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
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
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, provided tips on how to be successful in large scale machine learning...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...