Fig Loans is bowing out of the 43North finals. Moving Analytics, a San Francisco startup that is developing an app for use in cardiac rehabilitation, is taking its place as one of the business plan competition's 16 finalists.
Fig Loans, a New York City startup that offered short-term loans to customers with poor credit at rates that were lower than those on highly controversial payday loans, withdrew from the competition a week before the 43North finals, set to be held in Shea's Performing Arts Center on Thursday.
While Fig Loans' financing cost consumers less than payday loans, they still charged borrowers interest that worked out to an annual percentage rate of 190 percent, more than six times the interest charged by a higher-rate credit card.
"Fig Loans is considering other funding opportunities that would preclude their ability to participate further in 43North," said Peter Burakowski, the competition's marketing director.
Moving Analytics has developed an app-based system that allows patients recovering from a heart attack or other cardiac event to do their rehabilitation from home, rather than at a rehabilitation center. The Multifit program monitors a patient's activity and produces reports that can be monitored by rehabilitation experts.