- 1Enova withdrew its application to acquire Grasshopper Bank on 9/14/26.
- 2Forward Financing signed a $1.8B forward flow agreement on 9/15/26.
- 3Four securitizations and ABS deals from $100M to $260M closed between May and June.
A roller-coaster year in small business finance is now far enough along to take stock. Here are the headlines that mark the direction of the market, grouped by theme and dated as they occurred.
Market events
- 9/14/26: Enova pulled its application to buy Grasshopper Bank.
- 8/28/26: Stripe dropped its bid for PayPal.
- 8/14/26: Lendio said macro-market conditions were difficult in Q2.
- 7/29/26: LendingTree said its SMB lending business softened in Q2.
Growth signals
- 8/25/26: Intuit said working capital loans to small businesses are still what is pushing its revenue growth.
- 8/6/26: NerdWallet said its small business loans line is growing year over year.
- 8/5/26: Shopify said Capital was a larger driver in the quarter.
- 7/30/26: Lightspeed said its MCA business is expanding.
Capital markets activity
- 9/15/26: Forward Financing signed a $1.8 billion forward flow agreement.
- 8/18/26: Clearco secured $100 million.
- 7/27/26: InterVest Capital acquired Kapitus.
- 7/16/26: Forward Financing secured $525 million.
- 7/10/26: Spartan Capital secured $160 million.
- 6/15/26: Fora Financial completed a $130 million securitization.
- 6/8/26: Byzfunder announced a $170 million inaugural ABS.
- 5/27/26: Mulligan Funding closed a $100 million ABS.
- 5/12/26: Credibly completed a $260 million securitization.
Source reporting: deBanked.
