|By PR Newswire||
|September 16, 2013 07:01 AM EDT||
NEW YORK, Sept. 16, 2013 /PRNewswire/ -- OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today that it has received funding commitments for credit facilities totaling over $130 million, with participation from Deutsche Bank, Key Bank and Square 1 Bank. OnDeck's management team has now raised nearly $300 million in equity and debt financing in the last 12 months alone from prominent firms including Google Ventures, Institutional Venture Partners, and a $100 million lending syndicate led by Goldman Sachs in 2012. The new credit facilities enable OnDeck to deploy more funding and develop more flexible financing options to meet the rapidly expanding demand small businesses have for working capital.
OnDeck pioneered the short-term working capital loan with daily ACH repayment six years ago, disrupting the merchant cash advance industry and spawning many industry followers. The company's advanced technology platform provides a fast and convenient way for small businesses across America to secure the financing they need to grow. OnDeck leverages big data to more efficiently and accurately determine the creditworthiness of a small business, enabling more approvals than models that rely solely on personal credit scores. To date, OnDeck has deployed over $600 million in capital to tens of thousands of businesses nationwide, across 700 different industries.
"Our technology is solving America's number one small business challenge: access to capital. These credit facilities allow us to broaden our reach to more businesses seeking financing," said Noah Breslow, chief executive officer, OnDeck. "Our ability to deliver a fast and simple funding solution to the millions of small businesses nationwide, including approval within hours and funding the same day, has solidified OnDeck's leadership position."
The company's industry innovations and rapid growth attracted the nation's leading banks. The current financing round, driven by OnDeck's advanced credit models and strong portfolio performance, has resulted in substantially improved financing terms from prior facilities.
"KeyBank is excited to partner with OnDeck, a leader in technology powered small business lending," said Rian Emmett, managing director, Lender Finance, Key Equipment Finance. "We're impressed by how effectively OnDeck deploys capital and their commitment to small business owners—it was a natural fit for our structured finance platform."
"OnDeck continues to revolutionize the way small businesses access capital," stated Richard Suhl, senior vice president, Asset Based Lending, Square 1 Bank. "We're pleased to partner with a company that shares our mission of supporting entrepreneurs and the small business community, and we look forward to supporting the company's growth as it evolves and expands its service offerings."
Howard Katzenberg, chief financial officer, OnDeck, added, "We are pleased to have worked with esteemed banks such as Deutsche Bank, Key Bank and Square 1 Bank on this new financing. It's a key accomplishment for the company, one that underscores OnDeck's proven solution to helping Main Street thrive."
To learn more about OnDeck, please visit: www.ondeck.com.
Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the OnDeck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company's proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner's personal credit history. The OnDeck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed over $600 million in capital to tens of thousands of businesses across 700 different industries. The company is growing at greater than 100% annually, and was recently named to Forbes' 100 Most Promising Companies in America list and the Inc. 500/5000 for a second year in a row. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nation's leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures and Institutional Venture Partners.
About Key Equipment Finance
Owned by KeyBank, Key Equipment Finance is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its vendor services unit, equipment finance programs are developed for manufacturers, distributors and resellers in the U.S., Canada and Europe. Key Equipment Finance also provides lease capital markets support for corporations looking to optimize risk and revenue. Through its lender finance unit, the company provides structured facilities to various sectors of the specialty finance market, including but not limited to: equipment finance and leasing companies, asset based lenders, transportation lessors, and small business and middle market lenders and finance companies.
Headquartered outside Denver, Colorado, Key Equipment Finance manages $8.5 billion in assets and originates nearly $4 billion of equipment financing annually. The company has management and operations bases in Albany, New York; London, England; Frankfurt, Germany; Madrid, Spain; Milan, Italy; Paris, France and Toronto, Canada. The company, which supports clients in 17 countries, employs approximately 500 people worldwide and has been in the equipment financing business for 40 years. For more information, visit http://www.KEFonline.com/
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus, and strong capital base provide flexible resources and unmatched support to meet our client's needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
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