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The digital-age industry sells borrowers on its speed. But it remains captive to outdated technology that can delay the delivery of funds by several days.
October 8 -
Kabbage is one of many nonbank lenders looking to partner with traditional financial institutions. But the firm is facing a tough sell with bankers who worry about the risks associated with ceding control of the loan-underwriting process.
October 5 -
Some startups have been criticized for charging high fees and interest rates, but online lenders argue that borrowers are willing to pay them for the sake of expediency.
December 29
Fundation Group, an online small-business lender, has hired an industry veteran as its first chief operating officer.
Barry Feierstein will be charged with overseeing the New York-based company's marketing, business development, lending operations, and servicing and administration, according to a Monday news release.
Prior to joining Fundation, Feierstein served as chief commercial officer for Apollo Education Group, which operates the for-profit University of Phoenix.
Between 2007 and 2009, Feierstein worked as Sallie Mae's executive vice president of sales and marketing, according to his LinkedIn profile.
Fundation offers term loans of $20,000 to $500,000 to small businesses. In October, the firm announced a partnership with Regions Financial to sell co-branded loans through Regions.com.
