I was an angel investor and I was looking to get into something a little bit different,” Mayer said of the time when the idea for MoneyThumb came to him. “Originally we got started selling software to accountants.”
MoneyThumb soon encountered a field that seemed to handle an unlimited number of PDFs and was ripe for the product they were building. It was the MCA & revenue based financing industry. MoneyThumb has made a name for itself in it ever since.
Ryan Campbell told deBanked that it’s actually quite common for funding companies to be on the receiving end of manipulated bank statements and that about 6% of the documents they analyze on average end up meeting or surpassing the scoring threshold they’ve built to indicate manipulation.
“It happens a whole lot more than what you would think,” Campbell said.
One major trend they’ve noticed is that before covid 90% of fraudulently submitted bank statements did not even have financial columns that reconciled numerically whereas now most fraudulent ones today do. Today’s fraud, because of how good scammers have gotten, may not even be noticeable to the naked eye which is why their technology has become even more important.
Campbell said that as part of the acquisition it will be business as usual with their clients. The company is keeping its name and Iron Creek is going to continue letting them do what they do best. MoneyThumb is used by both funders and ISOs and Campbell is regularly seen on the industry trade show circuit.
“This acquisition underscores MoneyThumb’s proven technology and strong industry demand, and supports our long-term growth objectives,” Campbell said in an official statement. “This partnership marks an exciting milestone for our company and with the support of Iron Creek, we are well-poised to accelerate our growth, continue to deliver exceptional software solutions for our customers and help lenders manage risk and deliver more capital faster to small businesses.”
View PostLeading Fintech MoneyThumb Acquired by Iron Creek
San Diego, Calif. (August 29, 2024) – MoneyThumb, a leader in automated document evaluation and fraud detection solutions announced today that it has been acquired by Iron Creek Partners LLC (“Iron Creek”), a private investment firm with a focus on investments in the software, data, communications, and business services industries. Iron Creek led the investment group, which also included Main Street Capital Corporation (NYSE: MAIN). The transaction will provide growth capital to help meet MoneyThumb’s strong industry demand, which has recently produced 100% year-over-year annual growth. The transaction closed on August 19, 2024.
Ryan Campbell, previously heading up MoneyThumb’s business development since 2017, has been named as the new chief executive officer and has joined the investor group. Ryan has played an integral role in leading MoneyThumb’s sales, marketing and business development strategy. Ralph Mayer, the company’s founder will step down as CEO and assume an advisory role and retain his board seat.
Founded in 2014, MoneyThumb is an industry leading underwriting automation software that improves workflows for funders, lenders, and accountants by converting and analyzing pdf financial documents in seconds. The company also helps detect fraud with its AI file tampering detection tool that identifies fraudulent activity in seconds, giving lenders a powerful defense against risk and loan losses.
“This acquisition underscores MoneyThumb’s proven technology and strong industry demand, and supports our long-term growth objectives,” said Ryan Campbell. “This partnership marks an exciting milestone for our company and with the support of Iron Creek, we are well-poised to accelerate our growth, continue to deliver exceptional software solutions for our customers and help lenders manage risk and deliver more capital faster to small businesses.”
“MoneyThumb has built a highly successful business through its algorithm-driven software, product innovation and a meticulous approach to delivering value and service to their customers,” said John Bingaman, Founder and Managing Principal of Iron Creek Partners LLC. “We look forward to working closely with MoneyThumb’s talented team to continue to grow the business and broaden the product suite.”
Financial terms of the transaction were not disclosed.
For more information on MoneyThumb, please visit www.moneythumb.com.
About MoneyThumb
MoneyThumb is an advanced automation software solution that streamlines the lending underwriting process by converting bank statements instantly into actionable data. By exponentially increasing efficiency, accuracy and the detection of fraud – MoneyThumb empowers lenders and accountants to make faster, more informed and accurate decisions. MoneyThumb is headquartered in Encinitas, California, and serves customers globally. For more information visit www.moneythumb.com.
About Iron Creek
Iron Creek is a sector-focused, stage-independent private investment firm based in Santa Fe, NM, seeking attractive investment opportunities primarily in the software, data, communications, and business services industries. Iron Creek seeks to partner with strong management teams and to support its portfolio companies’ growth by leveraging its network of relationships and its sector experience.
About Main Street Capital Corporation
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market investment strategy. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.
Media Contact
Tracy Rubin
JCUTLER media group
Tracy@jcmg.com
Velocity Capital Group Welcomes Jesse Guzman as New Chief Revenue Officer
Cedarhust, New York – 08/28/2024 – Velocity Capital Group is thrilled to announce the appointment of Jesse Guzman as its new Chief Revenue Officer (CRO). With a distinguished career in revenue leadership, Jesse brings a wealth of experience and a proven track record of driving growth and innovation in the financial services industry.
Jesse Guzman joins Velocity Capital Group after serving as Chief Revenue Officer at Nexi from 2020 to 2024, where he played a pivotal role in the company’s growth and successful rebranding. Before his tenure at Nexi, Jesse was the Director at Arcarius LLC from 2017 to 2020, where he honed his expertise in financial strategy and revenue optimization.
In his new role at Velocity Capital Group, Jesse will leverage his extensive industry experience to lead the company’s revenue strategies, focusing on expanding funding options for merchants and enhancing support for Independent Sales Organizations (ISOs). His fresh ideas and innovative approach are expected to propel Velocity Capital Group to new heights, further solidifying its position as a leader in the alternative finance space.
“We are incredibly excited to welcome Jesse Guzman to the Velocity Capital Group team,” said Jay Avigdor, President & CEO of Velocity Capital Group. “Jesse’s deep understanding of the industry, combined with his visionary leadership, will be instrumental in helping us achieve our ambitious goals. We are confident that his expertise will enable us to provide even more funding to merchants and offer our ISOs the best service they’ve ever experienced.”
Jesse Guzman expressed his enthusiasm about joining the company, stating, “Velocity Capital Group has an outstanding reputation for innovation and excellence in the alternative finance industry. I am excited to bring my experience and fresh perspective to the team and to contribute to the company’s continued success. Together, we will explore new opportunities to better serve our clients and partners.”
About Velocity Capital Group
Velocity Capital Group is a leading provider of revenue-based financing solutions for small and medium-sized businesses. Leveraging advanced analytics and a deep understanding of the SMB sector, Velocity Capital Group offers tailored funding solutions that drive sustainable growth. With a commitment to innovation and customer service, the company partners with Independent Sales Organizations (ISOs) to deliver exceptional value to clients nationwide.
Media Contact:
Bogdan Klubuk
Marketing Director
Velocity Capital Group
Bogdan@velocitycg.com
www.Velocitycg.com
Five Leading Innovative Banks Join American Fintech Council (AFC), Expanding Collaborative Efforts With Fintech Industry Leaders and Regulators To Develop Future of Finance
Washington, D.C. (August 28, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, has announced the addition of five new members representing regional and community banks committed to fintech innovation. In joining AFC, the five banks bring deep history and experience serving community needs, as well as leading fintech platforms and services that are driving unprecedented value for customers both local and national.
“We are immensely proud to welcome our five new innovative bank members, but this announcement is about far more than AFC,” said Phil Goldfeder, Chief Executive Officer of AFC. “Financial technology has been a disruptive force helping to expand access to financial services for millions, particularly underserved communities. Yet, regulators have far too often applied inconsistent and unclear standards to responsible fintech providers – failing to consider the needs of consumers and the realities of who benefits from the inclusive, transparent, customer-centric services our members provide. Adding five more responsible innovative banks to our membership, sends a clear signal that fintech is the future of finance, and the scope of responsible innovation happening across the industry is far too significant to be ignored.”
AFC has consistently advocated for a unified and pragmatic regulatory approach towards innovation. Building on its mission to develop sound public policy, AFC has engaged significantly with federal prudential regulators and made its members’ views understood across the government.
More about AFC’s five new members:
- Lincoln Savings Bank, founded 1902, is owned and managed by Iowans and offers full-service community banking and financial services, as well as fintech and Banking-as-a Service (Baas) offerings through its LSBX division founded in 2014.
- New Horizon Bank was founded in 2009 by local business owners in Powhatan, VA looking for a community-focused bank; New Horizon combines traditional banking with technology and innovation that anticipate community needs.
- Republic Bank has served Chicagoans since 1964; in addition to traditional bank offerings, family-owned Republic Bank is the payments and fintech partner for Fortune 500 companies, national retailers, and nationwide auto insurers.
- Stearns Bank was founded in Minnesota in 1912 and has since grown to serve customers in Arizona and Florida; in 2021, Stearns entered the embedded finance and BaaS spaces with a continued focus on expanding access to responsible credit and capital.
- TransPecos Banks offers a full range of banking products as well as fintech services concentrated in the TransPecos region of West Texas and San Antonio; founded in 1928, TransPecos Banks embraces technology and innovation to better serve local communities and businesses.
A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative BaaS banks. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
View PostWhoa, QuickBooks Capital Shoots Up in Business Loan Originations
Intuit’s fiscal year ending July 31, 2024 revealed a stunning detail, $2.4B in financing through QuickBooks Capital over 12 months. This was up 28% from the prior year. That number likely puts Intuit’s business loan volume ahead of Shopify’s but that’s still less than Enova and Square. Customers of QuickBooks Capital can apply for financing by clicking a button right in their QuickBooks software.
QuickBooks Online accounting revenue grew 17% in Q4 and 19% in fiscal 2024, the company reported. Intuit has the advantage of many related QuickBooks services slowly merging into one such as payments, payroll, capital, and Mailchimp. Intuit also owns Credit Karma.
View PostNavigating SBA Lending at B2B Finance Expo
Looking to do more in SBA lending? Make sure you attend this panel of SBA lending professionals at B2B Finance Expo, taking place on Day 1 of the conference on September 23!
Moderated by Bob Coleman of the Coleman Report, this discussion will feature Carissa Sousa, Adam Seery, Jared Weitz, and Ryan Baderian.
The full agenda of the conference can be found here.
View PostMedia and Trade Associations With Representation at B2B Finance Expo
Coming to B2B Finance Expo on September 23-24 in Las Vegas? Here are some of the news publishers and trade associations that will have representatives there! (SEE AGENDA HERE)
Small Business Finance Association
National Private Lenders Association
Innovative Lending Platform Association
Registration is still open at: b2bfinexpo.com
Airborne Capital Closes Its Debut Investment-Grade Corporate Note Financing
21 August 2024 – Airborne Capital Limited (“Airborne Capital”), a leading global aircraft asset manager, announced the closing of a US$20.0 million investment-grade rated corporate note financing offered through its U.S. subsidiary Airborne Capital USA LLC. Proceeds from the transaction will be used to refinance existing debt and for growth capital.
Airborne Capital currently manages in excess of US$2 billion of aircraft assets for a wide variety of institutional investors and airlines across the globe.
“This new capital raise paves the way for further growth and allows us to continue expanding our asset management business. This financing reflects our strong commercial position, and better positions us to serve our clients in the increasingly evolving aviation space” said Hari Raghavan, Partner at Airborne Capital. “This transaction marks a significant milestone for Airborne. It represents the confidence that institutional investors have in Airborne Capital.”
Brean Capital, LLC served as Airborne Capital’s Exclusive Financial Advisor and Sole Placement Agent in connection with the transaction.
About Airborne Capital Limited
Airborne Capital is a specialist aircraft leasing and asset management business headquartered in Ireland and with a presence in Shannon, Dublin, London, New York, Hong Kong and Tokyo. Airborne Capital manages approximately US$2 billion of aircraft assets through active relationships with a global set of investors. Airborne Capital is substantially owned by the management of the group.
For additional information about Airborne Capital, visit: https://airborne.capital/
Contact:
Christopher Simmons – Portland Communications
Christopher.simmons@portland-communications.com
