(New York, NY) June 12, 2013 – On Deck, the technology-powered Main Street lender, announced today a number of product expansions to better serve the growing needs of small businesses nationwide. These enhancements will increase the amount of growth capital and speed of funding to a market that’s historically been underserved by banks. On Deck also announced that it has crossed the $500 million mark of capital deployed to these businesses, a 25% increase in just three months.
The enhancements include: increased loan size to $250,000 up from $150,000; Fund by Wire transfers for instant funding issued four times daily at 11am, 1pm, 3pm and 4:30pm; and 6 days a week Sales and Operations support with Saturday service from 8am – 8pm EST. Collectively, these new features will better meet the needs of small business owners pursuing short term growth initiatives such as inventory purchasing, marketing and facility expansion.
“We actively listen to our customers, and they have told us that they want speed, convenience and quality service. We’re confident these new features will give them more capital, faster, and with our hallmark customer experience,” said Noah Breslow, chief executive officer, On Deck. “Our ultimate objective is to reinvent the entire lending system to provide Main Street the capital they need and a process that is more empowering than other lending offerings, such as banks and cash advance products.”
On Deck’s platform leverages big data to better evaluate the credit worthiness of businesses, and through its technology has transformed small business lending, essentially making the process exponentially faster, easier, and more transparent for the business owner. The typical On Deck customer is a “Main Street” business (retailer, restaurant, salon, dentist, florist, etc.) that has been in business more than one year and has revenue between $100,000 and $5,000,000. On Deck has dispersed capital to tens of thousands of businesses across 700 different industry verticals.
This year alone, On Deck has achieved several major accomplishments; including being named to Forbes’ 100 List of America’s Most Promising Companies; moving to new headquarters to accommodate rapid growth; opened a new Western regional office in Denver; expanded bank partnerships; new executive hires; and a completed Series D financing totaling $59M, led by Institutional Venture Partners (IVP) and Google Ventures.
About On Deck
Launched in 2007, On Deck 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 On Deck 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 On Deck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
On Deck has deployed over $450 million in capital to tens of thousands of businesses in 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. On Deck is financed by some of the nation’s leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures, and Institutional Venture Partners.
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