Welcome!

News Feed Item

OnDeck Closes Over $130M In Increased Credit Facility Commitments; 150% 12-month Growth Surge Drives Doubling Of Debt Capacity

Funding to Fuel Small Business Lending Demand

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.

(Logo: http://photos.prnewswire.com/prnh/20130213/LA59048LOGO)

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.

About OnDeck
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.

For more information, please visit: www.ondeck.com. For more information, follow OnDeck on Twitter @OnDeckCapital

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.

Media Contact:
Jonathan Cutler/Tracy Rubin 
JCUTLER media group 
[email protected] 
[email protected]

SOURCE OnDeck

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.