Possible Finance lands $30M credit facility, expands small dollar loan service to Texas

Possible Finance lands $30M credit facility, expands small dollar loan service to Texas

9:48am, 2nd April, 2019
The co-founders of Possible Finance, from left to right: Prasad Mahendra, vice president of engineering; Tyler Conant, chief technology officer; and Tony Huang, CEO. has access to another chunk of cash to supercharge growth of its mobile-only loan program. The Seattle startup just landed a $30 million credit facility from Park Cities Asset Management, an alternative credit manager based in Dallas, Texas. This follows a $4.3 million investment round the company in February from various angels and venture capital firms. Possible Finance CEO said he was drawn to Park Cities because of its “unique understanding of the Texas consumer lending market and it’s regulatory challenges.” The startup today launched in Texas, its fifth U.S. state. Possible Finance offers loans of up to $500 and is similar to payday lenders, but with some differences. Borrowers have more time to pay back the money in installments and the repayments are reported to the credit agencies, helping people rebuild their credit. Traditional payday loans are structured differently, so those payments don’t count for credit scores, which can trap consumers in a costly cycle of borrowing. Using the Possible Finance app, people can apply for loans without a credit check and receive funds the next day. Possible Finance links to a customer’s bank account and uses machine learning to analyst financial transaction data to make credit risk decisions rather than relying on FICO credit scores. (Possible Finance screenshot) Since in April 2018, the company has originated 24,000 loans, up from 13,000 two months ago, and has more than 100,000 users on its waitlist. It has been growing revenue by 50 percent month-over-month and recently crossed a $1 million annual revenue run rate milestone. Huang said in February that he sees a “clear path” to profitability. In addition to Texas, Possible Finance also serves customers in Washington, California, Utah, and Idaho. It will launch in Ohio later this month. The company has ten employees. “We’re really proud of the fact that 40 percent of new customers every month come from organic, non-paid channels,” Huang said in an email. “By making a small dollar loan into a credit building opportunity, we’re helping everyday Americans improve their credit scores and achieve long-term financial wellness.” Huang and his co-founders — , vice president of engineering, and , chief technology officer — previously worked together at , the leading manufacturer of non-lethal Taser stun guns and policing software and supplies including in-car and policy body cameras. That experience instilled in them a passion for developing technology that serves a social good. As part of his role as product manager at Axon, Huang did ride-alongs with police across the country, giving him some insight into disadvantaged neighborhoods and reinforcing his commitment to helping underserved communities. Huang was nominated last year for the Young Entrepreneur of the Year category at the .
Atlas 767 cargo jet, part of Amazon fleet, crashes in Texas; 3 people onboard killed

Atlas 767 cargo jet, part of Amazon fleet, crashes in Texas; 3 people onboard killed

3:52am, 25th February, 2019
An Amazon-branded Boeing 767 cargo jet flies over Seattle in 2016. (Red Box Pictures Photo / Scott Eklund) An Atlas Air Boeing 767 cargo jet crashed today into Trinity Bay on the Texas Gulf Coast with three people on board, . “Human remains have been found on scene,” . “At this time, there are no signs of survivors.” Update, Feb. 24, 3 p.m. PT: In a new on Sunday, Atlas confirmed that the three people aboard the flight did not survive. Atlas set up Family Assistance Center to support the families affected. Boeing updated its statement . The Daily Mail one of the pilots as Sean Archuleta. Boeing is deeply saddened to learn of the passing of the crew of Atlas Air 3591. We extend our heartfelt sympathies to the families and loved ones of the crew, and stand ready to support Atlas Air. FULL STATEMENT: — Boeing Airplanes (@BoeingAirplanes) The plane is part of the Amazon Air package delivery fleet, . It was heading from Miami to Houston’s George Bush Intercontinental Airport when radar and radio contact was lost shortly before 12:45 p.m. CT (10:45 a.m. PT), about 30 miles southeast of Houston, the FAA said. Local TV stations aired video showing a long trail of debris in the bay’s shallow waters. “Who knows what’s under the water that we can’t see, but it looks like total devastation from the aircraft part,” . “Knowing what I saw, I don’t believe anybody could survive it.” Investigators from the FAA and the National Transportation Safety Board are on their way to the accident site. The NTSB will be in charge of the investigation. New York-based Atlas Air Worldwide, which operated the plane on Amazon’s behalf, said it is cooperating fully with the FAA and the NTSB. “We can confirm there were three people on board the aircraft,” “Those people and their family members are our top priority at this time.” Dave Clark, Amazon’s senior vice president of worldwide operations, expressed sympathy and concern. “Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Clark said in a written statement sent to GeekWire. “We appreciate the first responders who worked urgently to provide support.” Boeing said it was “deeply saddened to learn of the Atlas Air 767 freighter that crashed near Anahuac, TX, earlier today.” “We are concerned about the safety of the three people reported to be on board,” . “Boeing is prepared to provide technical assistance to the NTSB as it investigates the accident.” Atlas Air and another leasing company, Air Transport Services Group, or ATSG, each operate 20 Boeing 767-300 jets to serve Amazon’s delivery network. The service was launched in 2016, and now flies in and out of more than 20 airports. Today’s incident was the first fatal air accident connected with the Amazon transport operation. Last December, Amazon said it would work with ATSG to over the next couple of years. Atlas Air Flight 3591 made use of a 767 jet that was converted from a passenger aircraft to cargo, and entered service with Atlas in April 2017, . The plane was registered with the tail number N1217A. Like all the tail numbers associated with planes servicing the Amazon network, . Pilots working for Atlas Air and ABX Air, a subsidiary of ATSG, have relating to the Amazon delivery operation. But it’s way too early to say whether such issues played a role in today’s crash, or to speculate about the cause of the crash. Update for 6:35 p.m. PT Feb. 23: Daniel Wells, Atlas Air captain and president of the Airline Professionals Association, Teamsters Local 1224, released the following statement on the crash: “Our union stands together as a family and in support of our members’ families. Our focus is on our friends and colleagues who were on that plane, and we are doing everything we can to support their families. “Teamsters Local 1224 representatives are already on the ground supporting this investigation. We also thank the first responders who rushed to the scene to help.” The union said members of Teamsters Local 1224 were on the flight.
Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas; 3 people onboard killed

Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas; 3 people onboard killed

6:35pm, 24th February, 2019
An Amazon-branded Boeing 767 cargo jet flies over Seattle in 2016. (Red Box Pictures Photo / Scott Eklund) An Atlas Air Boeing 767 cargo jet crashed today into Trinity Bay on the Texas Gulf Coast with three people on board, . “Human remains have been found on scene,” . “At this time, there are no signs of survivors.” Update, Feb. 24, 3 p.m. PT: In a new on Sunday, Atlas confirmed that the three people aboard the flight did not survive. Atlas set up Family Assistance Center to support the families affected. Boeing updated its statement . The Daily Mail one of the pilots as Sean Archuleta. Boeing is deeply saddened to learn of the passing of the crew of Atlas Air 3591. We extend our heartfelt sympathies to the families and loved ones of the crew, and stand ready to support Atlas Air. FULL STATEMENT: — Boeing Airplanes (@BoeingAirplanes) The plane is part of the Amazon Air package delivery fleet, . It was heading from Miami to Houston’s George Bush Intercontinental Airport when radar and radio contact was lost shortly before 12:45 p.m. CT (10:45 a.m. PT), about 30 miles southeast of Houston, the FAA said. Local TV stations aired video showing a long trail of debris in the bay’s shallow waters. “Who knows what’s under the water that we can’t see, but it looks like total devastation from the aircraft part,” . “Knowing what I saw, I don’t believe anybody could survive it.” Names of the crew were not released. Investigators from the FAA and the National Transportation Safety Board are on their way to the accident site. The NTSB will be in charge of the investigation. New York-based Atlas Air Worldwide, which operated the plane on Amazon’s behalf, said it is cooperating fully with the FAA and the NTSB. “We can confirm there were three people on board the aircraft,” “Those people and their family members are our top priority at this time.” Dave Clark, Amazon’s senior vice president of worldwide operations, expressed sympathy and concern. “Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Clark said in a written statement sent to GeekWire. “We appreciate the first responders who worked urgently to provide support.” Boeing said it was “deeply saddened to learn of the Atlas Air 767 freighter that crashed near Anahuac, TX, earlier today.” “We are concerned about the safety of the three people reported to be on board,” . “Boeing is prepared to provide technical assistance to the NTSB as it investigates the accident.” Atlas Air and another leasing company, Air Transport Services Group, or ATSG, each operate 20 Boeing 767-300 jets to serve Amazon’s delivery network. The service was launched in 2016, and now flies in and out of more than 20 airports. Today’s incident was the first fatal air accident connected with the Amazon transport operation. Last December, Amazon said it would work with ATSG to over the next couple of years. Atlas Air Flight 3591 made use of a 767 jet that was converted from a passenger aircraft to cargo, and entered service with Atlas in April 2017, . The plane was registered with the tail number N1217A. Like all the tail numbers associated with planes servicing the Amazon network, . Pilots working for Atlas Air and ABX Air, a subsidiary of ATSG, have relating to the Amazon delivery operation. But it’s way too early to say whether such issues played a role in today’s crash, or to speculate about the cause of the crash. Update for 6:35 p.m. PT Feb. 23: Daniel Wells, Atlas Air captain and president of the Airline Professionals Association, Teamsters Local 1224, released the following statement on the crash: “Our union stands together as a family and in support of our members’ families. Our focus is on our friends and colleagues who were on that plane, and we are doing everything we can to support their families. “Teamsters Local 1224 representatives are already on the ground supporting this investigation. We also thank the first responders who rushed to the scene to help.” The union said members of Teamsters Local 1224 were on the flight.
Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas; three feared dead

Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas; three feared dead

9:58pm, 23rd February, 2019
An Amazon-branded Boeing 767 cargo jet flies over Seattle in 2016. (Red Box Pictures Photo / Scott Eklund) An Atlas Air Boeing 767 cargo jet crashed today into Trinity Bay on the Texas Gulf Coast with three people on board, . “Human remains have been found on scene,” . “At this time, there are no signs of survivors.” The plane is part of the Amazon Air package delivery fleet, . It was heading from Miami to Houston’s George Bush Intercontinental Airport when radar and radio contact was lost shortly before 12:45 p.m. CT (10:45 a.m. PT), about 30 miles southeast of Houston, the FAA said. Local TV stations aired video showing a long trail of debris in the bay’s shallow waters. “Who knows what’s under the water that we can’t see, but it looks like total devastation from the aircraft part,” . “Knowing what I saw, I don’t believe anybody could survive it.” Names of the crew were not released. Investigators from the FAA and the National Transportation Safety Board are on their way to the accident site. The NTSB will be in charge of the investigation. New York-based Atlas Air Worldwide, which operated the plane on Amazon’s behalf, said it is cooperating fully with the FAA and the NTSB. “We can confirm there were three people on board the aircraft,” “Those people and their family members are our top priority at this time.” Dave Clark, Amazon’s senior vice president of worldwide operations, expressed sympathy and concern. “Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Clark said in a written statement sent to GeekWire. “We appreciate the first responders who worked urgently to provide support.” Boeing said it was “deeply saddened to learn of the Atlas Air 767 freighter that crashed near Anahuac, TX, earlier today.” “We are concerned about the safety of the three people reported to be on board,” . “Boeing is prepared to provide technical assistance to the NTSB as it investigates the accident.” Atlas Air and another leasing company, Air Transport Services Group, or ATSG, each operate 20 Boeing 767-300 jets to serve Amazon’s delivery network. The service was launched in 2016, and now flies in and out of more than 20 airports. Today’s incident was the first fatal air accident connected with the Amazon transport operation. Last December, Amazon said it would work with ATSG to over the next couple of years. Atlas Air Flight 3591 made use of a 767 jet that was converted from a passenger aircraft to cargo, and entered service with Atlas in April 2017, . The plane was registered with the tail number N1217A. Like all the tail numbers associated with planes servicing the Amazon network, . Pilots working for Atlas Air and ABX Air, a subsidiary of ATSG, have relating to the Amazon delivery operation. But it’s way too early to say whether such issues played a role in today’s crash, or to speculate about the cause of the crash. Update for 6:35 p.m. PT Feb. 23: Daniel Wells, Atlas Air captain and president of the Airline Professionals Association, Teamsters Local 1224, released the following statement on the crash: “Our union stands together as a family and in support of our members’ families. Our focus is on our friends and colleagues who were on that plane, and we are doing everything we can to support their families. “Teamsters Local 1224 representatives are already on the ground supporting this investigation. We also thank the first responders who rushed to the scene to help.” The union said members of Teamsters Local 1224 were on the flight.
Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas with 3 people aboard; remains found amid wreckage

Atlas Air 767 cargo jet, part of Amazon fleet, crashes in Texas with 3 people aboard; remains found amid wreckage

7:54pm, 23rd February, 2019
An Amazon-branded Boeing 767 cargo jet flies over Seattle in 2016. (Red Box Pictures Photo / Scott Eklund) An Atlas Air Boeing 767 cargo jet crashed today into Trinity Bay on the Texas Gulf Coast with three people on board, . “Human remains have been found on scene,” . “At this time, there are no signs of survivors.” The plane is part of the Amazon Air package delivery fleet, . It was heading from Miami to Houston’s George Bush Intercontinental Airport when radar and radio contact was lost shortly before 12:45 p.m. CT (10:45 a.m. PT), about 30 miles southeast of Houston, the FAA said. Local TV stations aired video showing a long trail of debris in the bay’s shallow waters. “Who knows what’s under the water that we can’t see, but it looks like total devastation from the aircraft part,” . “Knowing what I saw, I don’t believe anybody could survive it.” Names of the crew were not released. Investigators from the FAA and the National Transportation Safety Board are on their way to the accident site. The NTSB will be in charge of the investigation. New York-based Atlas Air Worldwide, which operated the plane on Amazon’s behalf, said it is cooperating fully with the FAA and the NTSB. “We can confirm there were three people on board the aircraft,” “Those people and their family members are our top priority at this time.” Dave Clark, Amazon’s senior vice president of worldwide operations, expressed sympathy and concern. “Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Clark said in a written statement sent to GeekWire. “We appreciate the first responders who worked urgently to provide support.” Boeing said it was “deeply saddened to learn of the Atlas Air 767 freighter that crashed near Anahuac, TX, earlier today.” “We are concerned about the safety of the three people reported to be on board,” . “Boeing is prepared to provide technical assistance to the NTSB as it investigates the accident.” Atlas Air and another leasing company, Air Transport Services Group, or ATSG, each operate 20 Boeing 767-300 jets to serve Amazon’s delivery network. The service was launched in 2016, and now flies in and out of more than 20 airports. Today’s incident was the first fatal air accident connected with the Amazon transport operation. Last December, Amazon said it would work with ATSG to over the next couple of years. Atlas Air Flight 3591 made use of a 767 jet that was converted from a passenger aircraft to cargo, and entered service with Atlas in April 2017, . The plane was registered with the tail number N1217A. Like all the tail numbers associated with planes servicing the Amazon network, . Pilots working for Atlas Air and ABX Air, a subsidiary of ATSG, have relating to the Amazon delivery operation. But it’s way too early to say whether such issues played a role in today’s crash, or to speculate about the cause of the crash.
Atlas 767 cargo jet, part of Amazon fleet, crashes in Texas with 3 people aboard

Atlas 767 cargo jet, part of Amazon fleet, crashes in Texas with 3 people aboard

6:52pm, 23rd February, 2019
An Amazon-branded Boeing 767 cargo jet flies over Seattle in 2016. (Red Box Pictures Photo / Scott Eklund) An Atlas Air Boeing 767 cargo jet crashed today into Trinity Bay on the Texas Gulf Coast with three people on board, . The plane is part of the Amazon Air package delivery fleet, according to aviation records. It was heading from Miami to Houston’s George Bush Intercontinental Airport when radar and radio contact was lost shortly before 12:45 p.m. CT (10:45 a.m. PT), about 30 miles southeast of Houston, the FAA said. There was no immediate word about the fate of the crew, and no names were released. Investigators from the FAA and the National Transportation Safety Board are on their way to the accident site. The NTSB will be in charge of the investigation. New York-based Atlas Air, which leases the planes for Amazon’s use, said it is cooperating fully with the FAA and the NTSB. Amazon expressed its concern and sympathy in a statement from Dave Clark, the company’s senior vice president of worldwide operations. “Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Clark said. “We appreciate the first responders who worked urgently to provide support.” Boeing said it was “deeply saddened to learn of the Atlas Air 767 freighter that crashed near Anahuac, TX, earlier today.” “We are concerned about the safety of the three people reported to be on board,” . “Boeing is prepared to provide technical assistance to the NTSB as it investigates the accident.” Check back for updates in this developing story.