OnDeck Capital

OnDeck Capital From Wikipedia, the free encyclopedia Jump to navigationJump to search This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) A major contributor to this article appears to have a close connection with its subject. (September 2017) This article contains content that is written like an advertisement. (September 2017) On Deck Capital, Inc. Type Public Traded as NYSE: ONDK Russell 2000 Component Industry Finance Genre Financial Technology Founded 2006 Founder Mitch Jacobs Headquarters New York, New York, United States Key people Noah Breslow (CEO), Kenneth Brause (CFO) Products Small Business Loans, including Term Loans and Lines of Credit Revenue $291.3 million (2016) Number of employees 500 Website www.ondeck.com On Deck Capital is a global online small business lending company[1] that is listed in the United States. It has offices in New York; Arlington, Virginia; and Denver, Colorado in the United States; Toronto and Montreal in Canada; and Sydney in Australia.[2] Contents 1 History 2 Partnerships 3 Criticisms 4 Awards 5 References 6 External links History Entrepreneur Mitch Jacobs[3] founded OnDeck in 2006 and headquartered the company in New York City.[4] Jacobs sought funding from VCs companies, with early investors including First Round Capital, Khosla, Village Ventures, Contour Venture Partners, RRE Ventures, SAP Ventures (now Sapphire Ventures), Google Ventures and Tiger Global Management.[5][6][7][8][9] OnDeck uses proprietary software to aggregate data about a business’ operations, which is processed by an algorithm that determines loan eligibility.[10][11] In 2007, the company introduced its short-term loan product and made its first loan, and by early 2010, the company had made over $50M in loans to small businesses in the U.S.[12] Jacobs left OnDeck in 2012, and Noah Breslow became the CEO. OnDeck completed its IPO in December 2014 and became listed on the New York Stock Exchange under the symbol ONDK, raising $230 million in the offering.[13] OnDeck launched a line of credit offering, and extended its term loans to up to 36 months.[citation needed] In 2015, the company expanded its operations into Canada and Australia,[14] the latter operating as On Deck Capital Australia Pty Ltd in partnership with MYOB.[15][16] “As a subsidiary of On Deck Capital Inc. (NYSE:ONDK), OnDeck launched in Australia in 2015, with the aim of providing efficient financing to Australian small businesses. The On Deck Group operates in Australia, USA and Canada, and since its inception in 2007, The On Deck Group has loaned over $10 billion to over 80,000[17] small businesses. In Australia, OnDeck operates in partnership with MYOB, Australia’s largest accounting software provider. OnDeck Australia offers business loans from $10,000 - $250,000 over 6-24 month terms.[18][19] Using cutting-edge technology, and the proprietary OnDeck Score® System, OnDeck evaluates businesses based on their performance, not only the business owners’ personal credit score. This enables OnDeck to say ‘yes’ faster, and more often, to Australian small businesses across over 700 industries.[20][21] OnDeck’s online loan application takes only 10 minutes.[22] To get started on an application, all you need is 3 months recent bank statements – no mounds of paperwork. If approved for a loan, you could receive funding in as fast as 1 business day, so you can get on with your business.” [23] In January 2020, OnDeck announced the appointment of Scott Totman as the company's Chief Product and Technology Officer.[24] Partnerships In June 2016, JPMorgan Chase made a deal with OnDeck to offer an online lending process to its small business customers.[25] The bank uses OnDeck’s origination and loan servicing technology to supply small businesses with same or next-day funding.[26][27] JPMorgan Chase and OnDeck announced an extension of their collaboration in August 2017.[28] OnDeck’s referral partners include Intuit QuickBooks, Angie’s List, Prosper Marketplace, Credit Karma, Wave Accounting, and WEX Inc.[29][30][31][32][33][34] OnDeck is a founding member of the Innovative Lending Platform Association (ILPA), a trade organization representing online lending and service companies that serve small businesses.[35] In 2016, the ILPA, in partnership with the Association for Enterprise Opportunity, launched The SMART Box, a “model small business pricing disclosure...focused on empowering small businesses to better assess and compare finance options.”[36] OnDeck also partners with SCORE, an American non-profit that provides small businesses with free advice and mentors.[37]