Bitty Introduces New Small Business Loan Program
August 27, 2025Fort Lauderdale, FL – August 26, 2025 – Bitty is proud to unveil the launch of a new small business loan product designed to expand access to working capital for entrepreneurs, starting the rollout in Texas.
Beginning September 1, 2025, Bitty will offer a fixed-term, installment-style loan option. This program complements our existing revenue-based financing solutions while maintaining the fast, transparent, and business-friendly process that partners and merchants have come to expect from Bitty.
The new loan product is tailored to meet the needs of small business owners who prefer scheduled payments and fixed payoff timelines. By broadening our funding suite, Bitty continues to strengthen its commitment to empowering business growth through flexible and responsible capital solutions.
Further details about this program, along with operational updates, will be available on the Bitty website and official social media channels in the weeks ahead.
“This launch marks another exciting milestone for Bitty, our partners, and the thousands of small businesses we serve nationwide,” said Craig Hecker, CEO of Bitty.
For additional information, please contact our team directly.
Website: www.bittyadvance.com
PRESS CONTACT
Charlie Siegel
Director of Partner Relations
partners@bittyadvance.com
OppFi Encouraged By Early Results With Bitty
November 10, 2024OppFi achieved a new record in Q3.
“The record quarterly net income was a result of credit initiatives that continue to drive strong loss payment and recovery performance, marketing cost efficiency and prudent expense discipline across the organization,” said OppFi CEO Todd Schwartz during the quarterly earnings call. One part of that organization is Bitty Advance, which it acquired a 35% stake in this past summer. “We are encouraged by the early results and potential opportunity of this platform and the strength of our relationship with Bitty,” Schwartz said of the progress so far. “We continue to explore similar opportunities that would be accretive and align with OppFi’s strategic vision.”
One analyst on the call inquired further about what similar opportunities Schwartz might be referring to on the M&A front. Schwartz responded with the following:
I mean I think whatever it is, it’s got to be something that’s highly accretive. I mean, OppFi’s vision is to be a platform for digital alternative financial service products where we see large supply-demand imbalances in large addressable markets. There’s definitely different profiles of business out there, different situations are pretty — it’s pretty bespoke, but we’re prepared to handle either-or. So it has to make sense for us, though. And obviously, we’re going to protect and mitigate risk with anything we do to make sure that it’s successful and make sure that we’re going to be getting a return on our capital and it’s highly accretive to shareholders.
More About OppFi’s Big Equity Investment in Bitty
August 1, 2024
Publicly-traded OppFi announced it has acquired a 35% stake in Bitty Advance for a cash payment of $15.25M and stock valued at $2.7M. OppFi says this was a 6x valuation multiple based on Bitty’s $8.5M of adjusted net income for the trailing 12 months ending March 31, 2024. Bitty originated approximately $165M in revenue based financing deals in 2023.
The transaction enables OppFi, already well known in consumer lending, to enter the small business financing market. OppFi cited Bitty’s operating metrics being bolstered by an industry experienced CEO (Craig Hecker) and an established team. Bitty has funded $420M to 29,000+ merchants since inception. Bitty will remain majority controlled by Hecker. OppFi has the option to acquire a majority stake in the company in 2027. OppFi has a current market cap of $389M and more than 400 employees.
“We’re excited by this acquisition, as we believe Bitty provides the foundation for OppFi’s new vertical in small business financing,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “Bitty facilitates credit access to small businesses that are not served by traditional banks, aligning with our mission to facilitate credit access to everyday Americans. Small business financing is increasingly being originated online, and we believe Bitty’s digital platform is well-positioned to capture this growth. We look forward to working with Craig and his team to further scale Bitty with OppFi’s data analytics, automation, and marketing expertise.”
Bitty is well-known to AltFinanceDaily. Hecker’s investment in Bitty Advance (which led to an eventual takeover) was first covered in early 2020. Hecker has been known to the Editor through the industry for even longer than that, since before AltFinanceDaily’s inception in 2010. Hecker sat for an on-camera interview in January and has been a signature sponsor of both Broker Fair, AltFinanceDaily CONNECT, and the upcoming B2B Finance Expo.
Bitty Bets Big
February 1, 2023
“It’s a new product, it’s a new pricing structure, for deals that are $20,000 up to $125,000,” said Daniel Dames, VP of Operations at Bitty Advance.
Bitty Advance formally announced at AltFinanceDaily Connect Miami that they will now be taking on bigger deals up to $125,000. They had started doing a few big deals back in November with select partners but now their new product, known as “Big Bitty,” is in full effect. Historically, the company had focused on microfunding, now known as “Core Bitty,” which they will still continue to do.
Better rates, longer terms, and lower fees is the new approach Bitty is taking with increased funding, according to Dames, and it calls for a bit more diligence on the underwriting and funding side. A merchant interview is required with Big Bitty as opposed to the strictly automated process enjoyed with Core Bitty, for example.
“This is Bitty, this is just a new product,” said Dames. “You submit the same way, you do everything the same way that you’re used to, really the difference is they see the numbers, they see the larger amount, they see the lower fees, they see the better rates, and they see the longer terms.”
Big Bitty isn’t just about doing bigger deals for the sake of doing bigger deals. Dames explained that they witnessed the challenges brokers face when having to send deals to multiple places and they recognized the value of being a one-stop shop for them.
Cloudsquare Unveils Game-Changing Lender APIs for Streamlined Submissions
June 6, 2024New out-of-the-box integrations promises to revolutionize the deal submission process, boosting efficiency and cutting costs for alternative lending companies.
Los Angeles, CA – June 6, 2024 – Cloudsquare, a leading LOS/LMS platform and Salesforce consulting partner specializing in alternative lending solutions, announces the launch of 14 new Lender APIs integrated into Cloudsquare Broker, an alternative lending CRM powered by Salesforce. This significant advancement enhances the speed and efficiency submitting deals to lenders who accept portal submissions
The Lender APIs address common challenges in submissions, reducing delays and costs with a streamlined, automated solution. They integrate with the CRM’s Submission Channel, an AI-powered module that matches the right lenders for each deal, increasing approval rates by avoiding unnecessary declines.
Depending on the lender’s API capabilities, brokers gain access to features like real-time status updates, document retrieval, instant offers and decline reasons, further enhancing processing efficiency.
“With our new Lender APIs, users can experience a tenfold increase in submission speed,” said Jeffrey Morgenstein, CEO at Cloudsquare. “This not only saves our clients tens of thousands of dollars in processing payroll but also ensures they stay ahead of their competitors by operating at peak efficiency.”
Supported lenders include Bitty Advance, CAN Capital, Credibly, Expansion Capital Group, Fora Financial, Forward Financing, Headway, Idea Financial, Kapitus, Lendini, Mulligan Funding, OnDeck, PIRS Capital, and Rapid Finance.
“For customers who work with lenders not currently on the list, Cloudsquare offers the flexibility to add any lender to the submission framework, provided they have an API available,” said Paul Albuquerque, Director of Product at Cloudsquare. “It is our mission to elevate the entire industry and drive synergy through technology.”
This development underscores Cloudsquare’s commitment to innovative solutions that meet the evolving needs of the financial services industry, helping businesses operate more efficiently.
To learn more about how Cloudsquare’s Lender APIs can transform your submission process, visit https://link.cloudsquare.io/RYuO.
About Cloudsquare
Cloudsquare, is a robust LOS/LMS platform and premier Salesforce consulting partner specializing in solutions tailored for alternative lending. We pride ourselves on being the provider of choice for ambitious, forward-thinking organizations aiming to elevate their operations to the next level. Cloudsquare’s excellence has been recognized by industry leaders, is listed on the Inc. 5000 as one of America’s fastest-growing companies and is consistently rated as a top service provider on platforms like Salesforce AppExchange, G2, Clutch and Manifest. For more information, please visit https://link.cloudsquare.io/RYuO.
Broker Fair 2024 Recap
May 21, 2024Broker Fair 2024 in New York City went off with a bang, surpassing attendance of both Broker Fair 2023 and AltFinanceDaily CONNECT MIAMI 2024. The all-Kosher catered event ran a lean format of high impact speakers with an optimized networking atmosphere. The Preshow Party at Somewhere Nowhere NYC sponsored by Triton Recovery Group was also a night to remember! Pictures will go up this week.
Some key highlights
Platinum Sponsors: Triton Recovery Group, Bitty Advance, Lendini
Tech Demonstrations: Ocrolus, Heron Data, Cloudsquare
Featured Speaker: Peter Ribeiro
SBA Lending Speakers: Bob Coleman & Adam Seery
NY Legal and Regulatory Update Attorneys: Scott Pearson, Kate Fisher, Chris Murray, Patrick Siegfried
Broker Battle Finds a Champion
January 14, 2024At the Miami Beach Convention Center in Miami Beach, Florida, thousands of viewers packed a hall to witness the first ever Broker Battle™ at AltFinanceDaily CONNECT. After the rules of the competition were explained, six broker contestants waited eagerly for their turn to face four judges and with that a chance to win a grand prize of $5,000. Their goal? Choose from one of three pre-defined sales scenarios and show off their knowledge and abilities to the judges. Here’s what happened:
The Broker Battle was introduced
Broker Battle judge Daniel Dames (Bitty Advance) held up a Title belt
Irving Betesh (Advance Funds Network) had the distinction of going first. He came prepared!
The contestants continued one by one alphabetically by last name
The conversational role playing on the stage covered the gamut, ranging from explaining APRs and contract terminology to diagnosing customer needs or trying to earn a customer’s business. Below, judges Jared Weitz (United Capital Source) and Cheryl Tibbs (Equipment LeaseCo Inc) listen in to a contestant’s pitch.
Mike Brooks (Best Connect Capital) came in with his own style
Corey Digi (Lexington Capital Group) put up a strong showing
Stanley Mitchell (CLM Financial) goes to work
Danielle Rivelli (United Capital Source) showed off her experience
Anthony Truglia (CapFront) made it known the competition wasn’t over yet
The judges had to add up their scores for each contestant to find out which TWO would make it into the final championship battle
Second from the right is judge Leo Vargas (Triton Recovery Group).
Anthony Truglia and Danielle Rivelli are declared the two finalists after racking up the highest scores
The final sales scenario is revealed!
Both contestants have to compete on stage at the same time! Oh my!
The contestants are sent offstage so the judges can deliberate
And the winner is…
Anthony Truglia!
All photos from the Broker Battle here
All photos from the rest of AltFinanceDaily CONNECT MIAMI here
AltFinanceDaily would like to thank all of the amazing broker contestants for participating in something bold and brand new. Thank you to Anthony Truglia, Danielle Rivelli, Corey Digi, Irving Betesh, Stanley Mitchell, and Mike Brooks. Gratitude is also directed towards the judges for their efforts, Cheryl Tibbs, Daniel Dames, Jared Weitz, and Leo Vargas.
AltFinanceDaily hopes that this competition inspires all brokers to become better, to further master their knowledge of available products, legal compliance, style, and confidence. A video highlight reel of the competition is in post-production.
Interested in more from AltFinanceDaily? Contact us at info@debanked.com or call 212-220-9084.
Hundreds of Brokers Registered for AltFinanceDaily CONNECT MIAMI
January 9, 2024
MIAMI BEACH – Hundreds of small business finance brokers are registered for this year’s AltFinanceDaily CONNECT MIAMI. Taking place on Thursday, January 11 at the Miami Beach Convention Center, the event’s modified format includes the first-ever Broker Battle™ with a $5,000 grand prize to the winning broker, on top of an all-kosher food experience. That’s in addition to a featured presentation from David Goldin, the first-of-its-kind Broker Brilliance education session, tech demos, networking, and cocktails. Bitty Advance is the Title Sponsor.
“This is our sixth event in Miami,” said conference founder and AltFinanceDaily President Sean Murray. “I think kicking off a new year is as good a time as ever to reinvent yourself and change things up. I’m really excited for this show and I think 2024 is going to be a truly unique year.”
Registration opens at 1pm on Thursday and the event culminates with the Broker Battle at 5:10pm. That will lead right into the cocktail networking reception.
About AltFinanceDaily CONNECT Miami
AltFinanceDaily CONNECT events are operated by Foinse, LLC. Foinse, LLC is an events company based in Brooklyn, NY. To learn more visit: http://www.debankedmiami.com. For inquiries, email events@debanked.com.
