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The challenge in international trade finance is rarely capital; it’s complexity.  While domestic factoring is commonplace, cross-border transactions are choked by legal, operational, and regulatory hurdles. That environment makes the recent announcement from 1st Commercial Credit  particularly interesting. The firm is expanding its international services with a crucial focus: Inbound Sales Factoring . This move isn't just an expansion of territory; it’s a direct attack on a long-standing point of friction in global supply chains. The Friction Point: No U.S. Entity, No Deal Historically, a foreign supplier exporting goods to a U.S. buyer, say, a manufacturer in Latin America selling to a major retailer in Texas, often faced a critical barrier to securing financing. To factor those U.S. receivables, the foreign company usually had to establish a legal entity on U.S. soil. This requirement forces small to mid-sized international suppliers to deal with U.S. bank account setup, complex legal registrations, and, in some cases, challenging visa and tax compliance, all before they can even access working capital. 1st Commercial Credit's new offering essentially eliminates the need for the foreign seller to create a U.S.-based entity . The Strategic Takeaway This is a smart, tech-forward play that directly targets an underserved segment of global trade. Tapping Untapped Liquidity:  By removing the legal friction, 1st Commercial Credit immediately opens its funding pipeline to thousands of stable, growing foreign suppliers whose only "problem" was a cumbersome U.S. compliance requirement. They are strategically targeting invoices from companies in Latin America, Asia, and select European countries, provided the U.S. buyer  (the payer of the invoice) is credit-insurable. Focus on Buyer Quality:  The risk focus shifts almost entirely to the creditworthiness of the U.S. corporate buyer . For factors, this is a clean, defensible risk profile. The strength of the U.S. balance sheet backing the receivable makes this a compelling, high-quality asset class. Scalability in Fintech:  Solutions like this are a hallmark of a mature specialized lender. They demonstrate an ability to engineer a financial product around a complex regulatory pain point. For fintechs looking to disrupt specialty finance, this shows that true innovation often lies in simplification and integration, not just low rates. The minimum monthly commitment and term ensure the focus remains on established, recurring trade relationships, not one-off transactions. This is a clear indicator that the future of trade finance will be defined by providers who can offer immediate, flexible liquidity while successfully navigating, or outright bypassing, international red tape.

As the Revenue Based Financing industry continues maturing, we’re seeing a wave of technology partnerships aimed at solving some of the sector’s biggest pain points. One of those pain points is real-time liquidity. So when I was told about what Receivabull was doing earlier this year, I knew they were onto something. Funders want to deploy capital more efficiently, syndicators want cleaner access to deals, and everyone wants fewer back-and-forth operational bottlenecks. That’s why the below announcement between Receivabull and LendSaas is an important partnership to watch in 2026. Below is the full press release outlining how Receivabull and LendSaaS plan to deliver this integrated liquidity solution. ST. PETERSBURG, DE, UNITED STATES, December 9, 2025 - Receivabull and LendSaaS today announced an integration partnership under an executed MOU that will embed Receivabull’s syndication rail directly inside the LendSaaS operating system. The integration places a standardized, click-to-sell liquidity path in the same workflow revenue-based funders already use to originate, underwrite, and service small-business financing (merchant cash advances). The embedded experience returns live purchase terms on eligible receivables inside LendSaaS, enabling funders to access on-demand liquidity from within their primary system of record. Receivabull’s BullScore ™ engine prices deals in real time; funders choose how much to sell and execute without leaving the screen. Liquidity works in two native modes: at origination (pre-funding syndication of a slice of a new deal) and mid-stream (sale of a portion of active, performing positions). Servicing is retained by the funder. Funds are disbursed at close, ongoing remittances are split programmatically, and purchaser statements follow a single, standardized schema. The Receivabull rail is a neutral interface for multiple capital providers. Institutional buyers configure eligibility, pricing targets, pacing, and exposure preferences, then transact through one execution and settlement envelope. For funders, that means faster turns and fewer exceptions. For buyers, it means diversified, multi-originator access without bespoke file prep, ad hoc closings, or one-off statement logic. For operations teams on both sides, it consolidates to one API integration, one field map, and one support surface. “Funders want one consistent path to cash that doesn’t blow up servicing or introduce another portal,” said Scott Goldman, CEO of Receivabull. “Embedding Receivabull’s rail where teams already work collapses steps from pricing to settlement and makes liquidity a function, not a project.” “LendSaaS exists to centralize the operating spine for MCA funders,” said Joshua Carcione, Founder and CEO of LendSaaS. “By integrating Receivabull’s pricing and settlement directly in-platform, our users gain a clean, standardized way to syndicate at booking or sell mid-stream while staying in their system of record.” The product design is API-first. LendSaaS streams deal metadata to Receivabull; BullScore™ returns dynamic pricing in line; executions are recorded in the same session; cash application and performance feed back into uniform statements with drill-down. The result is fewer emails and CSVs, fewer reconciliation dead ends, and lower unwind risk due to a single closing package and consistent settlement logic. This partnership aligns market roles without creating a monolith. LendSaaS continues as the funder’s ERP and system of record. Receivabull operates the liquidity rail and secondary marketplace that standardizes pricing, execution, and reporting across multiple buyers. Each party focuses on what it is best positioned to build; the combined experience behaves like infrastructure instead of a patchwork of bespoke processes. The companies will proceed from MOU to definitive agreement and technical enablement, with plans to bring the functionality live as early as January 2026. LendSaaS users can pre-register for the first embedded cohort; connected capital providers will transact through Receivabull’s standardized interface upon onboarding. About Receivabull Receivabull is the liquidity engine and secondary marketplace for revenue-based financing, providing a neutral rail for selling or syndicating receivables with standardized pricing, execution, and settlement. Originators retain servicing while institutional buyers transact through a single, configurable interface. Receivabull is headquartered in St. Petersburg, Florida. Learn more at receivabull.com . About LendSaaS LendSaaS provides a comprehensive MCA management platform designed to streamline origination, underwriting, servicing, and portfolio management for funders. LendSaaS is a software provider and does not provide funding, investment advice, brokerage services, or guarantees; third-party integrations are customer-directed and non-exclusive. Learn more at lendsaas.com . Press Inquiries Receivabull Inc. +1 302-219-4560 email us here

The alternative business finance sector is closing out the year with unmistakable momentum. Funders across the country are reporting some of their strongest origination months on record. It’s a sign that demand for fast, flexible capital continues to surge, particularly among small businesses that aren’t waiting around for traditional lenders to catch up. Reliance Financial is one of the funders stepping squarely into that spotlight. With a record-breaking month of origination, a growing national footprint, and strategic senior hires, the company is signaling that its growth trajectory is accelerating rather than plateauing. In a year where competition in the alternative lending space has intensified, Reliance’s expansion offers another indicator of how top-performing funders are redefining scale, operational consistency, and partner experience. Below is the full press release from Reliance Financial, detailing the company's recent achievements and its future plans. Reliance Financial Announces Record Origination Month, Platform Expansion, and Strategic New Hires as Company Accelerates Growth NEW YORK --Reliance Financial, a leading provider of revenue-based financing and non-dilutive capital solutions for small and mid-sized businesses, today announced that it has achieved a record month of origination volume in November, marking a significant milestone in the company’s continued nationwide expansion. This achievement caps what has been a transformational year for Reliance. Earlier in the year, the company finalized its strategic capital partnership with a prominent specialty finance firm, unlocking substantial capacity to scale its origination engine. In September, Reliance successfully launched its new business lending platform, giving merchants located in Utah and Texas access to working capital. “As we continue to scale, this record month validates the strength of our platform, our underwriting, and our commitment to providing transparent and flexible capital solutions,” said Aryeh Miller, CEO of Reliance Financial. “This year has been defined by strategic expansion, first with our institutional partnership, then with the launch of our lending platform, and now with the significant growth we’re seeing month over month.” To support this accelerated growth, Reliance is making new key hires across underwriting, operations, and servicing. These additions strengthen the company’s ability to deliver fast, high-integrity service while expanding capacity to process larger volumes at speed. Reliance is actively onboarding and servicing new ISOs, reinforcing the company’s long-standing commitment to transparent communication, consistent funding practices, and predictable deal flow. With expanded capital, new infrastructure, and increased staffing, Reliance is primed to support higher submission volumes and broaden its reach within the ISO community. “Our partners are the backbone of our business,” Miller added. “With the enhancements we’ve made this year from technology to personnel to capital we are better positioned than ever to help ISOs scale their production and help merchants access the capital they need to grow.” About Reliance Financial Reliance Financial is a U.S.-based provider of revenue-based financing solutions offering up to $5,000,000 per transaction. The company is committed to delivering fast, transparent, and flexible funding to growing businesses nationwide. Led by industry veteran Aryeh Miller, Reliance has helped thousands of companies unlock working capital without giving up equity or control. Contacts For media inquiries, please contact: Jeremy Baum Jeremy@reliancef.com (862) 219-2969 https://reliancef.com/

It is a story that shakes the foundation of community banking. First National Bank of Lindsay , a staple in its Oklahoma community for over a century, has been shuttered. Now, federal prosecutors say the man at the helm is to blame. Danny Seibel , the former President and CEO of the bank, has been indicted by a federal grand jury on charges of bank fraud, conspiracy, and making false entries. The indictment alleges a brazen scheme of insider abuse that ultimately cost the bank its solvency, and its existence. The Scheme: "fixing" Overdrafts with Fake Loans According to the Department of Justice, Seibel didn't just make bad lending decisions; he allegedly treated the bank's vault as a personal piggy bank for his inner circle. The "Borrowers":  Seibel is accused of issuing loans to personal friends and neighbors who had no intention (or ability) to repay them. The Cover-Up:  When these accounts inevitably went into the red, Seibel didn't call the loans. Instead, prosecutors allege he "fixed" the overdrafts by issuing new  fake loans or transferring the bank’s own capital into the accounts to hide the losses. The Deception:  To keep the regulators and his own Board of Directors in the dark, Seibel allegedly manipulated the bank’s books, falsifying reports to make the loan portfolio look healthy when it was actually rotting from the inside. The Cost of Betrayal The scheme wasn't victimless. In October 2024 , the Office of the Comptroller of the Currency (OCC) was forced to close the bank due to "false and deceptive bank records" and a depletion of capital. The FDIC estimates the failure will cost the Deposit Insurance Fund approximately $43 million . A Warning The Seibel indictment is a harsh reminder that "insider threat" isn't always malicious theft, sometimes it starts as "helping a friend" and spirals into fraud. Trust But Verify:  This case highlights the catastrophic failure of internal controls. A CEO should never have the unchecked power to manually override overdrafts and manipulate loan maturity dates without a second set of eyes. The Statistical Reality:  While cybercrime gets the headlines, insider abuse remains a leading cause of bank failure in the United States. When the call is coming from inside the house, the damage is often fatal before anyone realizes something is wrong. Outlook Seibel is facing 30 years in prison and up to $1 million in fines if convicted. The case was filed in the U.S. District Court for the Western District of Oklahoma

If you've been paying attention to the international lending circuit, you know that Bizcap  doesn't do things halfway. The global lender, which has already deployed over $3 billion  to SMEs across Australia, New Zealand, and the UK, is officially doubling down on the Great White North. On Dec. 2nd, NewCo Capital Group  (Bizcap’s US arm) announced the strategic relaunch of its Canadian operations as Bizcap Canada . This isn't just a name change; it's a full-throttle push to capture the underserved Canadian SMB market with better pricing, faster tech, and a broker-centric portal that might just make American ISOs jealous. Here is why this cross-border move matters. The "Relaunch" Details: Speed Meets Price The core of the announcement revolves around three things brokers care about most: speed, buy box, and commission. Aggressive Pricing:  Bizcap Canada is rolling out a new funding model that offers smaller periodic payments  and significantly better pricing . This addresses a common complaint in the Canadian alternative lending space, where the cost of capital has historically been higher than in the US due to less competition. The 3-Hour Approval:  Leveraging the tech stack that made them a giant in Australia, Bizcap is promising approvals in as little as 3 hours  and funding within 24 hours . In a market where Canadian banks can take weeks, this is a massive differentiator. The Broker Portal:  A new "Partner Portal" is being introduced specifically for brokers to track deals end-to-end, a feature often lacking in fragmented international markets. Why Canada? Why Now? For US-based funders and brokers, Canada has often been viewed as a "nice to have" rather than a primary focus. But the data suggests the market is ripe for disruption. Underserved Market:  Canadian SMEs generate over 50% of the country's GDP , yet access to capital remains a major friction point. The "Big Five" banks in Canada are notoriously conservative, leaving a massive gap for alternative lenders. Global Consolidation:  This move aligns Bizcap’s Canadian operations with its global identity. By integrating NewCo Canada into the Bizcap brand, they are signaling a unified, global balance sheet that can support larger deal flow and more aggressive risk appetites. The Broker Opportunity If you are an ISO with Canadian deal flow (or leads you've been trashing because you lacked a home for them), this is an opportunity. They aren't looking to cut you out; they are building infrastructure to plug you in. The Takeaway: The borders for fintech are dissolving. Whether you are in Miami or Toronto, the demand for fast, flexible capital is universal. Bizcap’s relaunch suggests that 2025 will be the year global players force local markets to step up their game, or get left behind.

If you run a funder or a brokerage shop, your browser tabs probably look like a crime scene. You’ve got your CRM open in one window, your Loan Origination System (LOS) in another, a janky payment processor in a third, and, God forbid, an Excel spreadsheet tracking your syndication partners in a fourth. This "Frankenstein" tech stack isn’t just annoying; it’s expensive. Centrex Software , a major player in the fintech CRM space, just announced a massive update that might finally let you close a few of those tabs. With the launch of their new "Loans Tab,"  they are effectively bridging the gap between Origination  and Servicing  inside a single platform. Here is the breakdown of what changed, why it matters, and why the "All-in-One" model is winning 2025. The News: A Dedicated "Loans Tab" Historically, many alternative finance CRMs were built for the "hunt", great at lead management and marketing, but weak on the actual mechanics of lending and collecting. You’d use the CRM to sell the deal, then export the file to a different system to service it. Centrex’s new update brings Loan Origination  and Loan Servicing  directly into the core ecosystem. What’s Under the Hood? True Loan Mechanics:  This isn't just for MCAs anymore. The system can handle complex amortization schedules, interest calculations, and principal tracking essential for Term Loans and Equipment Finance. Seamless Transition:  A lead can move from "Prospect" to "Underwriting" to "Funded/Servicing" without data re-entry. The "Loans Tab" acts as the command center for the post-funding lifecycle. Integrated Money Movement:  The platform integrates with major ACH processors (like Actum), meaning you can trigger debits, track failed payments, and manage balances without leaving the screen. A Big Moment The alternative finance industry is maturing. Lenders who used to only do short-term MCAs are now offering longer-term products, lines of credit, and SBA bridge loans. The old tech stacks can't handle this diversity. By adding a robust "Loans Tab," Centrex is positioning itself not just as a CRM, but as an ERP (Enterprise Resource Planning)  system for lenders. The Verdict For years, the industry standard was "Best-in-Breed", buy the best CRM, the best LOS, and the best Servicing tool and tape them together. Centrex is betting that 2026 is the year of "Best-in-Suite."  By launching the Loans Tab, they are offering a compelling argument that efficiency beats complexity every time. If you are still manually calculating syndication splits or logging into a separate portal to check if a borrower made a payment, it might be time to audit your stack.

The U.S. House of Representatives has unanimously passed H.R. 3174, the Made in America Manufacturing Finance Act . This bipartisan legislation creates a massive new runway for growth by doubling the Small Business Administration (SBA) loan limit for small manufacturers from $5 million to $10 million . For machine shops, fabricators, and industrial startups that rising equipment costs have squeezed, this policy shift acknowledges a critical reality: building things in America is capital-intensive, and the old limits simply no longer suffice. The Details: What Just Changed? The core of the bill is a straightforward but powerful expansion of credit access: New Cap:  The maximum loan guarantee for qualified small manufacturers under the SBA 7(a) and 504 loan programs rises to $10 million . Target Audience:  This increase is specifically earmarked for small manufacturers (generally NAICS codes 31-33), who represent 98%  of all manufacturing firms in the U.S. Broader Initiative:  The bill is part of the SBA's larger "Made in America" push, which includes the recently launched 7(a) MARC (Manufacturer's Access to Revolving Credit) program  and waivers on upfront fees for manufacturers in Fiscal Year 2026. Why Now? The Cost of Modernization The timing of this increase is no accident. The cost of industrial machinery has risen sharply, making the previous $5 million cap a bottleneck for companies trying to scale or modernize. Consider the current cost landscape for 2025: Heavy Machinery:  A single new large excavator or industrial press can cost upwards of $600,000 to $1.5 million . Automation:  Advanced CNC machines and robotic cells often require multi-million dollar investments to remain competitive globally. Infrastructure:  Expanding a physical plant to accommodate restored production lines quickly eats through millions in real estate and construction costs. Under the old $5 million limit, a manufacturer might have exhausted their SBA eligibility just by purchasing a facility and a few key pieces of equipment. The new $10 million ceiling allows these businesses to finance the real estate, the heavy iron, and the working capital  needed to actually run the plant, all under one government-backed roof. Strategic Insight for Owners If you are in the manufacturing sector, this legislation signals that capital markets are effectively "opening for business" for your industry. Re-evaluate Your CapEx Budget:  Projects that were previously too large for SBA financing—requiring complex mezzanine debt or private equity, might now fit comfortably within a 7(a) or 504 loan structure. Look at the 504 Program:  The 504 loan program is particularly potent for heavy equipment and real estate. With a $10 million limit, you can lock in long-term fixed rates on massive facility expansions that were previously out of reach. Check Your NAICS Code:  Ensure your business is properly classified under the manufacturing codes (31-33) to take advantage of these specific loan limit increases and upcoming fee waivers. This unanimous passage is a rare signal of agreement in Washington: if we want to "Make it in America," we have to finance it here, too. What Happens Next The bill now moves to the Senate. Given the unanimous House passage and bipartisan support, prospects appear favorable, though timing remains uncertain. If enacted, the increased limit would take effect upon the President's signature. Manufacturers with projects exceeding current limits could immediately benefit, and lenders would likely see increased origination activity in the manufacturing sector. CDCs, the non-profit organizations that administer 504 loans, would need to adjust their underwriting and portfolio management for larger transactions, but the structure of the program remains unchanged.

Cross River Bank, the technology infrastructure provider behind embedded financial solutions for major fintechs, has launched a platform to power stablecoin payments. The offering integrates directly with Cross River's real-time core system, COS, unifying traditional dollar transactions and digital currency flows through a single, bank-regulated infrastructure. What Are Stablecoins? (The Simple Explanation) Before diving into what Cross River built, let's clarify what stablecoins actually are, because if you're not in crypto, the concept might sound confusing. Stablecoins are digital dollars.  That's the simplest way to think about them. Unlike Bitcoin or Ethereum, which fluctuate wildly in value, stablecoins are cryptocurrencies designed to always equal $1. The most popular stablecoins, USDC (issued by Circle) and USDT (issued by Tether), are backed by actual U.S. dollars and Treasury securities held in reserve. For every stablecoin token created, there's supposed to be a real dollar backing it. Why would anyone use digital dollars instead of regular dollars? Three main reasons: Speed:  Stablecoin transactions settle in seconds, 24/7, including weekends and holidays. Traditional bank wires can take days. Cost:  Sending $100,000 in stablecoins across borders costs a few dollars in network fees. International wire transfers cost $25-50 and involve multiple intermediaries. Programmability:  Stablecoins run on blockchain networks, which means payments can be automated, tracked transparently, and integrated into software in ways traditional banking rails can't easily support. The stablecoin market has exploded. Transactions now exceed $20 trillion annually—rivaling Visa's total payment volume. Businesses use stablecoins for everything from paying international suppliers to settling marketplace transactions to managing treasury operations. But there's been a problem: stablecoins and traditional banking have operated in separate worlds, creating complexity for businesses that need both. What Cross River Built Cross River's new platform solves that separation problem. The bank has integrated stablecoin payment capabilities directly into its core banking infrastructure, allowing companies to move value across blockchain networks and traditional banking rails through a single system. This matters because up until now, companies wanting to use stablecoins faced a choice: either build complex integrations themselves (expensive, slow, risky) or work with non-bank providers that can't offer the same regulatory protections as federally chartered banks. Cross River's approach eliminates that trade-off. Clients can now access stablecoin functionality with the compliance infrastructure, regulatory oversight, and security of a bank. "We're building the future of finance," said Gilles Gade, Founder, President and CEO of Cross River. "We're taking blockchain beyond payments and settlement, reimagining every corner of banking—from BaaS to lending—to deliver a faster, more connected financial world grounded in safety and trust." What It Enables The platform supports several key use cases: Network settlement:  Companies can settle transactions on blockchain networks using stablecoins, then seamlessly convert to traditional dollars when needed. Merchant payouts:  Marketplaces and platforms can pay sellers and service providers using stablecoins, offering faster settlement than ACH transfers. On/off ramps:  Businesses can move funds between traditional bank accounts and blockchain wallets without using multiple intermediaries. Treasury management:  Companies can hold working capital in stablecoins for instant access while maintaining the option to convert to traditional currency through the same platform. Critically, Cross River handles the blockchain complexity behind the scenes. Clients don't need to manage wallets, understand gas fees, or navigate different blockchain networks. The platform abstracts that technical layer while maintaining the benefits of speed, cost efficiency, and programmability. "Moving to onchain finance requires true interoperability between fiat and blockchain networks," said Luca Cosentino, Head of Crypto at Cross River. "Previously companies were forced into inefficient choices—pre-funding, high cost of capital, stitched-together vendors, and slow time-to-market. By abstracting the complexity of blockchain integrations, our platform enables fintechs, enterprises, and crypto-native companies to access stablecoin capabilities without compromising on regulatory expectations or operational requirements." Why This Matters Now Cross River's move reflects a broader shift in how financial institutions view digital assets. Just a few years ago, most banks avoided crypto entirely. Now, with clearer regulatory frameworks emerging and stablecoin volumes rivaling traditional payment networks, major banks are building capabilities rather than sitting on the sidelines. Cross River has experience here. The bank has supported digital asset platforms for years, providing the banking infrastructure for companies that couldn't get accounts elsewhere. This stablecoin launch builds on that foundation. The timing also aligns with regulatory momentum. The currnet administration has signaled support for stablecoin regulation, and several bills in Congress propose frameworks for issuing and using dollar-backed digital currencies. As regulatory clarity improves, institutional adoption accelerates. Who Can Use It The platform is available now for approved partners across three categories: Fintechs:  Companies building payment, lending, or financial management products can integrate stablecoin capabilities without building blockchain infrastructure themselves. Enterprises:  Large companies looking to optimize treasury operations, international payments, or supplier settlement can access stablecoin rails through a bank relationship. Crypto-native companies:  Blockchain-focused businesses that need traditional banking services alongside their digital operations can consolidate through a single provider. Cross River plans broader availability over time, with additional use cases involving digital assets and blockchain technology on the roadmap. The Competitive Landscape Cross River isn't the only bank moving into stablecoins, but its approach is distinctive. Rather than offering stablecoin services as a standalone product, the bank integrated the functionality into its existing core banking platform, meaning clients get unified reporting, compliance monitoring, and fund management across both traditional and digital rails. This "unified ledger" approach addresses one of the biggest pain points for businesses: managing separate systems for traditional banking and blockchain transactions. Companies no longer need to reconcile balances across multiple platforms, pre-fund multiple accounts, or manage relationships with multiple vendors. The bank's existing relationships with major fintechs also provide distribution. Cross River powers embedded banking for companies serving millions of end users, creating a ready-made customer base for stablecoin adoption. What's Next Cross River's announcement signals that stablecoin infrastructure is moving from experimental to mainstream. When a federally regulated bank integrates digital currency payments into its core platform and markets the capability to enterprise clients, it's a statement that this technology has crossed the legitimacy threshold. The platform's success will depend on adoption. Stablecoins offer clear advantages in speed and cost, but businesses move cautiously when changing payment infrastructure. Cross River's existing fintech relationships and compliance-first approach should help overcome that inertia. Beyond payments, the bank indicated its infrastructure is built to support future use cases involving digital assets and blockchain technology. That likely includes tokenized securities, programmable lending, and other emerging applications where blockchain technology intersects with traditional finance. For now, the immediate opportunity is straightforward: giving businesses a compliant, bank-backed way to use the $20 trillion stablecoin payment network without abandoning the traditional financial system. That's the bridge between old finance and new finance that the industry has needed.

Drip Capital, the global digital trade finance and B2B e-commerce company, has secured a $50 million committed credit facility from Toronto-Dominion Bank (TD Bank), with potential to expand by an additional $25 million. The deal marks Drip Capital's first partnership with the Canadian banking giant and comes just two months after the fintech raised $113 million in September 2024. What the Facility Supports The credit line will fuel Drip Capital's Buyer Finance program across the U.S. and Canada. Through this program, the company provides collateral-free working capital lines of up to $5 million to small and mid-sized businesses. Drip Capital pays suppliers directly on behalf of clients, who then have up to 120 days to repay, helping SMBs manage cash flow, extend payment cycles, and strengthen supplier relationships without tapping existing bank lines or pledging assets. "This fund raise reflects Drip Capital's strong performance and the growth potential in North America," said Pushkar Mukewar, Founder and CEO. "Our partnership with TD Bank will help us scale Buyer Finance across one of the world's largest trade and consumption markets." The Market Opportunity The need is substantial. According to the U.S. Small Business Administration, there are 34.8 million small businesses in the U.S., representing 99% of all firms and nearly half of the workforce. Yet many remain underserved by traditional banks, unwilling to extend unsecured credit. Globally, the International Chamber of Commerce and Asian Development Bank estimate a $2 trillion trade finance gap, disproportionately affecting SMBs. "Our solutions are designed for exactly this segment," said Karl Boog, Chief Business Officer at Drip Capital. "Every company's finance team can benefit from having a collateral-free, flexible credit line to procure goods and services. Despite our rapid growth, we've only scratched the surface. Drip Capital is quietly financing the supply chains behind millions of purchases in North America." Recent Growth and Momentum The TD Bank facility follows strong performance metrics. In September 2024, Drip Capital secured $113 million in funding—$23 million in equity from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation, plus $90 million in debt financing led by the World Bank's International Finance Corporation and East West Bank. At the time of that raise, the company reported it had quadrupled its revenue and doubled its customer base over the prior two years, achieving cash profitability despite challenging conditions in the global trade sector. Drip Capital now collaborates with over 9,000 sellers and buyers across 100+ countries and has financed more than $6 billion in trade transactions since its founding. Expanding the Lending Partner Roster TD Bank joins Drip Capital's roster of global lending partners, which includes Barclays, the World Bank's International Finance Corporation, East West Bank, and several non-bank lenders. The diversified funding base provides the company with capital flexibility to scale its SMB-focused trade finance operations across North America and beyond. With total funding now exceeding $640 million in equity and debt since inception, Drip Capital is positioned to continue expanding its reach in the underserved SMB trade finance market. Drip Capital is headquartered in Palo Alto, California, with operations spanning over 100 countries.

Stephanie Hockridge In early 2020, as millions of small businesses struggled to survive COVID-19 shutdowns, a familiar face in Phoenix TV news quietly stepped into the fintech world. Stephanie Hockridge — a polished, trusted former anchor known for delivering nightly broadcasts- reinvented herself as the co-founder of Blueacorn, a Paycheck Protection Program (PPP) lender service provider built to help small businesses access desperately needed relief funds. But behind the sleek fintech branding and promises to “streamline the process,” prosecutors say Hockridge and her husband, Nathan Reis, engineered one of the largest and most brazen PPP fraud schemes  in the entire country. What began as a pandemic lifeline morphed into a fraud mill that pushed through more than $63 million in fake, inflated, or ineligible loans , ultimately sending Hockridge to federal prison for 10 years. This is the story of how a mainstream news anchor transformed into the architect of a high-volume fintech fraud empire, and the cautionary tale the lending industry can’t afford to ignore. The Rise of Blueacorn: A Fintech Rocketship Built on Sand When PPP launched in April 2020, lenders were overwhelmed, banks were turning away small applicants, and millions of solo entrepreneurs couldn’t get anyone to process their applications. Into that chaos came Blueacorn, a fintech-style PPP loan gateway that promised speed, automation, and access to borrowers who had been shut out. On the surface, Blueacorn looked like a classic pandemic-era success story: a digital interface that helped borrowers complete paperwork and get routed to partner lenders. The company processed loans at such an astonishing pace that at one point it facilitated more PPP loans than JPMorgan Chase and Bank of America combined , an unheard-of achievement for a brand-new operation. But what lenders and regulators didn’t know yet was that Hockridge and Reis weren’t just operating fast, they were operating recklessly . Behind the glossy interface, Blueacorn staff and contractors were: Creating false payroll records and tax documents Manipulating numbers to inflate loan sizes Coaching borrowers to “adjust” details to qualify Charging kickbacks tied directly to loan amounts Ignoring obvious red flags, missing documentation, and ineligible applicants What should have been a digital bridge between borrowers and lenders instead became a conveyor belt of fraudulent applications. VIPPP: When “Coaching” Turns Into a Criminal Enterprise One of the most egregious parts of the scheme was a concierge-style add-on service created by Hockridge and marketed as VIPPP , a name as bold as the fraud behind it. VIPPP wasn’t simply customer service. It was a fraud engine . Borrowers were coached on: How to inflate payroll How to claim employee counts they didn’t have What revenue amounts to input How to “fill in the blanks” with made-up numbers when documents were missing Investigators found cases where Blueacorn helped secure PPP loans for companies with zero employees , and in some instances, even falsified tax returns or bank statements to push approvals through. The more inflated the loan, the more Blueacorn earned, and the more Hockridge and Reis pocketed personally. A Billion-Dollar Funnel, a $63 Million Fraud Blueacorn’s total loan funnel exceeded $1 billion , but federal investigators ultimately tied over $63 million in PPP loan fraud  directly to the conspiracy led by Hockridge and Reis. This wasn’t confusion, bad training, or pandemic chaos. It was a deliberate system  designed to pump out massive numbers of applications, including thousands that should never have been approved. Blueacorn rapidly became the poster child of fintech-fueled PPP risk. Congressional committees cited it in reports about PPP oversight failures. Regulators questioned how a young digital platform skyrocketed past major banks in loan volume. And prosecutors dismantled the false narrative that Blueacorn was just a victim of overwhelming demand. It wasn’t overwhelmed, it was opportunistic . Trial, Conviction, and a 10-Year Prison Sentence In June 2025, a jury convicted Hockridge of conspiracy to commit wire fraud. Her husband, Reis, pled guilty shortly after, admitting his role in fabricating records and manipulating borrower data. By November 2025, the sentence was handed down: 10 years in federal prison Over $63 million in restitution Two years of supervised release The court recommended she serve her time at Federal Prison Camp Bryan in Texas , the same facility housing other high-profile inmates like Elizabeth Holmes and Ghislaine Maxwell. She was ordered to report by December 30. For many observers, the sentencing became a symbolic bookend to the PPP fraud era, a loud message that high-volume fintech LSPs were not exempt from responsibility, and that personal enrichment at taxpayer expense would be met with severe punishment. The Final Irony Stephanie Hockridge spent years as a trusted voice delivering news to Arizona viewers. Her credibility was her currency. Audiences invited her into their homes, trusted her reporting, and relied on her to separate fact from fiction. That trust, and the public profile it created, likely helped Blueacorn gain early traction. A fintech co-founded by a respected local news anchor? That sounds legitimate. In court filings, Hockridge claimed that her actions were a "sincere effort to support small businesses" in dealing with government bureaucracy in an era of "unprecedented need". The jury didn't buy it. Neither did the judge. On December 30, 2025, Stephanie Hockridge will surrender to federal authorities to begin a decade behind bars. She'll be 52 when she's released, assuming good behavior. Nathan Reis will follow, though his reporting date hasn't been set. Their one-year-old son will grow up with both parents in federal prison for crimes committed while claiming to help people survive a pandemic. From trusted news anchor to federal inmate. From entrepreneur to convicted fraudster. From processing $12 billion in loans to owing $63 million in restitution. That's the story Stephanie Hockridge will never get to report.

When 350,000 small business owners can access financing without leaving their accounting software, who's left looking for a broker? The News: Fundbox Embeds Directly Into Wave On November 19, 2025, Fundbox announced a partnership with Wave, the accounting and financial management platform owned by H&R Block that serves over 350,000 small business owners and solopreneurs across North America. The integration places Fundbox's financing solutions directly inside Wave Perks, the platform's hub for business tools and services. Wave customers can now explore and apply for capital in a few clicks without ever leaving the software they already use to manage invoices, payments, and bookkeeping. "Small business owners face ongoing challenges balancing cash flow while growing their companies," said Adnan Glavas, Director of Partnerships at Wave. "By partnering with Fundbox, we're bringing our users a seamless and trustworthy way to access the capital they need." In recent months, the Fundbox has also partnered with: EverCommerce  — Integrating into Joist and Invoice Simple, serving 350,000+ contractors and home service professionals FreshBooks  — A long-standing partnership providing invoice financing to freelancers and small businesses Nav  — Embedding pre-approved offers into Nav's SMB financial health platform SoFi  — Providing capital access to SoFi's small business members Since 2013, Fundbox has helped over 150,000 small businesses access more than $6 billion in capital. Its strategy is clear: become the invisible capital layer inside the tools small businesses already trust. Why This Matters Beyond the Press Release Here's what the partnership announcements don't say: every business owner who gets a financing offer inside their accounting software is one fewer prospect entering the traditional broker pipeline. This isn't speculation. It's math. When a contractor using Joist sees a pre-approved capital offer pop up in their dashboard, a high percentage of the time, they're not Googling "business loans near me." When a freelancer in FreshBooks clicks through to Fundbox, they're not filling out a lead form on a broker's website. When a Wave user explores financing through Wave Perks, they're not calling an ISO. The embedded lending model doesn't just compete with brokers; it intercepts borrowers before they ever know they're borrowers. The Funnel Is Leaking From the Top Traditional business loan brokerage depends on a simple premise: business owners who need capital will go looking for it, and brokers can position themselves to capture that search. But embedded lending changes the sequence. Capital finds the business owner—at the exact moment their software detects a cash flow gap, an overdue invoice, or a growth opportunity. Consider how the merchant journey has shifted: The Traditional Path: Business owner recognizes need for capital Researches options (Google, referrals, ads) Encounters broker marketing Submits application to broker Broker shops deal to lenders Funding decision and disbursement The Embedded Path: Business owner uses accounting/invoicing/POS software Platform surfaces pre-qualified offer based on real-time data Owner clicks to accept Funding decision and disbursement The embedded path eliminates steps 2, 3, 4, and 5 entirely. And those are precisely the steps where brokers add value and capture margin. The Numbers Paint a Stark Picture McKinsey research found that in one major European market, the acquisition cost of a qualified SMB lending lead is 15 to 20 times higher  for traditional channels than for embedded finance channels. Why such a dramatic difference? Automated qualification:  Embedded platforms leverage transaction data, invoice history, and cash flow patterns to pre-underwrite borrowers at near-zero marginal cost. Contextual timing:  Offers appear when business owners are already thinking about money—reviewing invoices, processing payroll, managing expenses. Trust transfer:  The platform has already earned the user's trust. That trust extends to the embedded financing offer. Self-disqualification:  Borrowers who don't fit the credit criteria never enter the funnel as unqualified leads, because the offer simply doesn't appear. Meanwhile, brokers compete for the same shrinking pool of borrowers through paid search, lead purchases, cold outreach, and referral relationships, all with rising costs and declining conversion rates. The Market Is Moving Fast The embedded lending market is growing at a 19.6% compound annual rate, projected to expand from $7.65 billion in 2024 to $45.74 billion by 2034. McKinsey projects that embedded finance could account for 20-25% of retail and SMB lending revenues by 2030, up from just 5-6% in 2023. And here's the kicker: only 45% of SMB lenders currently offer embedded credit products. Consumer lenders are at 83%. The SMB embedded lending wave is still in its early innings. As more software platforms add financing features, the percentage of small business owners who ever need to seek external capital advice will continue to shrink. What's Left for Brokers? This isn't an obituary for business loan brokerage. But it is a warning that the addressable market is contracting at the top of the funnel. Where brokers still win: Complex deals  — Multi-lender structures, SBA loans, real estate-backed financing, and transactions requiring human judgment Declined applicants  — Borrowers who don't qualify through embedded channels but might fit alternative lender criteria Larger transactions  — Deals above the typical embedded lending ceiling ($50K–$250K) that require more sophisticated structuring Relationship-driven verticals  — Industries where business owners value advisor relationships over platform convenience Credit repair and advisory  — Helping businesses improve their profiles to access better terms Where brokers are losing ground: Small-dollar working capital  — Under $100K, speed and convenience beat relationship every time Invoice financing  — Already deeply embedded in accounting and invoicing platforms MCA/Revenue-based financing  — Increasingly offered at point-of-sale and inside POS systems/accounts. First-time borrowers  — New business owners expect financing to be as easy as everything else in their software stack The Strategic Implications For business loan brokers and ISOs, the Fundbox-Wave partnership is another data point in an undeniable trend. The question isn't whether embedded lending will impact lead flow; it already has. The question is how to adapt. Option 1: Move upmarket.  Focus on transaction sizes and complexity levels that embedded platforms can't serve. Build expertise in SBA lending, equipment finance, factoring, and structured deals. Option 2: Become the embedded layer.  Some brokers are exploring partnerships with software platforms that don't yet have financing features. If you can't beat the embedded model, adopt it. But this will take a higher level of technological sophistication. Option 3: Own the second chance.  Position as the specialist for borrowers who've been declined by embedded options. This requires credit repair capabilities and strong alternative lender relationships. Option 4: Build proprietary deal flow.  Invest in direct-to-borrower marketing, content, and SEO that capture business owners before they've adopted platforms with embedded financing. None of these paths is easy. All require investment. But the cost of inaction is watching your lead pipeline shrink by 15-20x compared to the embedded competition. The Bottom Line Fundbox embedding into Wave is a single partnership. But it represents a structural shift in how small businesses access capital. Every major software platform serving SMBs—accounting, invoicing, payments, payroll, POS—is evaluating or implementing embedded financing. The walls around the traditional lending funnel are closing in. Business loan brokers aren't obsolete. But the brokers who thrive in 2030 will look very different from those who thrived in 2025. The ones who recognize this shift and adapt their models accordingly will capture the complex, high-value transactions that embedded platforms can't touch. The ones who don't will spend ever-increasing dollars chasing an ever-shrinking pool of borrowers who still pick up the phone.

After years of litigation, industry pushback, and now a funding crisis, the Bureau is proposing to dramatically scale back its small business lending data collection rule. But will the agency even exist long enough to finalize it? The Regulatory Reversal Nobody Saw Coming Two years ago, the CFPB released what it called a landmark rule: a sweeping data collection mandate that would shine a light on small business lending the way the Home Mortgage Disclosure Act illuminated mortgage markets. The agency envisioned capturing 81 data points from thousands of lenders, covering everything from interest rates to whether business owners identified as LGBTQI+. The lending industry responded with lawsuits. Three separate courts issued stays. And the rule sat in limbo. Now, the CFPB is doing something regulators rarely do: admitting it overreached. On November 13, 2025, the Bureau published a proposed rule that would fundamentally reshape Section 1071 implementation. The proposal doesn't just tweak compliance timelines; it redefines who's covered, what products count, what data gets collected, and when any of it takes effect. But here's the twist that makes this story more complicated: the agency proposing these changes may run out of money before it can finalize them. What Section 1071 Was Supposed to Do Section 1071 of the Dodd-Frank Act, passed in 2010, amended the Equal Credit Opportunity Act to require lenders to collect and report data on small business credit applications. Congress had three goals: facilitating fair lending enforcement, identifying business and community development needs, and enabling communities to spot opportunities for women-owned, minority-owned, and small businesses. The statute required 13 specific data points. The CFPB, exercising its discretionary authority, expanded that to 81. The agency believed this comprehensive approach would create a dataset comparable to HMDA data for mortgages. Industry groups warned that the complexity would burden lenders, harm small businesses, and produce data of questionable utility. Turns out, the industry had a point, at least according to the CFPB's new leadership. What the Proposed Amendments Would Change The Bureau's November 2025 proposal represents a philosophical U-turn. Where the 2023 rule cast a wide net, the new approach focuses on what the agency calls "core" lenders, products, and data. Covered Institutions: From 100 Originations to 1,000 The 2023 rule used a three-tier system based on origination volume, with the lowest threshold set at 100 covered transactions. The proposal eliminates the tiers entirely and raises the threshold to 1,000 covered credit transactions in each of the two preceding calendar years. For institutions originating loans in 2026 and 2027, the new compliance date would be January 1, 2028, with first filings due June 1, 2029. This single change would remove thousands of smaller lenders from Section 1071 coverage entirely. Small Business Definition: $5 Million Becomes $1 Million The 2023 rule defined a small business as one with gross annual revenue of $5 million or less. The proposal slashes that to $1 million or less, with inflation adjustments in $100,000 increments every five years starting in 2035. The Bureau says this aligns with the Community Reinvestment Act's longstanding "smaller business" revenue metric and Regulation B's adverse action notice thresholds. New Product Exclusions: MCAs, Agricultural Lending, and Small-Dollar Loans Perhaps the most significant coverage change: merchant cash advances would be excluded entirely. The 2023 rule explicitly included MCAs, prompting the Revenue Based Finance Coalition to sue, arguing MCAs aren't "credit" under ECOA. A Florida magistrate judge had recommended upholding the rule in February 2025, but the CFPB is now reversing course voluntarily. The Bureau's reasoning is notable. It acknowledges that MCAs are "structured differently from traditional lending products" and that concepts like "interest rate" don't fit MCA pricing models. More striking, the agency now says it "erred in prematurely determining that collection of data on MCA transactions would serve section 1071's statutory purposes." The proposal also excludes: Agricultural lending (transactions funding crop production, livestock, farmland, and farm equipment) Farm Credit System lenders Loans under $1,000 (with inflation adjustments) Data Points: From 81 to the Statutory Core The 2023 rule required lenders to collect and report data including pricing information, denial reasons, application method, and whether businesses were LGBTQI+-owned. The proposal strips most of these discretionary additions. Data points proposed for removal: LGBTQI+-owned business status Application method Application recipient Denial reasons Pricing information (interest rate, fees, origination charges, broker fees) Number of workers What remains:  The statutory data points plus a small set of discretionary fields the Bureau considers necessary for those statutory fields to be useful, including NAICS code, time in business, and number of principal owners. The demographic collection for sex would change from a free-form text field to binary male/female checkboxes. The Bureau states this change responds to stakeholder feedback that a free-form field "would likely result in poor data quality." Anti-Discouragement Provisions: Scaled Back The 2023 rule contained detailed anti-discouragement provisions, including monitoring of low response rates as potential "indicia of discouragement." The proposal removes or recasts these as guidance rather than requirements, while maintaining that institutions must have procedures "reasonably designed to obtain a response." Why the CFPB Changed Its Mind The preamble to the proposed rule offers unusual candor about the agency's reassessment. The Bureau now "preliminarily believes that [the] reaction to the 2023 final rule, practically speaking, was in part based on its expansive approach, appearing to seek broad coverage of lenders, products, and information collected." The agency also acknowledges compliance with "recent executive directives" as a factor in the revision, a reference to the Trump administration's regulatory reform agenda. The Bureau frames the new approach as incremental: focus on core lending products and larger lenders first, ensure data quality, then potentially expand later based on experience. The Litigation Backdrop The proposed amendments don't exist in a vacuum. Three separate lawsuits challenged the 2023 rule, and each court stayed compliance deadlines. Texas Bankers Association v. CFPB:  Filed in April 2023 by the Texas Bankers Association, Rio Bank, and later joined by the American Bankers Association. A district court granted CFPB summary judgment in August 2024, but the Fifth Circuit granted a stay pending appeal in February 2025. The plaintiffs argued the rule exceeded statutory authority and was arbitrary and capricious. Revenue Based Finance Coalition v. CFPB:  Filed in December 2023, challenging the inclusion of MCAs. With the proposed amendments now excluding MCAs, this case may become moot. Additional litigation:  A consumer advocacy group sued to force faster implementation, but the CFPB's new rulemaking may affect that case's trajectory as well. The Bureau expects litigation activity to pause during the rulemaking process, though how courts respond remains to be seen. The Elephant in the Room: Will the CFPB Exist to Finalize This Rule? Here's where the story takes a dramatic turn. On November 11, 2025—two days before publishing the Section 1071 proposal—the Department of Justice notified federal courts that the CFPB anticipates exhausting its available funds in early 2026. The Bureau's unique funding mechanism allows it to draw from the "combined earnings of the Federal Reserve System" rather than congressional appropriations. The DOJ's Office of Legal Counsel has now concluded that "combined earnings" means profits, not revenue. Since the Federal Reserve has operated at a net loss since 2022, there are currently no earnings from which the CFPB can legally draw. The Bureau has enough money to operate through December 31, 2025. After that, absent congressional appropriation, it would face Antideficiency Act constraints, meaning most rulemaking, examinations, and enforcement would pause. Comments on the Section 1071 proposal are due December 15, 2025. The agency may have only two weeks of normal operations remaining after the comment period closes. Acting Director Russell Vought has stated his intention to wind down the agency. The CFPB has already transferred its remaining litigation to the Department of Justice and announced plans to furlough much of its workforce by year's end. Whether a final Section 1071 rule ever emerges—and in what form—depends on factors far beyond the rulemaking record. What This Means for Lenders If You're Below 1,000 Originations The proposed amendments would move you out of Section 1071 coverage entirely. No data collection, no reporting, no compliance build-out required. However, don't dismantle your compliance planning yet. This is a proposed rule, not a final one. The agency's future is uncertain. And state regulators often increase activity when federal oversight recedes. If You're Above 1,000 Originations Plan for a January 1, 2028, compliance date under this proposal's framework. Consider beginning limited demographic collection 12 months prior to test systems and processes. Conduct a gap assessment comparing your current Section 1071 build against the proposed changes. Key areas to evaluate: Removal of pricing components and denial reasons Revised demographic formats (binary sex field, potential aggregate-only race/ethnicity) Narrowing to core loan products If You're an MCA Provider The proposed exclusion of merchant cash advances is significant. If finalized, MCA providers would have no Section 1071 obligations. That said, the Bureau states it "will continue to monitor developments in the markets for MCAs and other sales-based financing to determine whether over time a subset might be appropriately included." And state regulatory frameworks for MCAs continue evolving—New York, California, Utah, Virginia, and other states have enacted or are considering disclosure requirements. If You're in Agricultural Lending Farm Credit System lenders and agricultural credit products would be excluded under the proposal. Key Dates to Watch December 15, 2025: Comment deadline for proposed amendments December 31, 2025: CFPB's expected funding exhaustion date January 1, 2028: Proposed compliance date (if rule is finalized) June 1, 2029: Proposed first filing deadline The Bottom Line The CFPB's proposed Section 1071 amendments represent a remarkable regulatory retreat. An agency that two years ago believed broad coverage would advance fair lending goals now acknowledges that approach may have been counterproductive. For lenders, the practical question isn't just what the rule says, it's whether the agency will exist to enforce it. Submit comments by December 15 if you have views on the proposal. Monitor the Bureau's funding situation. Watch for state-level activity that may fill any federal enforcement gap. And prepare for continued uncertainty. In small business lending regulation, the only constant right now is change.