Recent and archived news stories on: banks, credit unions, mortgage lenders, SBA lenders, stocks/bonds, venture capital, wealth management, investment banks, factors, money managers, economic news and financial sector news

Ares Raises $5.1 Billion Middle-Market Fund

Century City-based Ares Management Corp. has raised $5.1 billion for a middle-market fund that aims to take market share from banks and other traditional lenders.

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Hanmi Financial Faces Lending Challenges After FDIC Review

Hanmi Financial Corp. has seen its share of stumbles in the market of late.

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LA County Unemployment Rate Dips Below 10% in September for First Time Since Pandemic Began

Los Angeles County’s unemployment rate fell to 9.8% in September, dropping into the single digits for the first time since the Covid pandemic began.

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China, India Could Lead Major Edtech Consolidation in LA

The education technology sector in Los Angeles has seen a surge in major investors from a disparate group ranging from corporations headquartered in China and India to private equity looking to capitalize on a pandemic that reinvigorated online learning.

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Microloan Company Tala Lands $145M Raise, Moving It Closer to Unicorn Status

Tala, a Santa Monica-based company that makes microloans between $10 and $500 to people in emerging markets who lack a credit profile, has landed a $145 million Series E funding round — its biggest fundraise since its founding a decade ago.

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Winc Plans $92 Million IPO to Expand Wine Business

Santa Monica-based Winc Inc., which produces and distributes wine in the United States, has filed with the Securities and Exchange Commission to raise up to $92 million in an initial public offering.

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Sole Source Capital Moves Headquarters to Dallas

Sole Source Capital, a private equity firm headquartered along Santa Monica’s Ocean Avenue since its founding in 2016, quietly moved its headquarters to Dallas.

Insurtech Sure Raises $100 Million in Series C Round

Sure Inc., a Santa Monica-based insurtech startup that embeds insurance software into everything from car-buying to renters insurance, has raised $100 million in a Series C funding round, Chief Executive Wayne Slavin said in an interview.

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Westlake Partners With Nova Credit to Gain New Borrowers

Hancock Park-based Westlake Financial Services is ratcheting up its push into the auto lending market.

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Brentwood Associates Invests in Service Management Group

Sawtelle-based private equity firm Brentwood Associates has made a strategic investment in Kansas City, Mo.-based Service Management Group, a software developer involved in management experiences.

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Green Dot Halts Republic Bank Tax Business Acquisition

Republic Bancorp Inc.’s Republic Bank & Trust has filed a lawsuit against Green Dot Corp. for breaking its agreement to buy the Kentucky bank’s tax refund processing business for $165 million.

Bank of America Plans Expansion in LA Market

2021 Largest Employers Special Report

Bank of America is the largest commercial bank operating in Los Angeles County.

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Clippers Ink $300 Million Sponsorship Deal With Aspiration

The Los Angeles Clippers have agreed to a $300 million, 23-year sponsorship deal with Aspiration Partners Inc., a Marina del Rey-based financial technology company, according to a source familiar with the terms.

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Gores Group SPAC Agrees to IPO With EV-Maker Polestar

A blank check firm backed by Beverly Hills billionaire Alec Gores has agreed to go public with Swedish electric carmaker Polestar, which also counts Hollywood actor Leonardo DiCaprio among its investors.

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Tinder Co-Founder Raises $247.5 Million for VC Fund

Tinder co-founder Justin Mateen has raised $247.5 million for a new venture capital fund he’s launching from his recently acquired Bel Air estate address.

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