OnDeck is #49 on Crain’s 2017 Fast 50

Crain’s | October 16, 2017

#49 ONDECK CAPITAL

Location: Midtown
2013 revenue: $65.3 million
2016 revenue: $291.3 million
Growth Rate: 346%
Profitable? No
Local employees: 257
Total employees: 492

WHAT IT DOES Lends to small businesses through its online application and tools

HOW IT GREW OnDeck’s expansion into Australia last year helped drive growth, as did its line-of-credit product, which was introduced in 2015 and saw lots of growth in 2016. “It’s a sticky product,” said CEO Noah Breslow. “Once customers use it, they use it frequently for everyday expenses.” The year also had its downsides, including a sagging stock price and staff reductions of 11% as the online lender worked to cut costs.

Next year Breslow is looking to expand the kind of partnership OnDeck has with JPMorgan Chase to other banks by providing technology to underwrite and service small-business loans. He is also considering offering credit cards, equipment leasing and invoice factoring. “But always digital,” said Breslow, who expects OnDeck to have a profitable quarter by year’s end.

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