Former Head of Wal-Mart Financial Services Bolsters Leading Main Street Lender
NEW YORK, September 4, 2014 — OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today it has added Jane J. Thompson to its board of directors. Thompson brings more than 30 years of leadership experience from companies such as Wal-Mart, Sears and Procter & Gamble, among others.
Thompson is currently the chief executive officer of Jane J. Thompson Financial Services LLC, a management-consulting firm. She previously founded and served as president of Financial Services at Wal-Mart Stores, Inc., which became a leader in serving the financial service needs of the underserved customer, including basic financial transactions and credit. Before joining Wal-Mart, she led the Sears Credit, Sears Home Services and Sears Online groups within Sears, Roebuck & Company. Thompson has also served as a partner at McKinsey & Co.
“Jane Thompson’s outstanding track record building mass-market financial services makes her a great addition to OnDeck’s board of directors,” said Noah Breslow, chief executive officer, OnDeck. “Her expertise and leadership will help guide our growth across our marketing, product innovation, risk management, and customer service efforts.”
Thompson currently serves as a director of Navient Corporation (NASDAQ: NAVI), a loan management, servicing and asset recovery company; VeriFone Systems, Inc. (NYSE: PAY), a provider of electronic payment solutions; and The Fresh Market, Inc. (NASDAQ: TFM), a specialty food retailer. She is also an advisor to the Consumer Financial Protection Bureau, and was named both Innovator of the Year and one of the 25 Most Powerful Women in Finance by American Banker Magazine. Thompson holds a B.B.A. in Marketing from the University of Cincinnati and an M.B.A. from Harvard Business School.
“I look forward to contributing to OnDeck’s industry leadership in online small business lending,” said Thompson. “I have dedicated my career to driving growth for a variety of companies across the financial services industry, with a particular focus on those underserved by traditional options. Addressing the capital needs of Main Street businesses is a critical piece of America’s economic engine, and OnDeck’s innovation is leading that charge.”
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 more than $1.5 billion in capital to tens of thousands of businesses across approximately 700 different industries. The company was recently named #11 on Forbes’ 100 Most Promising Companies in America list and was listed on the Inc. 500/5000 for a third year in a row. OnDeck also has earned an A+ rating with the Better Business Bureau. The company is financed by some of the nation’s leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures, Institutional Venture Partners and Tiger Global.