News Feed Item

OnDeck Surges With 150% Revenue Growth; Total Loan Volume Exceeds $825 Million

Main Street Pulse Report Points to Holiday Gifting and Regulatory Compliance Driving Demand for Capital

NEW YORK, Jan. 23, 2014 /PRNewswire/ -- OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today the company exited 2013 with record annual revenue growth of 150% and an annualized run rate of $100 million in revenue. The company also released the January 2014 edition of its Main Street Pulse Report. OnDeck's loan volume now surpasses $825 million in capital delivered to Main Street since the company's inception. The company's strong performance reflects its focus on innovative technology and credit models, superior marketing strategies and aggressive hiring efforts.  

(Photo: http://photos.prnewswire.com/prnh/20140123/LA51275-INFO)

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

The company also reported significant gains across other key areas:

  • 140% year-over-year increase in customers served
  • 166% increase in applications received
  • 47% increase in the number of employees

"Our momentum is a result of our team's flawless execution and our ability to better identify creditworthy small businesses through technology," said Noah Breslow, chief executive officer, OnDeck.  "OnDeck's 150% revenue jump in 2013 demonstrates both the high quality of our disruptive solution to a flawed traditional lending system, and the continued need small businesses have for lenders that can deliver fast and friction-free capital."

The company's Main Street Pulse Report identifies insights and drivers of increased growth capital demand. The study shows that OnDeck's top three applicant categories achieved robust year-over-year increases in 2013: Restaurants were up 102%; Auto Repair 95%; and Contractors & Residential Construction 306%. This growth among community pillar industries represents the pent up demand for financing and the failure of traditional lenders to meet that demand.

This edition of the study also saw a number of industries rebound from recession years, suggesting that small business activity – a significant driver of the US economy – will continue to grow in 2014.  Highlights from the study include the following cyclical, seasonal and industry-oriented observations:

Population spike influences small business growth in Texas

  • Nationwide, restaurants are typically the largest industry for OnDeck. However, in Texas the top industry in 2013 shifted from restaurants to contractors and residential construction industries.
  • This shift suggests that the housing market is picking up in Texas, which experienced the nation's largest population growth year-over-year.

Preparation for Q4 holiday gifting evident in capital demand

  • 128% increase in loan applications (from May to September) from electronic shopping and mail-order house industries.
  • General freight trucking applications were up 87% (from May to December), likely because more product was shipped to retailers.
  • Retail application volume was relatively flat for the first 8 months of the year, but started growing in September and experienced a 41% increase (from June to October).

Doctors and healthcare providers are preparing for healthcare overhaul

  • California home care provider applications increased 167% between July and December 2013. Over the summer, the state passed a series of new regulations aimed at creating a uniform regulatory system for home care providers and introduced a number of safeguards for consumers.
  • From July through December of 2013, OnDeck experienced an 88% growth in applications from doctors nationwide. Working capital and business expansion are the two most common listed uses for the funds, which suggests that doctors may be expecting an increase in patients due to greater insurance coverage. 

Harnessing big data to determine the creditworthiness of a business, OnDeck's lending platform has created a seamless system for small business owners to gain critical growth capital in a fast and efficient manner.  Through the company's technology, a credit decision can be made in minutes and funding delivered in as fast as 24 hours.

To learn more about OnDeck please visit: www.ondeck.com. To view the Main Street Pulse Report infographic please visit: www.ondeck.com/jan-2014-pulse-report.  

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 $825 million in capital to tens of thousands of businesses across 725 different industries. The company is growing at greater than 100 percent 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. Follow OnDeck on Twitter @OnDeckCapital

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


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
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...