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North Mill Equipment Finance (NMEF), an independent equipment lender based in Norwalk, Connecticut, has raised $30 million through investment-grade corporate notes. Brean Capital served as exclusive financial adviser and sole placement agent for the transaction. The capital infusion will support portfolio growth and originations as the company sees continued demand in the small- and mid-ticket equipment financing market. Deal Highlights Amount raised:  $30 million in investment-grade corporate notes Adviser:  Brean Capital (exclusive financial adviser and sole placement agent) Purpose:  Support portfolio growth and expand originations Investor mix:  Strong backing from existing investors plus participation from new investors Rating:  Investment-grade, reflecting balance-sheet strength About North Mill Equipment Finance Ownership: Majority-owned by an affiliate of InterVest Capital Partners Headquarters: Norwalk, Connecticut Regional Offices: California Colorado New Jersey Utah Affiliate Company: BriteCap Financial — provides working-capital financing for small businesses from Las Vegas Lending Parameters NMEF finances commercial leases and loans across a range of deal sizes: Standard transactions:  $15,000 to $3 million Investment-grade deals:  Up to $5 million Equipment Categories Served The company provides financing across multiple sectors: Medical equipment Construction equipment Franchise equipment Technology equipment Vocational equipment Manufacturing equipment Other equipment categories

Reston-based fintech startup will use the capital to scale its platform serving banks and tech companies in the small business credit market. Quantum Lending Solutions, a Reston, Virginia-based financial technology company, has closed a $400 million financing round to fuel the growth of its AI-driven lending platform. The company provides infrastructure that helps banks, marketplaces, and technology platforms make better credit decisions and extend long-term financing to small and medium-sized businesses. The funding will support continued expansion as demand grows from financial institutions seeking responsible SMB lending capabilities. Deal Structure The $400 million transaction included multiple financing components: $250 million warehouse line  — Initial commitment from a global asset-based private credit firm that led the round Corporate debt  — Participation from Atlas SP Partners, a New York-based investment firm Equity investment  — Participation from LL Funds, a Pennsylvania-based investment adviser Advisory services  — Macquarie Capital advised Quantum on the financing What Quantum Lending Does The company operates an AI-based platform designed to serve financial institutions and technology companies: Helps banks, marketplaces, and tech platforms improve credit decision-making Enables partners to provide long-term credit to small and medium-sized businesses Recently rebuilt its platform specifically for AI-era capabilities Positions itself as a lending infrastructure rather than a direct lender Company Background Quantum Lending Solutions was formed two years ago through a three-way merger: Fundation  — Financial technology company Camino Financial  — Financial technology company Amount  — Specifically the SMB operations team from this fintech firm Growth Metrics Since Formation The company has posted significant progress in the two years since its creation: Raised more than $50 million in equity capital Doubled originations  volume Decreased losses by more than 50% Tripled lending capacity Leadership Perspectives Mickey Konson, CEO: Highlighted significant growth driven by demand from banks and technology platforms seeking responsible long-term credit solutions for their customers. Expects this trend to accelerate with the launch of the rebuilt AI-based platform. Raj Mundy, LL Funds Partner and Quantum Board Chairman: Emphasized the team's success in rebuilding the company for the AI era while maintaining consistent growth. Expressed continued support for the company's mission to provide banks and platforms with scalable, responsible lending infrastructure. Key Takeaways Substantial capital raise  — $400 million positions Quantum for significant expansion Diversified funding structure  — Mix of warehouse facility, debt, and equity provides flexible capital AI-first approach  — Recently rebuilt platform signals commitment to technology leadership B2B focus  — Serves banks and platforms rather than lending directly to end borrowers Strong momentum  — Two years of growth metrics demonstrate execution capability Institutional backing  — Support from established investment firms validates the business model

First, let me say that this is not a negative reflection on MCAs/Revenue-Based Financing as a product. This is a Ponzi scheme, no matter the investment type. It is very similar to the MJ Capital case , although the total dollar amount is much smaller. With that said, let's get to the case. The owner of a Miami-based company, E-Card Lending LLC  (also known as E-Card Merchant LLC), has been sentenced to more than 19 years in federal prison for orchestrating an elaborate Ponzi scheme  that defrauded over 70 investors out of more than $40 million . The defendant, Pablo Silverio Rebollido , 47, of Miami, Florida, presented his company as a thriving Merchant Cash Advance (MCA)  business to attract investor capital, but in reality, the company conducted no legitimate business. Key Points of the Fraud Case Detail Description Defendant Pablo Silverio Rebollido, Founder and Owner Entity E-Card Lending LLC / E-Card Merchant LLC Scheme Timeline August 2019 to February 2024 Total Losses Over $40 Million Victim Count Over 70 Investors Sentence 230 Months  (over 19 years) in federal prison Restitution Ordered to pay $16,984,505.70  in restitution The Ponzi Mechanics: Disguising Fraud as MCA The scheme's sophistication lay in its simplicity and use of a familiar industry model as a disguise. False Promise:  Rebollido fraudulently solicited funds from investors, promising high, regular monthly returns that were supposedly generated from the profits of E-Card's merchant cash advance business. The Deception:  The key deceit was that E-Card had no clients  and was not actively funding merchant cash advances. There were no underlying cash flow assets generating the returns. The Ponzi Cycle:  Instead of earning profits, Rebollido operated a classic Ponzi scheme, using money from new investors to pay "returns" to earlier investors. This sustained the illusion of a profitable business until the cycle inevitably collapsed. Misappropriation:  Court documents alleged that Rebollido did not use the money to fund any business, but rather diverted millions of dollars of investor capital to finance his personal and extravagant lifestyle. The October sentence handed down , more than 19 years in prison, highlights the severity of the financial crime and the federal government's commitment to prosecute those who use fraud to exploit investors aggressively.

We recently spoke with David Snitkof of Ocrolus about their latest product, Encore, their Q3 small business report, and more. Ocrolus is a titan in fintech, an innovator in document automation, and a force in data analytics. To learn more about Encore, visit Ocrolus . View their LinkedIn page

The liquidity landscape just got a boost. Cardiff, Inc.  has announced the closing of a new senior revolving credit facility with a prominent U.S.-based bank, a move set to significantly expand its lending capacity for small and mid-sized businesses. While the specific dollar amount of the new facility was not disclosed, the scale of Cardiff's operations suggests a substantial war chest. The company noted that it has deployed over $12 billion  to businesses since its inception and is currently projecting $2.5 billion  in funding volume for 2025 alone. This new facility is explicitly aimed at supporting that massive transaction flow. Key Takeaways for Partners: Fueling the $2.5B Goal:  This liquidity ensures Cardiff has the dry powder to meet its aggressive 2025 origination targets without friction. Institutional Validation:  Securing a senior facility from a major bank underscores the durability of the asset class, even in a shifting economy. Growth Mode:  With Brean Capital advising on the deal, Cardiff is positioning itself to capture more market share while other lenders may be tightening standards. As credit markets fluctuate, Cardiff’s latest win signals to brokers and ISOs that their "America’s Favorite Small Business Lender" is open for business and ready to fund.

The headline numbers are undeniably sharp: Pipe, the fintech platform known for transforming recurring revenue into up-front capital, has reduced its workforce by approximately 50%. While a headcount reduction of this magnitude, impacting over 200 employees, often triggers alarm bells in the general press about runway or stability, a closer look at the company’s recent strategic moves suggests a different narrative. For industry observers and capital providers, this restructuring appears to be less about "survival" and more about a rigorous correction toward unit economics and automation. The Shift from Headcount to "AI Agents" To understand this move, one must look at Pipe’s product roadmap over the last six months. In mid-2025, the company rolled out a suite of "AI Agents" explicitly designed to handle underwriting, fraud detection, and account management, tasks that historically required large operational teams. The company’s leadership, led by CEO Luke Voiles, has been vocal about building an "operating system" for capital rather than a traditional lending shop. If the technology works as advertised, the need for a massive manual workforce diminishes significantly. By replacing manual workflows with automated infrastructure, Pipe is arguably executing on the original promise of fintech: to lower the cost of capital delivery by removing human friction from the equation. Pipe Doubling Down on Embedded Partnerships The reduction in staff also aligns with Pipe’s pivot away from direct-to-merchant sales toward a "Vertical SaaS" partnership model. Instead of employing hundreds of sales reps to cold-call individual business owners, Pipe has been integrating its capital rails directly into platforms like Uber Eats  and Housecall Pro . In this model, the partner platform owns the customer relationship, and Pipe provides the embedded leverage. This "wholesale" approach to distribution requires far fewer bodies than a retail sales organization, allowing the company to maintain volume while slashing customer acquisition costs (CAC). A Maturing Asset Class For the broader alternative finance ecosystem, Pipe’s restructuring offers a realistic case study in maturity. The "growth at all costs" phase of 2021 is firmly over. The winners in the next cycle, whether they are unicorns or independent ISO shops, will be the ones who prioritize profit margins over headcount. Pipe’s decision to cut deep while still holding significant capital reserves and major partnerships indicates a discipline that is becoming essential in 2025. It sets a precedent that the future of funding isn't about how many people you have in the seats, but how efficiently your underlying technology can assess risk and deploy funds.

You might have scratched your head at President Trump’s latest pick for the Consumer Financial Protection Bureau (CFPB). The administration has nominated Stuart Levenbach, a man with a resume deep in marine ecology and natural resources, but completely void of banking or financial services experience, to lead the agency. On the surface, it looks like an unqualified pick for a top financial watchdog role. But for the alternative finance industry, this nomination isn’t about who is coming in; it’s about who is getting to stay . Here is what you need to know about this strategic maneuver and what it signals for the future of regulatory enforcement. The Loophole: Keeping the Dismantler-in-Chief To understand the Levenbach nomination, you have to look at the man currently running the show: Acting Director Russell Vought. Vought, who also serves as the White House Budget Director, has made no secret of his disdain for the CFPB. Since stepping into the acting role, he has moved aggressively to effectively shutter the agency, halting investigations, freezing new rules, and ordering mass staff reductions. However, under the Federal Vacancies Reform Act, an acting director can only serve for 210 days. That clock was ticking. By nominating a permanent director, even one who serves as Vought’s subordinate at the Office of Management and Budget (OMB), the Trump administration has triggered a legal pause button. This nomination suspends the 210-day limit, allowing Vought to remain as Acting Director indefinitely while the Senate "considers" Levenbach’s confirmation. In short: Levenbach isn’t there to lead the CFPB. He is there to hold the door open so Vought can finish tearing it down. "Closed for Business" For the past few years, the alternative finance industry has been in the crosshairs of an aggressive CFPB. Under the previous leadership of Rohit Chopra, the bureau pursued a "regulation by enforcement" strategy that targeted non-bank lenders and pushed hard for the implementation of Section 1071, the small business lending data collection rule that threatened to bury funders in red tape. This nomination confirms that the era of aggressive oversight is officially over for the foreseeable future. Reports indicate that the agency is currently nonfunctional. Employees have been ordered to stop working, and the only significant activity happening inside the bureau is the unwinding of previous regulations. Furthermore, the administration is leveraging a legal argument that the CFPB’s funding, drawn from the Federal Reserve, is illegal because the Fed is currently operating at a loss. This has effectively cut off the agency's cash flow, aiming to starve it out of existence by early 2026. The Takeaway for the Industry This is the regulatory relief many have been waiting for. The immediate threat of federal crackdowns on MCAs and revenue-based financing products has dissipated. The aggressive push to treat commercial financing like consumer lending appears to be dead in the water. However, while the federal watchdog is asleep, the industry shouldn't become complacent. State Regulation is Still Alive:  While the CFPB effectively powers down, state regulators (like those in California, New York, and New Jersey) remain active. The battle over disclosure laws has moved entirely to the state level. The Long Game:  A complete dismantling of the CFPB is a bold political gamble. If the pendulum swings back in future election cycles, the backlash could be severe. For now, though, the message from Washington is clear: The CFPB is being deconstructed from the inside out. For funders looking to grow without the shadow of federal overreach, the runway just got clearer.

On Nov 13th, Kris Roglieri, once one of the biggest names in commercial finance who owned several companies, left his prison cell to change his plea to wire fraud and conspiracy to commit wire fraud charges. His two co-conspirators had already pled guilty and are awaiting sentencing, so Mr Roglieri had few options but to make the best deal with prosecutors he could. Watch this video to hear what happened in the courtroom!

SAN FRANCISCO - Kaaj , an agentic AI credit intelligence platform that simplifies small business lending, today announced it has raised $3.8 million in seed funding led by Kindred Ventures, with participation from Better Tomorrow Ventures and others. Founded in 2024, Kaaj's mission is to expand access to affordable capital for all small businesses. Using agentic AI workflows to help lenders analyze end-to-end loan packages and create decision-ready analysis for small business lending, Kaaj reduces lender costs and accelerates decision-making. Kaaj’s founding team combines deep AI expertise and risk experience. Utsav Shah, co-founder and CEO, spent a decade at Uber and Cruise, building AI-powered decision-making systems at scale. Shivi Sharma, co-founder and President, is an expert in credit and fraud risk, formerly of American Express, Uber, and Varo Bank. Kaaj founders Utsav Shah and Shivi Sharma The capital will accelerate product development and expand Kaaj's reach across the $1.7 trillion U.S. small-business lending market and the $1.3 trillion equipment finance market. A Unique Market Opportunity: Expanding Access to Affordable Capital for Undercapitalized Small Businesses Across the U.S. Small business formation has surged to record levels over the past two years, with U.S. small businesses now numbering more than 33 million. However, access to capital remains a critical challenge.  According to the Federal Reserve 2024 Small Business Credit Survey, approximately 50% of small business loan applicants fail to receive the full amount of capital they need , leaving businesses undercapitalized at crucial growth stages. A major reason for this gap is that for most lenders, loans under $1m are not profitable using current manual, time-intensive underwriting approaches.  To solve this, Kaaj's platform deploys AI agents that work together to automate the entire credit analysis process, from business verification and cash flow analysis to asset valuation, financial analysis, and risk assessment. What traditionally takes underwriters days of manual work across thousands of documents, Kaaj completes the work in under three minutes, delivering decision-ready analysis that integrates seamlessly into existing loan origination systems. "Lenders face a fundamental profitability problem: it takes the same amount of time and resources to underwrite a $100,000 loan as it does a $5 million loan," said Shivi Sharma, President and co-founder of Kaaj. "This forces lenders to prioritize larger loans, leaving millions of small businesses without access to the capital they need to operate and grow. Kaaj's platform doesn't just speed things up. It fundamentally changes the economics of small business lending, making smaller loans profitable for lenders while improving the borrower experience." The platform has already processed over $5 billion in loan applications and has a growing customer base of lenders and brokers with industry-leading companies like Amur Equipment Finance, Quality Equipment Finance, and Fundr. Addressing Both Sides of the Small Business Lending Ecosystem Kaaj serves both lenders and brokers, who together represent the vast majority of small business financing activity. For lenders, the platform enables profitable scaling without proportional headcount growth, allowing a team processing 500 applications monthly to handle 2,000 applications with the same staff. For brokers, Kaaj adds intelligent lender matching capabilities, routing deals to the most appropriate financing sources. "Time kills deals in small business lending," said CEO and co-founder Utsav Shah."When multiple lenders compete for the same quality borrowers, speed determines winners. Faster, more consistent decisions with clear data help brokers reduce administration time and focus on delivering bespoke advice and guidance for small businesses. For lenders, Kaaj speeds up the response time to minutes instead of days, demonstrably improving their approval-to-funding ratios so they don't lose quality deals to competitors." By integrating with popular CRM systems like Salesforce, Microsoft Dynamics, HubSpot, Zoho, and more, Kaaj goes live in as little as three weeks. Consistency and Transparency in an Inconsistent Industry Beyond speed, Kaaj addresses a critical but often overlooked problem in commercial lending: inconsistency. Through behavioral studies shadowing credit underwriters, Kaaj's team discovered that decision-making varies dramatically by factors such as time of day, workload, and day of week: an inconsistency that frustrates brokers and borrowers. Every deal Kaaj analyzes receives the same comprehensive due diligence, regardless of external factors. This consistency improves decision quality while making the entire process more transparent and audit-ready, critical factors in today's regulatory environment. The platform's transparency is built into its architecture. Every data point, calculation, and insight is fully traceable and verifiable, ensuring lenders can demonstrate clear audit trails for regulators while maintaining full control over final lending decisions. Investor Backing "Small business lending has long struggled with a fundamental economics problem, the cost to underwrite smaller loans hasn't matched the returns, leaving millions of businesses underserved," said Kanyi Maqubela, Managing Partner, Kindred Ventures. "Kaaj is solving this by fundamentally changing the unit economics of SMB lending through intelligent automation. The platform doesn't just incrementally improve efficiency; it unlocks an entirely new category of profitable lending that was previously inaccessible.”  "We're backing a team with the rare combination of deep AI expertise and domain knowledge in credit risk to build the infrastructure that will power the next generation of small business finance," said Jake Gibson, Founding Partner, Better Tomorrow Ventures.  "What impressed us most was Kaaj's approach to building transparent, audit-ready AI that enhances rather than replaces human judgment,” said Sheel Mohnot Co-Founder & General Partner at Better Tomorrow Ventures. “In an industry where consistency and compliance are paramount, this is exactly the kind of infrastructure innovation that expands access to financial services for underserved communities." About Kaaj Kaaj is an agentic AI credit intelligence platform that automates small business loan underwriting from application to decision-ready analysis. The San Francisco-based company integrates seamlessly with existing loan origination systems, enabling lenders and brokers to scale efficiently while maintaining consistency and transparency. Kaaj's mission is to expand access to affordable capital for all small businesses by empowering lenders with best-in-class technology.  For more information, visit https://kaaj.ai/

Lexington Capital Holdings did more than just cut a ribbon on a new office today; they unveiled a whole new chapter. The company, known primarily as a matchmaker for small and medium-sized businesses (SMBs) seeking funding, officially opened its new state-of-the-art headquarters, "Lexington Park." The grand opening, held this morning at their new 1660 Route 112 location, was celebratory, complete with tours and remarks from leadership. But the real headline isn't just the impressive new building. It’s what this move signifies. The new headquarters will also serve as the home for Lexington Estates LLC, a new subsidiary that officially launched this month. And just like that, Lexington Capital is no longer just in the business lending game. They're now in the business of selling properties. This is a very interesting pivot. For years, Lexington Capital has built its reputation in the B2B world, connecting entrepreneurs with a network of lenders. Now, with Lexington Estates, they’re diving headfirst into the B2C world of residential real estate, helping clients "buy and sell homes with confidence." This isn't just diversification; it's a strategic bet on building a holistic financial ecosystem. Think about it: the same entrepreneur Lexington helps secure a line of credit for their growing business is often the same person looking to buy their dream home or sell their current property. The new team at Lexington Estates is tasked with bringing the company's financial savvy to the personal and often emotional process of home transactions, promising "the best possible price, even in cash offers." Frankie DiAntonio, CEO of Lexington Capital Holdings, framed the new building as the physical manifestation of this new, integrated vision. “This is more than just a new building; it is a profound commitment to our future, our team, and the local community,” DiAntonio said. “Lexington Park is built to support the highest level of collaboration and technological innovation, ensuring we can deliver even greater value to our clients and partners.” That "collaboration" is the key. By opening Lexington Park, DiAntonio isn't just giving his team a new workspace; he's creating a hub where business-funding experts and new real-estate professionals can, quite literally, walk down the hall to build a comprehensive client profile. It’s a bold move that takes Lexington Capital from a successful small business services firm to an ambitious, multi-faceted holdings company. They’re not just helping fund the local economy anymore, they’re building a piece of it.

James T. Foley Courthouse November 13, Albany, NY -  Kris Roglieri was brought into an Albany, NY courtroom in handcuffs, dressed in a drab olive prison uniform with “RCCF Inmate” emblazoned on the back. Today in the U.S. District Court for the Northern District of NY, Kris Roglieri, former owner of Prime Capital Ventures, LLC, the NACLB, CCTG, and Prime Commercial Lending, entered a plea of guilty to one count of Conspiracy to Commit Wire Fraud, a felony.  This represented a dramatic turn of events in a case that had been scheduled for trial in January, where Mr. Roglieri had pleaded not guilty to 5 counts of wire fraud .   Roglieri, 45, of Queensbury, New York, was living the high life before the beginning of 2024 when federal agents raided his house. He was first charged with five counts of wire fraud.  A superseding indictment in June for conspiracy to commit wire fraud added yet another felony charge to the list of his accused crimes. Today’s hearing represented a plea to the charge leveled in the superseding indictment, which, with all things considered, may be a good deal for Mr. Roglieri. Kris Roglieri Prosecutors alleged that Roglieri and his co-conspirators touted Prime Capital as a business that could provide large commercial business loans.  Roglieri and his co-conspirators would collect up-front payments, which were touted as an “Interest Credit Account”(ICA) in lieu of future loan payouts. Instead, the ICA money was used to purchase luxury cars, watches, vacations, and real estate. It quickly turned into a Ponzi scheme when Roglieri used money from new clients to make some payouts to older ones. The total scope of the fraud is in the tens of millions of dollars. In the initial court filing, only one victim was indicated, but in today’s hearing, the prosecution detailed the sprawling nature of the fraud, naming several other victims who were conned by Mr. Roglieri, that could be seen in lawsuits they filed against his company.  Initially, Roglieri had claimed it was he who had been duped by a hedge fund called Berone Capital that did not follow through in its role as a backer of funding.  Then his co-conspirators started making deals. In May of this year, Christopher Snyder pleaded guilty in the case, having forwarded the Ponzi scheme by wiring money to an old Prime Capital client from a new Prime client’s account. Subsequently, in June,  Kimberly “Kimmy” Humphrey, Snyder's sister, also pleaded guilty to her role in the scam. Immediately after Humphrey’s plea, the superseding indictment for wire fraud conspiracy was handed down to Roglieri.    In today’s matter-of-fact proceedings, Mr. Roglieri betrayed little emotion.  He casually chatted with his attorneys prior to Judge Mae A. D’Agostino entering the courtroom, which was filled with approximately 20 onlookers.  Once the hearing commenced, Prosecutor J. Rosenthal, Esq., laid out their evidence in great detail.  He divulged that approximately $54 million had been obtained through the fraud by Prime Capital.  One was a deal struck with a company named Onward LLC, which had wired three payments to Prime, intended for the ICA, which totalled 20 million dollars.   Roglieri and Prime then used money from another company, 1322 Developments, to return $17 million to Onward, ostensibly as part of their loan payment. 1322 Developments never saw any money returned to them. Mr. Rosenthal then proceeded to name other companies that were caught up in the scam, how their money was moved around in Mr. Roglieri’s shell game, and the lavish lifestyle which these ill-gotten gains afforded him.   Forfeiture Item List This charge, Conspiracy to Commit Wire Fraud, carries a maximum penalty of 20 years in prison, $250,000 in fines, and three years of supervised release. In accordance with the plea deal, the prosecution offered projected guidelines for sentencing as follows: a prison sentence of 97-121 months (approx 8-10 years) , the forfeiture of items (money and tangibles such as real estate, cars, and other luxury items purchased by Mr. Roglieri, some of which have already been auctioned), and restitution for victims.   Mr. Roglieri spoke clearly, stating that he understood all of the allegations and was indeed guilty as charged. Judge D’Agostino kept the proceedings moving at a brisk pace, the whole affair taking approximately one hour only due to the lengthy, painstakingly detailed account of Rogliei’s crimes.   Sentencing for Mr. Roglieri has been scheduled for March 11th, 2026 , at 10:00 AM.

A few updates on legislation around the country, according to the Revenue Based Finance Coalition (RBFC). In New Jersey, bill S 1397 / A 865 has been amended to require APR disclosure for revenue/sales-based financing providers. Pennsylvania HB 639 , sponsored by Representative Kristine Howard (D), introduces truth-in-lending provisions and APR disclosure requirements for commercial financing non-bank providers. In Puerto Rico, PC 889 its proposing disclosure, licensing, and transparency for what they call future income financing businesses. This would be under OCIF oversight. As developments unfold, we will relay the information, but you can also visit the RBFC for more information.