Portage Ventures' Adam Felesky believes "Canada could be an interesting market for LoanStreet."
The post With Portage backing, New York-based LoanStreet eyes Canadian market first appeared on BetaKit.

With Portage backing, New York-based LoanStreet eyes Canadian market

LoanStreet Inc, the leading platform for sharing, managing and analysing loans, today announced it has closed a $25 million Series B funding led by Portage Ventures to accelerate the growth of its loan ecosystem. In addition, Curql Fund I, Coastal Financial Corporation, and Sterling Bancorp joined as new investors in the Company alongside participation from […]
The post LoanStreet Closes $25 Million Series B Funding Round led by Portage Ventures appeared first on Fintech Finance.

LoanStreet Closes $25 Million Series B Funding Round led by Portage Ventures

(BUSINESS NEWS) Although the federal government regulates certain employment laws, several practices are still regulated at a local level. Here’s why you should care about a new NYC ordinance. Published
A New York City ordinance recently went into effect to protect fast food workers by challenging at-will employment. The ordinance gives employees of New York City’s fast food restaurants rights and protections that are typically only granted to union employees. Employers will be prohibited from firing employees or cutting their hours without Just Cause. In cases of economic reasons, employers will be required to lay off employees in order of seniority. Just Cause employment laws are not common outside of contracts and unions, so why should employers outside of NYC care about such a local ordinance? At-will employment is the standard in several states, like Texas, for example. Basically, it means that an employer can fire an employee at any time or an employee can quit at any time, unless they have a contract between them for a specified term. Of course, there are exceptions to the rule. Federal law makes it illegal to fire someone because of race, disability, age (if the person is over 40 years old), and religion, among other things. In Texas, there are a few other state exceptions. Employers can’t fire someone for serving on a jury or in retaliation for a workers’ compensation claim, for example. Just Cause systems still let employers fire workers, but they must provide a substantial reason. The National Employment Law Project (NELP) believes that adopting Just Cause protections creates a more racially just workplace. At-will systems harm minorities, specifically Black and Latinx workers. Just Cause employment reforms are becoming more popular. Technically speaking, an employer has the upper hand in employment practices. Under at-will employment laws, employers can terminate an employee without warning or explanation. A report from the NELP estimates that 50% of American workers have been impacted by unfair or arbitrary firings in their lifetime. Workers are often fearful to bring up problems in their workplace in at-will environments. The at-will system keeps workers from speaking out about sexual harassment or racial discrimination. NYC is not the only place adapting Just Cause employment reforms. Just this year, Illinois lawmakers introduced the Secure Jobs Act . Philadelphia was the first city in the United States to pass Just Cause legislation. It specifically applied to parking lot attendants. NELP research found that Just Cause policies are supported by both Republicans and Democrats. A February 2021 poll found that 71% of voters supported Just Cause laws. Just Cause reforms were building before the pandemic. The pandemic simply ramped up momentum to protect workers, but the practices of at-will systems that harm workers will continue after the pandemic. Dawn Brotherton is a Staff Writer at The American Genius, and has an MFA in Creative Writing from the University of Central Oklahoma. Before earning her degree, she spent over 20 years homeschooling her two daughters, who are now out changing the world. She lives in Oklahoma and loves to golf. She hopes to publish a novel in the future. Continue Reading
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The wrong and right ways to mandate COVID vaccines for your employees
(BUSINESS NEWS) Many are considering a COVID vaccine mandate for all employees, but you’d better read up so you don’t put your well-intentioned foot in your mouth. Published
As businesses grapple with increasing pressure from consumers, employees, healthcare officials, and politicians to help crack down on the recent spike in COVID cases, many are considering the option of mandating vaccines for their staff. Some will leave it up to employees, others will require all employees to get vaccinated and return to the office – either way, read up on how not to screw this up. Should you choose to implement such a policy, it’s important to know what you can (and absolutely can’t) ask your employees to do – and how best to do it. To start, you need to consider exceptions. A blanket COVID vaccine mandate for your employees may sound comprehensive, but certain groups are exempt from vaccine requirements. Failing to take that into account will result in an illegal mandate. The ADA ( Americans With Disabilities Act ) is a good place to start regarding exceptions. According to the Act, you must exempt any employee who cannot receive the vaccine due to a disability of any kind (chronic illness, recovery from having COVID, an infection). Your solutions will vary, but may include having the employee work from home or allowing them to work in a private space. Employees should understand that, should their inability to receive the vaccine be temporary, they will be expected to receive it as soon as that inability lapses. The other exceptions about which you’ve likely heard are for pregnancies and religious preferences. The former is pretty cut-and-dry: If someone is pregnant and their obstetrician says they shouldn’t be vaccinated, follow ADA guidelines and can ask them to be vaccinated before returning from their leave. Religious exemptions are harder to discern since the official language references a “sincere” belief against COVID vaccines. While you can (and should) discuss fringe issues with this exemption with your attorney, keep in mind that it isn’t your job to determine whether or not your employees are serious about their faith, its extent, or its limitations. Your state or city may have further exemptions for you to consider, so consult any pertinent legislation before moving forward with your plan to implement a vaccine mandate. Once you have determined your exemptions, you’ll need to communicate a few things to your employees: A time frame for vaccination, the aforementioned exceptions, and the consequences for failing to follow your mandate. HR expert, Suzanne Lucas posits that three months is a reasonable window for eligible employees to get vaccinated; she also says that termination is an acceptable consequence for noncompliance. Lucas also recommends writing a “statement of need” to release to employees and/or the general public to address concerns and clear up confusion around what your new policy entails. This statement can be as simple as a quick acknowledgement of your decision, or you can elaborate on all of the above steps you’ve taken. As long as you’re following these steps and refraining from pressuring employees who are exempt, you should be in the clear to invoke a mandatory COVID vaccine policy for your workers if you so choose. But you also have the right not to. This decision isn’t being made lightly by any company as there is no playbook to use here – you’re not alone if you find this process to be difficult. The process of looking for a job is like a fingerprint: Everyone has one, but each person’s is unique. To wit, it makes sense that not everyone would look for the same aspects in a desirable job —and not everyone knows where to start the search. Here are some things to add to your list when surveying new job opportunities. There are some obvious attributes of any job search that come to mind. These things include salary, job duties, office location, workplace culture, and perhaps the likelihood of promotion after a few years. However, depending on what you want and how important each of those factors are to you, these items may be flexible—or even negligible—if they mean you can’t have something that, for you, is a crucial ancillary benefit. Such benefits are as numerous as they are personal. You might find something like in-facility services—car-washes, dining, or a gym, for example—to be a deal-breaker, or you might want an option that includes remote days in the contract. So, how do you account for all of the little perks you want in your ideal job? The answer, while time-intensive, is simple. Reddit user SCMX2000 recommends breaking down each large category of a job—salary, paid time off, medical, and so on—into subcategories of services and perks. For example, your “Salary” category might include the base salary, bonuses, frequency of payroll, whether or not you have a 401k, and so on. Once you have exhausted your list of categories and subcategories, you can go back through and figure out what your deal-breakers are. This way, you aren’t just setting a salary and payment schedule as your goal—you’re quantifying your own worth in material terms. If you go into a job hunt—and, later, an interview—with those in mind, you’re much more likely to get exactly what you want rather than an approximation. Of course, you might find yourself in the camp of “any job is fine” right now. If that’s the case, it’s still worth your time to classify your ideal job perks—should you find yourself in an interview where you have some autonomy, you’ll never regret being overprepared. One of the more clearly understood parts of capitalism entails letting consumers decide based on their available choices, and – should their decisions have a negative impact on your business – living with the consequences. But when a former employee levies criticism that can inspire those same deleterious effects, the correct course of action becomes a bit less clear. This lack of clarity is what inspired LoanStreet, a New York fintech startup, to file a $1 million defamation lawsuit against a former employee who left a scathing Glassdoor review. While the lawsuit has yet to lift off, it raises a serious question: Can you reasonably expect to be sued for roasting your old job? Wyatt Troia, a software engineer who worked for LoanStreet, claims that he was fired after assessing another employee’s code and reporting some mistakes. He also refers to LoanStreet using disparaging terms (The Hustle quotes him as calling the company “a raging dumpster fire”) and alleges that he never received the $100,000 in equity that he was promised. The Hustle also reports that Troia’s reviews were published on Reddit and Blind, with LoanStreet alleging that these reviews were made more visible to passersby courtesy of Google Ads for which Troia paid. LoanStreet also maintains that Troia was fired for routine reasons (i.e., poor performance) and that his allegations are incorrect, setting the stage for their defamation lawsuit against him. In the grand scheme of things, reviews such as Troia’s can have devastating implications for businesses – not just for their clients, but for prospective hires as well. The Hustle references this study in which a marketing firm found that up to a third of employees have turned down positions due to negative reviews. But LoanStreet sets a dangerous precedent with this lawsuit, suggesting that employees who leave on poor terms cannot criticize the way they were treated in an online space without severe financial repercussions. When faced with the option to critique (and possibly be fined heavily for it) or remain silent, most employees can’t afford to do anything but take the second choice. It is worth noting that similar lawsuits have been thrown out in the past, with Glassdoor ducking a potential fine for refusing to remove negative reviews on account of Glassdoor simply being the intermediary rather than the author. While Troia is both the author of the offending posts and the target of the lawsuit in this case, he may benefit from Glassdoor’s record.

NYC employment law could soon impact how companies fire folks

(BUSINESS NEWS) If you leave a nasty review of your former employer on Glassdoor, and share it across social media, can you be sued for a million dollars? Published
One of the more clearly understood parts of capitalism entails letting consumers decide based on their available choices, and – should their decisions have a negative impact on your business – living with the consequences. But when a former employee levies criticism that can inspire those same deleterious effects, the correct course of action becomes a bit less clear. This lack of clarity is what inspired LoanStreet, a New York fintech startup, to file a $1 million defamation lawsuit against a former employee who left a scathing Glassdoor review. While the lawsuit has yet to lift off, it raises a serious question: Can you reasonably expect to be sued for roasting your old job? Wyatt Troia, a software engineer who worked for LoanStreet, claims that he was fired after assessing another employee’s code and reporting some mistakes. He also refers to LoanStreet using disparaging terms (The Hustle quotes him as calling the company “a raging dumpster fire”) and alleges that he never received the $100,000 in equity that he was promised. The Hustle also reports that Troia’s reviews were published on Reddit and Blind, with LoanStreet alleging that these reviews were made more visible to passersby courtesy of Google Ads for which Troia paid. LoanStreet also maintains that Troia was fired for routine reasons (i.e., poor performance) and that his allegations are incorrect, setting the stage for their defamation lawsuit against him. In the grand scheme of things, reviews such as Troia’s can have devastating implications for businesses – not just for their clients, but for prospective hires as well. The Hustle references this study in which a marketing firm found that up to a third of employees have turned down positions due to negative reviews. But LoanStreet sets a dangerous precedent with this lawsuit, suggesting that employees who leave on poor terms cannot criticize the way they were treated in an online space without severe financial repercussions. When faced with the option to critique (and possibly be fined heavily for it) or remain silent, most employees can’t afford to do anything but take the second choice. It is worth noting that similar lawsuits have been thrown out in the past, with Glassdoor ducking a potential fine for refusing to remove negative reviews on account of Glassdoor simply being the intermediary rather than the author. While Troia is both the author of the offending posts and the target of the lawsuit in this case, he may benefit from Glassdoor’s record. Jack Lloyd has a BA in Creative Writing from Forest Grove's Pacific University; he spends his writing days using his degree to pursue semicolons, freelance writing and editing, oxford commas, and enough coffee to kill a bear. His infatuation with rain is matched only by his dry sense of humor. Continue Reading
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Startup seeks to streamline your software shopping search
(BUSINESS) This startup with a waitlist wants to help you shop for software without having to tear your hair out, become an expert, or hire a consultant. Published
Software shopping is, undoubtedly, one of the most crucial aspects of any successful business: Choose correctly , and you’ll find yourself seamlessly moving through daily operations, while a poor choice often results in a lack of efficiency. Unfortunately, the shopping aspect is anything but efficient, with demos and sales meetings lasting for unnecessarily long periods of time. That’s where TestBox comes into play. TestBox is a tool born out of frustrated necessity. According to creator Sam Senior , “The inspiration for TestBox came from repeatedly hearing just how incredibly frustrating the software buying experience is…I heard similar stories where buyers felt that the process was all on the sales team’s terms, often taking many months, and without all the information and access they needed to be truly confident in their decision.”
It’s a tale as old as time: Sales teams effectively hold your time hostage, planning meetings and tech demos in controlled environments; you, in turn, receive a partial truth regarding the product you’re considering, and at the end of the process, you feel pressured into purchasing the product–if for no other reason than you’ve already dedicated a full workweek (or, heaven forbid, month) to it. TestBox offers a simple, elegant solution to this problem: the ability to compare multiple tools that have been selected for your needs. One need only specify their software requirements in the TestBox menu to receive a list of software that fits those requirements, complete with “guided walkthroughs for each software and use case.”
There’s also a side-by-side comparison feature for different software types, allowing you to make a truly informed decision using your data and interfaces rather than relying on a scripted demo. Finally, TestBox provides graphics to show pros and cons from an efficiency standpoint for each tool you test; once you make a decision, TestBox connects you with the software provider to complete your purchase. It should be noted that TestBox is free to use. According to their website, their revenue comes via commission for facilitating a software purchase, and since that commission is fairly uniform rather than varying per tool, TestBox assures you that their presentation of each option is not swayed in the process. TestBox also partners with ZenDesk, HubSpot, and FreshDesk, so make of that what you will. Currently, TestBox plans on adding a variety of CRM and Customer Success options to their client list soon (they say in the next month or two). Co-Founder, Sam Senior tells us, “Over the next year we will be looking to expand into additional software verticals as well – so won’t be just focused on Customer Support – it’s just the first vertical we are focused on right now to get right.”
Asking the wrong questions can ruin your job opportunity
(BUSINESS NEWS) An HR expert discusses the best (and worst) questions she’s experienced during candidate interviews. it’s best to learn from others mistakes. Published
When talking to hiring managers outside of an interview setting, I always find myself asking about their horror stories as they’re usually good for a laugh (and a crash course in what not to do in an interview). A good friend of mine has worked in HR for the last decade and has sat in on her fair share of interviews, so naturally I asked her what some of her most notable experiences were with candidates – the good and the bad, in her own words…
“Let’s see, I think the worst questions I’ve ever had are typically related to benefits or vacation as it demonstrates that their priorities are not focused on the actual job they will be performing. I’ve had candidates ask how much vacation time they’ll receive during an initial phone screen (as their only question!). I’ve also had them ask about benefits and make comparisons to me over the phone about how our benefits compare to their current employer. I once had a candidate ask me about the age demographics of our office, which was very uncomfortable and inappropriate! They were trying to determine if the attorneys at our law firm were older than the ones they were currently supporting. It was quite strange! I also once had a candidate ask me about the work environment, which was fine, but they then launched into a story about how they are in a terrible environment and are planning on suing their company. While I understand that candidates may have faced challenges in their previous roles or worked for companies that had toxic working environments, it is important that you do not disparage them. In all honesty, the worst is when they do not have any questions at all. In my opinion, it shows that they are not really invested in the position or have not put enough thought into their decision to change jobs. Moving to a new company is not a decision that should be made lightly and it’s important for me as an employer to make sure I am hiring employees who are genuinely interesting in the work they will be doing. The best questions that I’ve been asked typically demonstrate that they’re interested in the position and have a strong understanding of the work they would be doing if they were hired. My personal favorite question that I’ve been asked is if there are any hesitations or concerns that I may have based on the information they’ve provided that they can address on the spot. To me, this demonstrates that they care about the impression that they’ve made. I’ve asked this question in interviews and been able to clarify information that I did not properly explain when answering a question. It was really important to me that I was able to correct the misinformation as it may have stopped me from moving forward in the process! Also, questions that demonstrate their knowledge base about the role in which they’re applying for is always a good sign. I particularly like when candidates reference items that I’ve touched on and weave them into a question. A few other good questions:
• Asking about what it takes to succeed in the position
• Asking about what areas or issues may need to be addressed when first joining the company
• Asking about challenges that may be faced if you were to be hired
• Asking the employer what they enjoy most about the company
• I am also self-centered, so I always like when candidates ask about my background and how my current company compares to previous employers that I’ve worked for. Bonus points if they’ve actually looked me up on LinkedIn and reference specifics :)”
Think about the best and worst experiences you’ve had during an interview – and talk to others about the same topic – and see how that can help you with future interviews. Whether you were one of the millions of people who quit their job this year in The Great Resignation or you’ve been unemployed since the pandemic began, when you’re looking for work, it can feel hopeless after a while. Just like that student in class who raises their hand at every question, you don’t want to come across as desperate, “pick me, pick me!” Money might be tight. You want to be eager, but you don’t want to be so anxious that you sabotage your job search. Right now, job seekers have the upper hand, but you want to show off your skills and professionalism, not your neediness. 5 ways you come across as overly desperate for a job:
Applying for multiple positions at the same company. Employers want you to be a fit for a particular job. Instead, tell the hiring manager that you’re open to other positions that might be a good fit. Checking in with the hiring manager too much. Follow up after an interview, but don’t keep checking in. If they have news, they’ll share it. Talking about how much you need a job. Don’t bring up your personal issues in an interview. Stay focused on why you are the best person for the job. Being willing to accept any offer. You should negotiate and go to bat for yourself when you get an offer. Explain why you’re worth more money because you probably are. Forgetting to ask questions about the bigger picture. You don’t want to be so eager to impress that you don’t think about the company culture and perks. You might be desperate, but getting into a job that doesn’t fit your needs and personality won’t help your situation. Desperation can make you appear to be in the clearance bin at the store. Sure, you may get something for a great price, but will you actually be able to fully use it when you get it home? As a job seeker, you want to be the premium brand on the shelf. Maybe not every buyer (employer) can appreciate you or even afford you, but when the right one comes along, it’s a good fit. Employers want team members who will be assets for their company. Your job search needs to start with a strong resume and impressive cover letter. Instead of going for quantity, choose job openings for quality, where you can bring something to the table for the company. Ask a Manager’s Alison Green has some great resources for getting a job, including a free guide to preparing for interviews. Practice interviewing. Make a great first impression. Know that there is a job out there for you.

Can you be sued for roasting your former employer on Glassdoor?

Software engineer leaves poor review for his company on Glassdoor, now the company is suing him
Software engineer leaves poor review for his company on Glassdoor, now the company is suing him
The software engineer, Wyatt Troia, who now works for Microsoft was still working for the startup LoanStreet when he called out the company on various platforms, the lawsuit against him noted. Yasmin Ahmed
Story highlights
The software engineer criticised the startup he used to work for on platforms including GlassDoor, Reddit, and anonymous online forum Blind. The company, LoanStreet, has noted that the claims made by the employee are false and has sued him for $1 million. LoanStreet has termed the posts an unabashed online smear campaign. A software engineer who left a one-star review and has criticised a fintech startup company on various platforms online has now been sued by the company for $1 million. The software engineer, Wyatt Troia who now works for Microsoft was still working for the startup LoanStreet when he called out the company on various platforms, the lawsuit against him noted. He criticised the startup on platforms including GlassDoor, Reddit, and anonymous online forum Blind. Loanstreet has noted that the claims made by Troia are false and has sued him for defamation. "The founders are not skilled nor experienced leaders, with a bias towards pettiness and cowardice," Troia wrote on Glassdoor in April 2020. He was fired shortly after that, the lawsuit says. Troia returned to Glassdoor a year later criticising LoanStreet calling it "a fraudulent, exploitative mess," Business Insider reported. "Stay far, far away unless you're truly desperate. LoanStreet is a raging dumpster fire and you will get burned like many before," he wrote on Glassdoor. Troia noted that he was promised stock options worth $100,000  when he was hired and the company had noted that it would begin vesting after a year but did not get the terms in writing. Troia noted that he later learned that it would take 16 months for the options to get vested. He further alleged that he was fired before any of his options were vested for finding faults in another engineer's code. "If it was just a good-faith mistake, they could have done the right thing and granted me the options I earned. They chose not to," Troia shared on Reddit. LoanStreet CEO, Ian Lampl, sued Troia on July 19, saying that his online allegations were false and malicious. The company also accused Troia of buying Google Ads that draw attention to his negative reviews for anyone who searched for LoanStreet, Business Insider reported. LoanStreet hit back at Troia's accusations noting that he was fired for "the poor quality of his engineering, his lack of engagement with his team, and his inability to cooperate with his peers or take direction from his superiors." The startup also alleged that Troaia misstated the terms of his grant and sent out a company-wide email on his last day that sounded similar to the posts he later made. LoanStreet has termed the posts an unabashed online smear campaign. The company further noted that Troia's posts threaten to destroy the livelihoods of LoanStreet's over-50 employees. LoanStreet also noted that Troia embedded links to the company's executives' LinkedIn profiles and said that one company leader called him a "scum of the earth" and other derogatory terms. Troia named several executives at the company, including Ian Lampl, the company's chief executive officer, and Christopher Wu, co-founder, who he called "spineless sycophants." Troia also received criticism from anonymous posts on Glassdoor which stated that he was being "spiteful and vindictive". Some posts also alleged that he forced people to post fake reviews of the company. Meanwhile, Troia has started raising funds for his legal defense on GoFundMe asserting that his allegations were true. So far he has raised nearly $5000 according to reports. "If you're reading this, please don't be fooled by the Series B funding or the impressive pedigrees of the leaders; this place is a fraudulent, exploitative mess and you have a good chance of being fired within a year," Troia wrote on Reddit.

Software engineer leaves poor review for his company on Glassdoor, now the company is suing him

GHL Systems Berhad is a payment service provider in the ASEAN region with operations across Malaysia, Philippines, and Thailand. GHL provides integrated, end-to-end payment services and solutions encompassing physical, internet and mobile payments. Other than serving the traditional banking and financial sector, the company also serves major telecommunications companies, retailers and airlines in the ASEAN region. GHL manages more than 180,000 acceptance points that enable credit card, debit card, prepaid contactless payment, loyalty, prepaid top up and bill payment collection services.

GHL Systems Berhad

GHL Systems Berhad 's new services are being introduced after it announced a partnership with Malaysia 's Loanstreet , an established financial marketplace .

Payments Company GHL Partners Malaysia’s Loanstreet to Offer Road Tax and Auto Insurance Renewal Options Online

QuantyPhi is a credit union service organization (CUSO) that provides investing, liquidity support, risk modeling, and consulting to credit unions in the US. It is based in Greater Milwaukee Area, Wisconsin.

QuantyPhi

Hitachi eBworx

LoanStreet helps users to easily compare property and refinance loan offers across major banks including OCBC, UOB, Standard Chartered, and Maybank, thus helping users to find the best offer within a few clicks.

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