Award-winning online lender partners with MYOB and Australian tech investors to provide financing to Australian small businesses
NEW YORK and SYDNEY, April 14, 2015 /PRNewswire/ — On Deck Capital, Inc. (NYSE: ONDK), a leading platform for small business loans, announced today its expansion into the Australian market, introducing its disruptive online lending solution to Australia’s over two million small businesses.
Australia is OnDeck’s first market outside North America. In expanding to Australia, OnDeck has partnered with MYOB – Australia’s leading business accounting software provider – and a group of prominent Australian technology investors including Andrew Bassat and Jason Lenga (Seek), Gavin Solsky (Healthshare) and Cameron Poolman (Graysonline). Mr. Poolman will be CEO of OnDeck’s Australian business.
As part of the arrangements, MYOB will provide valuable local expertise and make the OnDeck solution available to its approximately one million business users across Australia.
OnDeck is a technology-enabled small business lender that can evaluate, approve and fund small business loans as fast as the same day. Headquartered in New York City, the company has originated more than $2 billion (USD) in loans to small businesses in more than 700 industries across all 50 U.S. states and Canada.
OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on the owner’s personal credit. OnDeck’s proprietary small business credit scoring system, the OnDeck Score®, utilizes more than 100 external data sources and 2,000 data points per loan application and leverages a database of more than 10 million small businesses.
OnDeck CEO Noah Breslow said, “Australia represents an exciting growth opportunity. Similar to the U.S. market, in Australia we see a huge gap between small business financing needs and the availability of capital from traditional sources. There is significant unmet small business lending demand in Australia, and we believe our online platform is well suited to address the capital needs of Australian small businesses.”
The OnDeck solution aims to answer a key challenge facing Australian small businesses: the ability to access working capital quickly and easily.
“U.S. small business owners have embraced the OnDeck model. We think OnDeck will prove to be the game-changer Australia needs to give its hard working small business community a resource to help owners reach their full business potential,” Mr. Poolman said.
MYOB CEO Tim Reed said, “We have closely followed OnDeck’s success in the U.S. and are excited to bring their financing solutions not only to our customers but to the entire small business market in Australia. Our partnership with OnDeck is the latest step in our ongoing journey to making business life easier. Building on our successful cloud based solutions, and partnering directly with other pioneering organizations such as OnDeck, we will ensure tight integration with MYOB products such that we offer a truly connected service. This is all underpinned by significant and successful R&D investments in cloud based platforms.”
OnDeck expects to start making small business loans in Australia in the second half of 2015. For more information, please visit www.ondeck.com.au.
OnDeck will post a presentation to the Investor Relations section of its website and host a conference call for investors and analysts on Tuesday, April 14, 2015 beginning at 5:00pm ET to further discuss this announcement.
The event will be webcast live on the company’s Investor Relations website, or can be accessed toll free by dialing (877) 201-0168 for calls within the U.S., or by dialing (647) 788-4901 for international calls, and using conference ID 24383274.
A replay of the conference call will be available via webcast on the company’s Investor Relations website for 90 days following the event.
OnDeck (NYSE: ONDK), a leading platform for small business loans, is committed to increasing Main Street’s access to capital. OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on personal credit. The OnDeck Score®, the company’s proprietary small business credit scoring system, evaluates thousands of data points to deliver a credit decision rapidly and accurately. Small businesses can apply for a line of credit or term loan online in minutes, get a decision immediately and receive funds in as fast as the same day. OnDeck also partners with small business service providers, enabling them to connect their customers to OnDeck financing. OnDeck’s diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitization and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.
Since 2007, OnDeck has deployed more than $2 billion (USD) to more than 700 different industries in all 50 U.S. states, and also makes small business loans in Canada. The company has an A+ rating with the Better Business Bureau and operates the website BusinessLoans.com which provides credit education and information about small business financing. On December 17, 2014, OnDeck started trading on the New York Stock Exchange under the ticker ONDK.
For more information, please visit www.ondeck.com and follow OnDeck on Twitter @OnDeckCapital.
Established in 1991, MYOB is Australia’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory, mobile payments and more. MYOB also provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than $35 million (AUS) annually on research and development. For more information, visit myob.com.au.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements can be identified by words such as “will,” “enables,” “expects,” “allows,” “continues,” “believes,” “anticipates,” “estimates” or similar expressions. These include statements regarding the prospects for OnDeck’s expansion to Australia and the anticipated timing of commencement of its Australian lending activities. Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, the economy and other future conditions. As such, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control. Therefore, you should not rely on any of these forward-looking statements. Our expected results may not be achieved, and actual results may differ materially from our expectations. Important factors that could cause actual results to differ from our forward-looking statements are the risks that the commencement of lending activities may take longer than currently anticipated, that the potential customers are less inclined to borrow from us than currently expected, and other risks, including those described in our Annual Report on Form 10-K for the year ended December 31, 2014 under the heading “Risk Factors” and other documents that we file with the U.S. Securities and Exchange Commission, or SEC, from time to time which are available on the SEC website at www.sec.gov. Except as required by law, we undertake no duty to update the information in this press release.
Investor Relations Contact:
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+61 (0) 407 939 543 (PH) / +61 (0) 438 672 235 (JA)
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