Daily News: October 23, 2017

OnDeck Launches Venture to Enable Real-Time Small Business Loans


OnDeck launched a collaboration with Ingo Money and Visa to enable real-time funding of loans to small businesses via their debit cards, powered by Visa Direct.

The move by OnDeck comes in response to small business demand for improved cash flow and faster payment experiences. A recent survey found 70% of small business owners report they have a small business debit card, and of those without debit cards, 87% said they would get a new debit card to take advantage of real-time transfers.

OnDeck plans to use Visa Direct through Ingo Money’s technology platform to disburse loan proceeds securely in real time to its line of credit customers via their existing small business debit cards. Visa Direct is Visa’s real-time push payments platform allowing companies to leverage Visa’s global scale to develop faster payments solutions for ubiquitous reach to consumers or small businesses with a debit card.

“Over the last decade, OnDeck has grown to be the largest online lender to small businesses by relentlessly innovating and unleashing new technologies that benefit small business owners,” said Noah Breslow, CEO of OnDeck. “By partnering with Ingo Money and Visa to deliver real-time capital to our customers, we will empower small businesses in the next decade to achieve their goals with the fastest and most flexible credit solutions in the market.”