Deutsche, Key Bank and Square 1 Up OnDeck Credit Facility
OnDeck announced that it received funding commitments for credit facilities totaling over $130 million, with participation from Deutsche Bank, Key Bank and Square 1 Bank. OnDeck’s management team has now raised nearly $300 million in equity and debt financing in the last 12 months alone from prominent firms including Google Ventures, Institutional Venture Partners and a $100 million lending syndicate led by Goldman Sachs in 2012.
The new credit facilities enable OnDeck to deploy more funding and develop more flexible financing options to meet the rapidly expanding demand small businesses have for working capital.
“KeyBank is excited to partner with OnDeck, a leader in technology powered small business lending,” said Rian Emmett, managing director, Lender Finance, Key Equipment Finance. “We’re impressed by how effectively OnDeck deploys capital and their commitment to small business owners; it was a natural fit for our structured finance platform.”
“OnDeck continues to revolutionize the way small businesses access capital,” stated Richard Suhl, senior vice president, Asset Based Lending, Square 1 Bank. “We’re pleased to partner with a company that shares our mission of supporting entrepreneurs and the small business community, and we look forward to supporting the company’s growth as it evolves and expands its service offerings.”
“Our technology is solving America’s number one small business challenge: access to capital. These credit facilities allow us to broaden our reach to more businesses seeking financing,” said Noah Breslow, chief executive officer, OnDeck. “Our ability to deliver a fast and simple funding solution to the millions of small businesses nationwide, including approval within hours and funding the same day, has solidified OnDeck’s leadership position.”
Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium-size businesses and efficiently deliver capital to a market underserved by banks.