This fireside chat recap is from FreightWaves’ Small Fleet & Owner-Operator Summit on Wednesday.
FIRESIDE CHAT TOPIC: The state of factoring — the speed is getting faster and the number of companies is getting smaller.
DETAILS: Marius Silvasan’s company is one of the firms that is buying up smaller players and putting them into a larger specialty lender. He discusses what is going on in factoring with FreightWaves editor at large John Kingston.
SPEAKER: Silvasan is the CEO of factoring company eCapital.
BIO: Silvasan is responsible for leading eCapital’s overall vision and direction and developing the overarching strategies that support its corporate goals. He has been instrumental in the company’s acquisitions of Gerber Finance and Paragon Financial Group. He previously was the CEO and director of ONE Bio Corp. and a founder of Tele Plus World Corp.
KEY QUOTES FROM SILVASAN:
“There is an increased need for liquidity and as a result there is an increased need for companies like us to provide that liquidity to companies that need it.”
“The expectation is that you receive an invoice, you’ve got to process it very quickly, you’ve got to verify it and you have got to provide the funding that same day to the customer.”
“Consolidation is definitely something at the forefront at this point. We are seeing smaller players being acquired by larger players. The market in the next two or three years will be dominated by a handful of much larger specialty lenders.”